RFID Key Contributor to Rising Electronic Shelf Label Market By CIOTechOutlook Team

RFID Key Contributor to Rising Electronic Shelf Label Market

CIOTechOutlook Team | Friday, 28 June 2024, 05:34 IST

The Electronic Shelf Labels (ESLs) market is rising due to advanced technologies like Radio Frequency Identification (RFID) and Bluetooth, which allow seamless communication between ESL devices and store networks. ESLs are currently a trending technology in retail business, replacing traditional paper labels with real-time, battery-powered displays.

According to Technavio, the size of the global electronic shelf label (ESLS) market will increase by USD 1641 million between 2024 and 2028. During the forecast period, the market is anticipated to expand at a CAGR of almost 15.69%. Market expansion is being driven by the use of in-store technologies, and there is a growing number of strategic alliances and partnerships.

ESL market is extending, and sellers are effectively funding into item improvement to capitalize on its development potential. Vendors focus a lot on strategic alliances and partnerships because they help them expand their offerings and reach in different regions.

It is anticipated that the market for ESLs will expand as e-commerce and order picking become increasingly important and as store automation continues. However, production and import-export analysis reveal potential obstacles to market dominance. Compliance with regulations and inaccurate pricing are also important considerations and to meet the needs of modern retail, legacy ESL solutions are being upgraded with connectivity technologies like NFC and QR codes.