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Smart Labels Industry Market: Rising Use in Merchandises and Assets Tracking Applications Stokes Growth, finds TMR
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A smart label acts as an item identification slip. It is equipped with technologies that help it steal a march over the conventional bar code data. Smart labels, for example, have QR codes, Electronic Article Surveillance (EAS) tags, and specially configured RFID tags. Smart labels are fabricated from plastics, paper, or fabrics, and find applications as electronic labels, printed labels, or basically chip labels. Their unique perceived benefits are automated interpretation from a certain distance along with high tolerance capability aids in removing errors and upping efficiency.
The global smart labels industry is primed for robust growth in the near future on account of the rising use of smart labels in merchandises and assets tracking applications. Besides tracking, such labels also aid in thwarting thefts. This is because smart labels have features such as re-programmability, real time tracing, and simultaneous identification. This has led to their swift uptake in the healthcare space, where they can monitor the usage and disposal of pharmaceuticals and help control inventory. Smart labels are also being attached to clothing to monitor body temperatures, dampness of bandages, or adult diapers. The logistics industry is also fast adopting smart labels to track individual items seamlessly.
Countering the growth in the global smart labels industry is the dearth of mechanical susceptibility and constant standards. At present, the manufacturing and retail sector accounts for maximum use of smart labels on account of the burgeoning supermarkets in developing nations. Going forward, RFID is slated to clock the most revenue, mainly in developing countries of Asia Pacific.
Geographically, the key segments of the global smart labels industry are North America, Western Europe, Eastern Europe, Latin America, Asia Pacific excluding Japan, Japan, and the Middle East and Africa. Among them, Asia Pacific and the Middle East and Africa are predicted to grow at a healthy clip in the near future. However, at present, North America and Europe account for a leading position because of the use of smart labels in logistics, manufacturing, and retail sectors in the region.
Some of the major participants in the global smart labels industry market, profiled in the report are SMARTRAC N.V., Avery Dennison Corporation, KGaA, Thinfilm, CCL Industries Inc., Invengo Technology BV, Advantech US, Metra Blansko, and TOSHIBA Global Commerce Solutions, Inc.
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Transparency Market Research is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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