Smart Labels Market Revenue is Expected to Reach US$ 22.6 Bn by 2026
According to Future Market Insights,
The global market for smart labels amassed revenues worth US$ 4.7 billion in 2016, and is likely to reach US$ 22.6 billion market value by the end of 2026. During the forecast period, the global smart labels market size is anticipated to expand robustly at a CAGR of 17%.
Organized retail sector will continue to instrument rampant growth in global smart labels sales, while warehousing businesses in the world are expected to actively adopt smart labelling for their benefits in tracking products.
Growing sales of biologics and specialty drugs that require thermal-sensitive packaging are promoting the use of smart labels that are equipped with temperature-control functions. Smart labels will be integrated in drug monitoring systems across pharmaceutical manufacturers in the world, facilitating efficiency in transportation, anti-counterfeit measures, and damage control.
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Key highlights of the research report exhibit RFID as the dominant labelling technology, however, Electronic Article Surveillance (EAS) and sensing labels are also expected to gain traction while independently registering a rise at more than 16% CAGR over the forecast period. By the end of 2026, global retail industry will be the largest end-user of smart labels by procuring global revenue share of more than 30%. On the other hand, healthcare, automotive and logistics will be considered as lucrative end-user industries for smart labels, collectively accounting for sales of more than 1,561,000 thousand units by 2026-end.
Flexographic and gravure printing technologies are predicted to dominate the global smart labels market in terms of revenues. Over the forecast period, more than US$ 8 billion revenues are will be accounted by flexographic smart labels, while smart labels manufactured through gravure printing technology will amass an estimated US$ 6.4 billion market value.
North America’s smart labels market is anticipated to procure over 40% of the global revenues, throughout the forecast period. Avery Dennison Corporation, CCL Industries Inc., Checkpoints Systems, Inc., Zebra Technologies Corporation, and Intermec, Inc., are some of the leading players in the global smart labels market that are based in the US and Canada. Smart label revenues in Asia-Pacific excluding Japan (APEJ) region are projected to rise at the fastest CAGR – 18.2%, while Western Europe smart labels market is likely to reach an estimated US$ 3.6 billion market value by the end of 2026. Other companies participating in the growth of global smart labels market include, Sato Holdings Corporation, Smartrac N.V., Invengo Information Technology Co Ltd., Thin Film Electronics ASA, and Muehlbauer Holding AG.
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Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services, which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights, an aerial view of the competitive framework, and future market trends.
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