The North America electronic shelf label market is expected to grow from US$ 124.7 million in 2019 to US$ 359.2 million by 2027; it is estimated to grow at a CAGR of 14.4% from 2020 to 2027.
Rise in the use of Internet of Things (IoT) in the retail industry is driving the North America electronic shelf label market. With continuous technological developments, automation helps retailers on a large scale by reducing human errors. Also, the retail industry is focusing on lowering total operational costs by removing manual operations related to stock, changing prices, and more. Therefore, the demand for automation solutions throughout the retail industry is rising. Henceforth, the concept of automation also includes the utilization of electronic shelf label (ESLs) in retail stores to eliminate the maximum percentage of manual tasks, which helps in lowering overheads. With the growth in brick and mortar stores owing to the rise in population growth, the retail stores are expanding in North America. Growing number of supermarkets, hypermarkets, and specialty stores across the North America increases the deployment of ESL in respective stores. Moreover, the implementation of digital price tags within retail stores facilitates dynamic and Omni channel pricing. Moreover, a few advantages of IoT such as less error, low cost, more efficiency, and removing of manual operations are expected to drive the demand for ESL, which would bolster the North America electronic shelf label market during the forecast period.
In case of the COVID-19 outbreak, countries in North America are adversely affected, especially the US. North America has the highest adoption and growth rate of new technologies owing to favorable government policies to boost innovation and strengthen the infrastructure capabilities. Hence, any impact on industries hinders the economic growth of the region. Presently, the US is the world’s worst affected country owing to the COVID-19 outbreak; therefore, there is the high adoption of online shopping across the country. For instance, according to studies, Amazon recorded an increase in sales by 37% during to the COVID-19 pandemic. It is becoming apparent with the pandemic spreading across the US that a few can escape its scope, presenting significant challenges to all industries. The close down of all retail outlets by the government authorities coupled with the social distancing norms laid down by them is hampering the investments by retail outlets. For instance, the sales of online grocery segment across the US, recorded an increase by 210.1% due to the pandemic. The above-mentioned factors are restraining the North America electronic shelf label market.
Based on components, the displays segment led the North America electronic shelf label market in 2019. The ESL is designed and developed by integrating LCD displays or e-paper display. The LCD display ESL tags are similar to that of how the calculators display the numerical values. Each number on the LCD display is made up of seven bars and segments. The numerical value that is to be displayed on tags itself is shown on the basis of activating different combinations of these seven bars & segments. On the other hand, an e-paper display is designed and developed in the form of capsules in a thin film, with each particle within the capsules emitting a different electric charge and different color. The electrodes are positioned above and below capsule film, and when a charge is applied to an individual electrode, the color particle moves to either top or bottom of the capsule, enabling the ESL to display a certain color. Major advantage of displays is less power consumption, which increases the demand for ESL.
The overall North America electronic shelf label market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the North America electronic shelf label market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, electronic shelf label market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the North America electronic shelf label market. Diebold Nixdorf, Incorporated; Displaydata Limited; E Ink Holdings Inc.; eraoka Seiko Co., Ltd.; Opticon Sensors Europe B.V.; Pricer AB; Samsung Electro-Mechanics Co., Ltd.; and SES-imagotag are a few players operating in the market.