Smart Labels Market: Revolutionizing Product Identification to Rise at a CAGR of 15.8% by 2031

The global smart labels market growth is driven by its ability to provide customers with detailed information about products using digital technology and smart devices. In addition, the increase in demand for smart labels is driven by its ability to provide real-time visibility of the product.

Moreover, the rise in demand for effective anti-theft devices, owing to security concerns contributes to the significant rise in the demand for market. Moreover, the prominent rise in consolidated industries and technological advancements proliferations associated with their significant use in applications, such as healthcare, & pharmaceuticals, logistics, retail inventory, food & beverages, and others, have further boosted the growth of the market. Thus, the various features of smart labels including real-time location tracing, re-programmability, and simultaneous identification & detailed information are expected to fuel the demand of the global market in various industries during the smart labels market forecast period.

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According to AMR, The smart labels market was valued at $9 billion in 2021, and is estimated to reach $39.2 billion by 2031, growing at a CAGR of 15.8% from 2022 to 2031.

In 2021, Asia-Pacific dominated the global smart labels market, in terms of revenue and LAMEA is expected to grow at a highest CAGR during the forecast period. Smart label, also called smart tag, is an extremely flat configured transponder under a conventional print-coded label, which includes chip, antenna, and bonding wires as a so-called inlay.

In addition, rapid surge in population and rapid urbanization have led to the growth of various industries such as retail, food & beverage, healthcare & pharmaceuticals, and others to meet the consumers' increasing demands. These industries have various applications of smart labels, such as packaging, printing, and labels, which thereby fuels the growth and is expected to offer lucrative opportunities for the market.

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Top Impacting Factors:

Smart labels enable real-time tracking of products throughout the supply chain. This allows businesses to have better visibility of their inventory, leading to more efficient logistics and reduced losses due to theft or misplacement.

In addition, several players having significant smart labels market share are expanding their business worldwide, owing to augmented customer base, improved effective operations, expanded geographical reach, and developed product portfolio. This is predicted to lead to development of the industry.

In addition, many major players in the global smart labels industry are designing their products considering convenience factors to increase their sales. All such factors are expected to offer lucrative opportunities for the market.

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Major Companies of the Market

Advantech
Graphic Label, Inc.
SATO Holdings
Alien Technology
Invengo Information Technology Co., Ltd.
Thin Film Technology
AVERY DENNISON CORPORATION
Meuhlbauer Holdings AG & Co.

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