Press release
Global Smart Labels Market Size To Grow At A CAGR Of 12.5% In The Forecast Period Of 2023-2028
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.
Smart Labels Market Size, Share, Price Trends, Industry Report, Key Players, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
Forecast CAGR (2023-2028): 12.5%
The global smart labels market is expected to register growth during the forecast period on account of the increase in usage by various industries for customer and internal management applications. Smart labels have become a strong in asset tracking and merchandising over the past few years.
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Smart labels have high tolerance capabilities and also support automated interpretation from certain distances that further increase efficiency and reduce errors. Such labels are also employed for identification as they support more advanced technologies and real-time tracking with reprogrammable capabilities. Such aspects are further likely to serve as revenue generators in the smart labels market in the upcoming years.
Smart labels offer multiple capabilities such as real-time tracing, re-programmability, and simultaneous identification. This aspect has further enhanced the demand for smart labels in industries that are related to manufacturing and logistics. The rising technological innovations and consolidation of products by companies using with smart labels in various industries like food and beverages, logistics, manufacturing and retail, and healthcare and pharmaceuticals are likely to contribute to the smart labels market growth globally.
Smart Labels Industry Definition and Major Segments
A smart label is known as a label that incorporates the usage of technology that expands the functionality of the label, adding data capabilities beyond those supported by barcodes. They can come in a range of types, using technologies such as QR codes, RFID tags, and near-field communication (NFC). Such types of labels require interaction with a consumer device, such as a smartphone, to perform its full functionalities.
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Based on technology, the market is segmented into:
Radio-Frequency Identification (RFID)
Electronic Article Surveillance (EAS)
Electronic Shelf Label (ESL)
Sensing Labels
Near Field Communication (NFC)
Others
By component, the market is classified into:
Batteries
Transceivers
Microprocessors
Memories
Based on end use, the market is categorised into:
Retail
Logistics and Transportation
Healthcare
Food and Beverage
Aerospace
Data Centres and Libraries
Others
On the basis of region, the market is divided into:
North America
Latin America
Asia Pacific
Europe
Middle East and Africa
Smart Labels Market Trends
Geographically, the North America region is expected to experience significant growth in the smart labels market share over the forecast period on account of the increasing usage of such labels in the retail and manufacturing and logistics sectors. The increasing access to smart tags in merchandise coupled with asset tracking applications is further driving the market growth of smart labels across the region. Surging labour costs coupled with increased production are encouraging companies to shift to smart and automated solutions all across North America. The United States is witnessing significant growth due to its vast network of retail stores and supermarkets. Enterprises across the United States are investing in technology that offers better transparency across their distribution networks, with smart labels becoming highly popular.
Meanwhile, the Asia Pacific region is anticipated to gain momentum over the coming years in the smart labels market growth on account of the emerging economies in India and China coupled with flourishing industries like healthcare, manufacturing, and retail. Strict laws and rules regarding product labelling, rapid industrialisation, and increasing urbanisation along with rising disposable incomes are likely to boost the market growth in the region over the coming years. Supported by the growing e-commerce and offline retail sector, the market is likely to witness growth in countries like India over the coming years.
Key Market Players
The major players in the global smart labels market report are Avery Dennison Corporation, CCL Industries Inc., Smartrac Technology GmbH, Mühlbauer Group, Checkpoint Systems, Inc, and Zebra Technologies Corp, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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