Smart Labels Market Global Research and Analysis 2024Smart Labels Market size is anticipated to witness growth during the forecast period, owing to the increase in applications in retail, FMCG, healthcare, construction, automotive, and packaging. Growing need for streamlined and automated operations in businesses is expected to foster smart labels market growth.
The technology provides benefits such as simple functioning and reliability. Some other advantages include prevention against counterfeiting and theft protection, which are expected to escalate the smart labels market growth. Companies are increasingly investing to improve anti-theft systems to reduce inventory damage and revenue loss due to theft and shop lifting. Counterfeit is one of the serious issues, which leads to brand deterioration & poor product performance and threatens consumer safety. Increasing focus of the industries to reduce counterfeit problems is anticipated to impact smart labels market demand positively, particularly from manufacturing and automotive sectors.
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Smart label is an identification slip that contains advanced technologies than legacy bar codes. The enhancements in smart labels include specifically configured RFID tags and electronic article surveillance tags. These are configured with antenna, chip, and bonding wires, which help in tracking of goods and are also designed to record, receive, and transmit digital information, which reduces tracking time significantly. Growing industrial use of this technology minimizes human intervention, reduce errors and, increase efficiency & accuracy, thus propelling smart labels market development.
Technological advancements such as simultaneous identification, ability to reprogram and real-time tracking, in addition to growing integration of smart labels with varied applications in retail and logistics are expected to fuel smart labels market growth. It enables high tolerance capability and automated interpretation from distance that helps in eliminating error and enhancing efficiency. Growing penetration of smart labels in assets and merchandises tracking further contributes to the industry growth.
Installation cost associated with the smart labels market coupled with the lack of constant standards and low mechanical susceptibility is anticipated to restrain its growth over the future. For instance, different standards are developed for RFID labels by International Organization for Standardization (ISO) and American National Standards Institute (ANSI).
The smart labels market is segmented on the basis of components, technology, applications, and end-use industry. Based on components used, the market is segmented into transceivers, batteries, memories, microprocessors, and antenna. Memories are projected to exhibit considerable growth, owing to its increasing use in asset tracking and inventory management.
Smart labels market on the basis of technology, are classified into RFID, EAS, Sensing, NFC tags, and dynamic display or electronic shelf. RFID is projected to grow fast during prediction period, owing to its features such as information accuracy, automatic data capture, flexibility to be applied on several substrates, and real-time tracking. RFID systems are highly chosen to maintain synchronized inventory management and supply chain management systems. These are used in variety of industry sector such as automotive and FMCG, due to high traceability. RFID, combined with asset tracking software, can synchronize process of repairs and maintenance for organizations. Dynamic display in the smart labels market will also witness significant growth, owing to its ability to display product information and pricing for accuracy and easy price management.
Smart labels market on the basis of applications segments are equipment, electronic & IT asset, pallet, retail & inventory tracking, security access, perishable goods, smart wrist bands for patient care, and reusable goods. Perishable goods segment is expected to gain traction over the future in the smart labels market. Sensing labels are used in this industry, owing to its ability to track changes in oxygen, temperature, and other environmental factors. These are being widely used in shelf-life monitoring and threshold detection in pharmaceutical and food & beverage industries.
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Smart labels market end-use industries that uses this technology include retail, FMCG, logistics, automotive, manufacturing, aerospace, healthcare, postal services and construction. Increasing usage of this technology in spoil detection of test samples, hospital goods, drugs, and medical equipment is expected to drive demand across healthcare sector.
Asia Pacific is anticipated to be the fastest growing smart labels market over the forecast timeframe, owing to the rapid industrialization, low labor costs, and increasing FDI opportunities in the retail sector. The growth is attributed to changing economic conditions, rapid urbanization, increasing per capita income, and flourishing industries in automotive and food & beverages sector.
Players in the smart labels market include Avery Dennison Corporation, CCL Industries Inc., Toshiba Global Commerce Solutions, Inc., Muhlbauer Holding Ag & Co. KGaA., Smartrac N.V., Thin Film Electronics ASA, Advantech US, Zebra Technologies, Metra Blansko, Graphic Label, Inc., Invengo Technology BV, and Checkpoint Systems.
Smart labels market players are increasingly focusing on improving product portfolio and production capacity expansion. For instance, Checkpoint Systems launched 16 new products from 2011 to 2016 and signed partnerships and agreements with regional players to expand their business operations. Smartrac N.V. launched 10 new products to increase their customer base and expand product portfolio. As expansion strategy, the company also signed agreements with companies in six different countries including South Korea, US, and Argentina. Major manufacturers are investing in R&D to come up with application-specific products.
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