PUBLISHER: Allied Market Research | PRODUCT CODE: 1239440
PUBLISHER: Allied Market Research | PRODUCT CODE: 1239440
The global smart labels market was valued at $9 billion in 2021, and is projected to reach $39.2 billion by 2031, growing at a CAGR of 15.8% from 2022 to 2031. A smart label is a form of a flat identification slip which could be scanned through the smart device with scanner. The smart labels include QR codes, barcode tags, and Radio Frequency Identification (RFID) tags.
The adoption of smart labels has grown for the packaging industry owing to growth in demand for the access of product information at a single tap, which became easier due to adoption of smart labels. In addition, smart labels act as an innovative transparent label that can be associated with digital technology and smart devices, which are effective in enabling consumers to gain enhanced information visibility on the purchased products. Moreover, growth in demand for anti-theft devices because of the terms and conditions of the enterprises for security purposes contributes to the growth of the market.
Furthermore, the rise in consumer access toward smartphones is growing the adoption of the market. The significant growth seen for the consolidated industries along with the technological advancements associated with the use of smart labels in various industries such as food & beverage, retail, logistics, healthcare, and pharmaceuticals contributes towards the growth of the market.
However, lack of uniformity in standardized guidelines for smart labels is limiting the growth of the market.
In addition, during the outbreak of the COVID-19 pandemic, construction, manufacturing, hotel, and tourism industries were majorly affected. Manufacturing activities were halted or restricted. This led to a decline in the manufacturing of various equipment as well as their demand in the market, thereby restraining the growth of the market. Conversely, industries are gradually resuming their regular manufacturing and services. This is expected to lead to re-initiation of companies at their full-scale capacities, that helped the market to recover by the end of 2021.
On the contrary, the smart labels come along with various features such as re-programmability, real time location tracing and simultaneous identification along with further advancements in technology along with the rise in e-commerce sales offers lucrative growth opportunities for the global smart labels market.
The smart labels market is segmented on the basis of product type, application, end user and region. By product type, the smart labels market is fragmented into RFID, electronic article label, sensing label and dynamic display label. By application, the market is categorized into retail inventory and perishable goods. By end user, the market is divided into retail, healthcare, logistics and others.
. By region, the smart labels market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, Italy, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
In 2021, Europe was the highest contributor to the global smart labels market share, and LAMEA is anticipated to secure a leading position during the forecast period.
On the basis of product type, in 2021, the RFID segment dominated the smart labels market, in terms of revenue, and the sensing label segment is expected to witness growth at the highest CAGR during the forecast period. As per application, in 2021, the retail inventory segment led the smart labels market, and the digital segment is expected to exhibit the highest CAGR in the near future. By end user, the retail segment led the market in 2021, in terms of revenue and the perishable goods segment is anticipated to register highest CAGR during the forecast period. Region wise, Asia-Pacific garnered the highest revenue in 2021; and LAMEA is anticipated to register its highest CAGR during the forecast period.
Key companies profiled in the smart labels market report include: Advantech, Alien Technology, AVERY DENNISON CORPORATION, CGL Industries Inc., Graphic Label, Inc., Invengo Information Technology Co., Ltd., Meuhlbauer Holdings AG & Co., SATO Holdings, Thin Film Technology and Zebra Technologies Corp.