Smart Labels Market Size Worth US$ 20.2 Billion By 2028 | Growth Rate (CAGR) of 13%
Smart labels are responsive electronic devices that are embedded in various products to offer enhanced functionality.
BROOKLYN, NY, USA, April 16, 2023 /EINPresswire.com/ — The latest report by IMARC Group, titled “Smart Labels Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on smart labels market report. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global smart labels market size reached US$ 9.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 20.2 Billion by 2028, exhibiting a growth rate (CAGR) of 13% during 2023-2028.
Smart labels represent the responsive electronic devices implanted in various products to offer enhanced functionality. These titles enable consumers to access detailed information about the manufacturer, ingredients, and manufacturing date of purchased items. In addition, smart labels are configured with an antenna, chip, and bonded wires that minimize human errors by providing automated reading, better traceability, real-time location tracking, quick identification, and re-programmability for several products. These devices utilize various technologies, such as Radio-Frequency Identification (RFID), Electronic Article Surveillance (EAS), Near Field Communication (NFC), etc. As a result, smart labels find widespread applications across several sectors, including food and beverage (F&B), healthcare, automotive, manufacturing, retail, security, FMCG, etc.
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Market Trends:
The escalating product demand in the logistics and transportation industries, as it aids in attaining higher levels of productivity and accuracy in delivery, is among the primary factors driving the smart labels market. Besides this, the elevating requirement for these devices by shopkeepers and manufacturers to reduce the chances of shoplifting and theft and prevent criminals from breaking into medical stores to access prescription drugs is further augmenting the market growth. Moreover, the introduction of big data, the internet of things (IoT), and digital printing have enabled several leading companies to create sensors printed on smart labels at a lower cost than silicon variants, which is also catalyzing the global market. Apart from this, the growing awareness toward consumer rights and the rising penetration of smartphone applications are acting as significant growth-inducing factors. Furthermore, the extensive usage of this technology by retailers and suppliers to achieve better product tracking and inventory management, substantial time savings, and reduced labor costs is expected to bolster the smart labels market in the coming years.
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Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
• Avery Dennison Corporation
• CCL Industries Inc
• Checkpoints Systems, Inc
• Zebra Technologies Corporation
• Intermec, Inc.
• Invengo Information Technology Co Ltd
• Sato Holdings Corporation
• Thin Film Electronics ASA
• Smartrac N.V.
• Muehlbauer Holding AG
Smart Labels Market Segmentation:
Our report has categorized the market based on region, type, component type and end use industry.
Breakup by Type:
• RFID
• Electronic Article Surveillance
• Electronic Shelf Label
• Sensing Label
• Near Field Communication
Breakup by Component Type:
• Batteries
• Transceivers
• Microprocessors
• Memories
• Others
Breakup by End-user:
• Retail
• Logistics and Transportation
• Healthcare
• Food and Beverage
• Aerospace
• Data Centers
• Libraries
• Others
Breakup by Region:
• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape
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About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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