According to a new report published by Allied Market Research, titled, Smart Labels Market by Product Type, End-user Industry, and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global smart labels market was valued at $5,428 million in 2017, and is expected to reach $13,671 million by 2023, registering a CAGR of 16.6% from 2017 to 2023. The dynamic display label segment is expected to register the highest CAGR of 17.6% during the forecast period, owing to the enhanced display of the detailed attributes of the product. Asia-Pacific is expected to exhibit the highest growth, owing to the growth in potential startups, rise in disposable income, increase in urbanization & industrialization, along with surge in retail and health & pharmaceutical industries.
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The global smart labels market growth is driven by its ability to provide customers with detailed information about products using digital technology and smart devices. In addition, increase in demand for smart labels is driven by its ability to provide real-time visibility of the product. Moreover, rise in demand for effective anti-theft devices, owing to security concerns contributes to the significant rise in the demand for global smart labels market. Moreover, the prominent rise in consolidated industries and technological advancements proliferations associated with their significant use in applications, such as healthcare, & pharmaceuticals, logistics, retail inventory, food & beverages, and others, have further boosted the growth of the market. Thus, the various features of smart labels including real-time location tracing, re-programmability, and simultaneous identification & detailed information are expected to fuel the demand for the global smart labels market in various industries during the forecast period.
The global smart labels market is expected to register the highest growth of 17.6% in Asia-Pacific, owing to the increase in numbers of start-up industries, rise in consumers disposable income, and surge in population & urbanization.
The RFID labels segment is expected to generate the maximum revenue in the global market during the forecast period; thereby, accounting for $4,658 million by 2023. This is attributed to the extensive usage of RFID labels in industries due to its the associated benefits such as automatic data capture, information accuracy, and real tracking.
Key Findings of the Smart Labels Market:
- The global smart labels market is expected to grow at the CAGR of 16.6% during the forecast period, thereby expanding the opportunities.
- The dynamic display labels segment is expected to register the highest CAGR during the forecast period as compared to other product types.
- North America is expected to be the highest revenue contributor to the global market in 2017, accounting for $1,690 million, and is estimated to reach $4,214 million by 2023, growing at a CAGR of 16.4%.
The key players operating in the global smart labels market include CCL Industries Inc., Thinfilm Electronics, Zebra Technologies Corporation, CCL Industries, Alien Technology Inc., Invengo Information Technology Co., Ltd., SATO Holdings, Zebra Technologies, and Graphic Label, Inc.