The Global Electronic Shelf Label Market was valued at US$ 366.8 million in 2015 and is estimated to grow at 12.9% CAGR during the forecast period (2017–2025), as highlighted in a report published by Coherent Market Insights. Increasing cost of labor, across developed economies including Europe and North America, has led to significant increase in demand for retail automation products to reduce the cost and time invested in the shelf labelling process. This is expected to be among the prominent factors driving the business growth.
High overall costs of paper tags and labels, long time required to update the labels, large amount of waste generation, high probability of human errors and increasing requirement of retailers to upgrade prices to attract customers are among the major drawbacks of the conventional methods for the labelling of store shelves. ESLs can be utilized to address these drawbacks and garner interactive consumer environment that can significantly enhance the sales. These factors are expected to present strong growth prospects for the electronic shelf label market through the forecast period.
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Low labor wages in establishing economies that specifically include the BRIC nations and the ASEAN economies; lack of skilled workforce availability, and high initial capital requirements are estimated to hamper the electronic shelf label market share over the forecast period. Moreover, Battery Act 1996, Waste Electrical and Electronic Equipment (WEEE), and Restriction of hazardous substances (ROHS) are some of the regulatory mandates for collection, recovery, and recycling of used products to address environmental concerns.
Electronic shelf label has applications in assessment of data, which helps in implementation of the product sales enhancement strategies. Moreover, it offers several advanced features such as real-time, bi-directional responsive systems, merchandising accessories, long battery life, indoor navigation, and mapping systems. Enhanced operational scalability, robustness, latency, security, and speed for the users are expected to majorly influence the return on investments (ROI). High ROI adoption in short period of time is projected to drive electronic shelf label market growth.
Key takeaways of the Electronic Shelf Label Market:
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Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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