Electronic shelf label (ESL) is an emerging system used for displaying product pricing and product information on shelves by using wireless communication networks such as radio frequency (RF) technology, and infrared (IR) technology to communicate with the back-end database. These labels help to eliminate the discrepancies in selling price of the products and displays reliable pricing to the customers. Moreover, it helps to enhance the operational efficiency of the store by eliminating the need to check and update paper labels.
It also enables retailers to update pricing as frequently as needed and minimizes pricing errors for customers. With increasing applications in most end- use sectors, from organized retail stores to specialty stores, consumer electronics sector to drug stores/pharmacies, ESL systems have grown to become a necessity for nearly all stores dealing with electronic pricing and shelf management.
In more recent times, considerable technological advancement has taken place in the ESL market. Organized retail sectors and specialty stores widely use ESL systems for displaying products pricing on shelves. Rising demand from retailers for secure, fast, and cost efficient price labeling has augmented the demand for ESL systems.
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Growing adoption of store automation in retail stores across the world is primarily driving demand for ESL systems.This is anticipated to drive the market over the forecast period. Moreover,technological advancement and stringent regulations against misleading product prices is expected to fuel the ESLmarket in the near future. However, lack of awareness and usefulness of ESL systems, and high initial investment is projected to inhibit the growth of the market across the world. The ESL market is likely to reach a value of US$ 2,517.9 Mn by 2026 from US$ 497.7 Mn in 2017, expanding at a CAGR of 20.0% during the forecast period.