For quicker item identification, there is a slip known as smart label containing highly advanced technologies in comparison to the bar code data made available for the public. It also provides other beneficial features like more tolerance, quick identification, computerized reading, re-programmability, and error free. The smart labels are about 0.3-mm thick made from plastics, fabrics, or paper and used as electronic labels, printed labels, or chip labels. The tracking time is reduced drastically owing to the digital information recording, transmitting, and receiving designs. Based on its efficacy and error-free nature, the industrial use is aiding in escalating the global smart labels market. The revenue of USD 16.29 Billion at the end of 2024 along with growth at a 17.64% CAGR between 2018 and 2024 by the global smart labels market is something highly anticipated.
The factors such as high demand for tracking solutions and security are the major aspects booming the smart labels market growth. In addition, the blooming retail sector is also a vital factor motivating the growth and development of the global smart labels market. The stipulate for the smart labels in commodities and asset tracking is also a supplementary growth enhancer for the retail sector. Further, the inclusion of the smart labels by the packaging industry helps to provide details regarding the product to the customer via the use of smart devices. Additionally, the location tracking, high tolerance, real-time, and re-programmability features among the others are expected to help enhance the smart labels market growth on a global scale in the future timeframe. However, extra charge put forth by the application of smart labels is intended to impede the global smart labels market growth in the upcoming years.
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By the technology, the smart labels market is segmented into electronic article surveillance label, dynamic display label, sensing label, and RFID. On the basis of end-user industry, the global smart labels market is bifurcated into retail, healthcare & pharmaceutical, logistics, fast-moving consumer goods (FMCG), food & beverage, and others. On the basis of application, the smart labels market is divided into perishable goods, retail inventory, and more.
On the basis of geography, Asia Pacific is predicted to be leading region in the global smart labels market in the future timeframe. The Asia Pacific holds a major part of the share since 2017 in terms of revenue and will continue to do so in the forecast period as well. The increasing urbanization along with the rising disposable revenue in the developing countries such as China, India, and South Korea has advanced the growth in retail industries, logistics, and FMCG in the region which in turn results in propelling the demands for the smart labels in the industrial sector. The global smart labels market is anticipated to propel owing to the more use of smart labels in this region.
The smart labels market is assumed to have a decent market share in North America. The global smart labels market growth is credited to the development in the technology in different sectors including logistics, pharmaceuticals, food & beverages, and others. Additionally, the growing security distress of the enterprises has added to the smart labels market growth and development in this region.
The global smart labels market players such as vendors, manufacturers, and service providers include Muhlbauer Holding Ag & Co. Kgaa., Sato Holdings Corp., Avery Dennison Corporation, CCL Industries, Inc., Thin Film Electronics ASA, Zebra Technologies, Invengo Information Technology, Graphic Label, Inc., Alien Technology Inc., Smartrac N.V., Checkpoint Systems, Inc., Graphic Label, Inc., and ASK S.A.
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