The Smart Labels Market is predicted to grow at a healthy CAGR by 2021, states the recent Market Research Future (MRFR) analysis. A smart label, simply put, is an item identification slip that is used for tracking information regarding a product using a smart device. These labels carry crucial information like ingredient details, pricing details, product details, the date of manufacturing, manufacturer details, and others. Some of its benefits include re-programmability, reduction in errors, rapid identification, automated reading, and high tolerance. Smart labels have extensive applications in logistics, FMCG, automotive, healthcare and pharmaceuticals, manufacturing and retail, and others.
Various factors are propelling the global smart labels market share. As per the current MRFR report, such factors include the presence of emerging economies, burgeoning demand for automated labels like EAS and RFID, booming manufacturing, healthcare, and retail industries, increasing use in the retail industry to improve inventory management & product information, and growing demand for safety measures against shoplifting, counterfeiting, loss, and theft. Additional factors adding market growth include the use of smart labels to reduce labor cost, offer real-time tracking solutions, rising technological advances in printed electronics, & increasing emergence of technologies like dynamic display labels and electronic shelf labels.
On the contrary, high cost, lack of unformal standards, high complexity of device interoperability & technologies, and the ongoing COVID-19 impact are factors that may impede the global smart labels market growth over the forecast period.
The MRFR report offers an inclusive segmental analysis of the global smart labels market based on type, application, and end use.
By type, the global smart labels market is segmented into sensing label, shelf label, electronic, RFID, and others. Of these, the RFID segment will lead the market over the forecast period.
By application, the global smart labels market is segmented into perishable goods, retail, electronic and IT asset, and others. Of these, the perishable goods segment will dominate the market over the forecast period.
By end use industry, the global smart labels market is segmented into logistics, FMCG, automotive, healthcare and pharmaceuticals, manufacturing and retail, and others. Of these, the manufacturing and retail segment will command the largest share in the market over the forecast period.
Based on the region, the smart labels market report covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, and the Rest of the World (RoW). Of these, the APAC region will lead the market over the forecast period. Rapid financial growth, mounting manufacturing industries, huge investments in the retail sector, economical labor, the presence of emerging economies, and booming industries like manufacturing, retail, and healthcare, are adding to the global smart labels market growth in the region.
The global smart labels market in North America is predicted to have the second-largest share over the forecast period. Burgeoning demand in logistics, retail, and manufacturing industries is adding to the global smart labels market growth in the region.
The global smart labels market in Europe is predicted to have favorable growth over the forecast period. A boost in the count of data centers is adding to the global smart labels market growth in the region.
The global smart labels market in the RoW is predicted to have sound growth over the forecast period.
The market is in a stage that requires careful and strategic planning to ensure that the growth achieved thus far is not compromised. The market is expected to revitalize its options for development as it overcomes this period of uncertainty in a careful and calibrated manner, the enhancement of the supply chains is estimated to focus on the incorporation of robotic assets so as to broaden the scope of supply that can be expected from the market on the whole. The competition in the market is estimated to be focused on mitigating the effect of external forces rather than exclusively dealing with internal competition. The government role is estimated to be pronounced in the near term as their backing is essential to get the growth of regional markets on track. The market is also expected to emphasize on innovation to amplify the development scope in the global market. The need to integrate is projected to become even more prominent in the market in the upcoming period.
The significant companies in the Smart Labels Market are Invengo Information Technology Co. Ltd., Displaydata Ltd., CCL Industries Inc., Avery Dennison Corporation, Graphic Label Inc., Alien Technology Inc., Checkpoint Systems Inc., Zebra Technologies Corporation, Intermec Inc., Willian Frick & Company, Sato Holdings Corporation, Smartrac N.V., Thin Film Electronics ASA, ASK S.A., and Muhlbauer Holding Ag & Co. Kgaa.
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