Press release
Smart Labels Industry Market Growth and Forecast 2016 - 2024
The growing technological proliferation of smart labels and a significant rise in industry partnerships have proved to be core factors among others supporting the growth of the global smart labels industry market. Moreover, increasing urbanization along with large amounts of disposable income in developing countries are boosting the growth of this market. Due to the high demand for antitheft devices across the globe, the demand for smart labels is further expected to increase in the future. As the standards of the smart labels are constant and due to the lack of mechanical susceptibility, there might be certain restraints in the growth of the global smart labels market.
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Region-wise, Asia Pacific, the Middle East and Africa are anticipated to show lucrative growth opportunities for the smart labels market. Moreover, the smart labels market in North America and Europe are expected to grow substantially due to high amounts of smart label usage in manufacturing, retail, and logistics industries.
As compared to the conventional bar code data, smart labels are an identification slip which offers more advanced technologies with reprogrammable attribute and real time tracking. The most common developments in global smart labels industry are precisely configured RFID labels and Electronic Article Surveillance (EAS) labels. These smart labels are made from plastics, paper, or fabrics, and are used as printed labels, electronic labels, or basically chip labels. Automated interpretation from a certain distance coupled with high tolerance capability aids in eliminating the errors and enhancing efficiency. In the coming years, the global smart labels industry is expected to witness significant growth mainly due to the growing penetration of smart labels in merchandises and assets tracking applications.
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Increasing demand for the reliable anti-theft devices is the key factor driving growth of the global smart labels industry market currently. The smart labels come with various features, such as re-programmability, real time tracing, and simultaneous identification, which are further driving growth of the market in logistics and manufacturing related industries. Furthermore, rise in industry consolidation and growing technological proliferation of smart label products, coupled with their usage in various applications such as healthcare & pharmaceuticals, manufacturing & retail, food & beverages, and logistics, is another major factor fueling growth of the global smart labels industry. Besides, rapid urbanization, coupled with increasing disposable income of the buyers in developing regions, is also boosting growth of the market for global smart labels. Increasing security concerns related to anti-theft devices, globally, are also expected to drive demand for smart labels in the coming years. Meanwhile, the key restraint for the growth of the global smart labels industry is the lack of mechanical susceptibility and constant standards.
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