Press release
Smart Labels Market Scenario Analysis, Trends, Drivers at a CAGR of 15.8% by 2031
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.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.
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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.
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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Top Impacting Factors:
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.
Furthermore, the rise in consumer access toward smartphones is growing the adoption of the market. The significant growth seen for the consolidated industries along with the technological advancements associated with the use of smart labels in various industries such as food & beverage, retail, logistics, healthcare, and pharmaceuticals contributes in expanding smart labels market size.
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Top Players:
CGL Industries Inc., SATO Holdings, Thin Film Technology, Invengo Information Technology Co., Ltd., Alien Technology, AVERY DENNISON CORPORATION, Graphic Label, Inc., Meuhlbauer Holdings AG & Co., Zebra Technologies Corp., advantech
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