PUBLISHER: SkyQuest Technology Consulting Pvt. Ltd. | PRODUCT CODE: 1165248
PUBLISHER: SkyQuest Technology Consulting Pvt. Ltd. | PRODUCT CODE: 1165248
Global Smart Label Market was valued at USD 10.56 billion in 2021, and it is anticipated to attain a value of USD 21.04 billion by 2028, at a CAGR of 10.36% over the prediction period (2022 - 2028).
Smart labels function as an innovative label that allows anyone to track information about a product using their smart devices. These smart labels not only carry information about the product and its ingredients, but also about the manufacturer, the date of manufacture, and other important information. Smart labels are currently used in various industries, including manufacturing, food and beverage, healthcare, automotive, retail, security, FMCG, and so on. These smart labels also provide smart traceability of a product and aid in its authenticity. A variety of factors are currently driving the smart label market.
Top-down and bottom-up approaches were used to estimate and validate the size of the Global Smart Label Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Segments covered in this report:
The Global Smart Label Market is segmented based on Technology, End-User, Component, and Region. Based on Technology, it is categorized into Electronic Article Surveillance (EAS), RFID, Near Field Communication (NFC), QR Code. Based on End-User, it is categorized into Retail, Food, Beverages, Healthcare & Pharmaceuticals, Consumer Electronics, Supply Chain, Logistics, Transportation, Others. Based on Component, it is categorized into Batteries, Transceivers, Microprocessors, Others. Based on the region it is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.
Driver
A smart label is a tool used to comply with the federal disclosure law for genetically modified organisms (GMO) enacted by the United States government. This federal law requires brands to disclose product information in one of three ways: text on a package, a symbol, or a digital link such as a smart label. Customers can learn more about a product from digital disclosures than text or symbols. Rising demand for dependable anti-theft devices and product identification primarily drives the global market's development. Furthermore, rising business mergers and acquisitions, and rising technological advancements in intelligent products, are expected to drive market growth.
Restraint
Smart labels with embedded chips have several advantages for commercial and industrial applications, but they also have certain disadvantages, such as a lack of universal applicability, safety concerns, and an inability to withstand harsh weather. Although these limitations may seem routine, they could limit the growth of the worldwide smart label industry.
Market Trends
These labels can help to reduce food waste by tracing the freshness of the product and providing visibility of the information to customers and suppliers. As a result, steps can be taken to reduce food waste. Manufacturers are increasingly using smart labels on food packaging. Customers' growing interest in the ethical credentials and health benefits of food and beverages is a growing market trend. The enhanced information capacity of smart labels enables more data about the health and ethics of food and beverages to be presented.