Electronic Shelf Label Market Size

Electronic Shelf Label Market Size

Electronic Shelf Label (ESL) Market Size exceeded USD 1 billion in 2020 and is projected to expand at over 10% CAGR from 2021 to 2027. The global shipments crossed 200 million units in 2020.

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The expanding Internet of Things (IoT) industry will offer strong growth opportunities to the electronic shelf label market. IoT involves sensors, actuators, electronics & software, and communication technologies that involve several standards and applications. IoT technology enables a seamless interconnection of several devices, enabling efficient centralized management through a server.

Large retailers in the market can leverage the benefits through IoT-based ESLs to change the product pricing across a chain of stores in different locations, fast and efficiently, using a single software. The expanding e-commerce market globally will further boost the popularity of IoT-based ESLs. Online retailers will increasingly adopt IoT-enabled ESLs to synchronize product prices on e-commerce platforms with physical stores.

The coronavirus pandemic hampered the ESL market growth in the first half of 2020 due to stringent lockdown measures imposed by government administrations globally. The temporary shutting of manufacturing plants hampered the global supply chains, in turn, impacting the overall market expansion. The overall market conditions worsened owing to the closure of industrial facilities, restrictions on public movement reduced footfall in retail stores, and hindrance in the international trade. However, the industry regained traction in the second half of 2020, following the relaxations on the lockdowns imposed coupled with the reopening of industries. The market will witness growth during the forecast timeframe with rising e-commerce industry leaders adopting advanced technologies at the distribution centers.