| A02057 | Pages: 130 | Jul 2017 | 12588 Views | ||
| Author(s) : Ashmita Ray | Tables: 62 | Charts: 45 |
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Request Now !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. Smart Labels Market created by Grocery Manufacturers Association (GMA), has gained increase in traction in the packaging industry, owing to growth in the demand for product information through smart devices. These labels acts as an innovative transparent label associated with digital technology and smart devices that enable consumers to access a detailed information about their products. The growth in global smart labels industry is expected to enable consumers to gain enhanced information visibility on the purchased products. Increase in demand for effective anti-theft devices, owing to security concern of the enterprises contribute to the significant rise in the demand for the global smart labels industry.
The global smart labels market has witnessed an increase in adoption in the packaging industry, owing to the ability to provide a detailed information to the customers about products with the use of digital technology and smart devices. In addition, increase in demand for global smart labels market is driven by its ability to provide real-time visibility of the product and rise in demand for effective anti-theft devices, owing to security concerns. Moreover, significant rise in consolidated industries and technological advancements associated with the use in various applications, such as healthcare, & pharmaceuticals, logistics, retail inventory, food & beverages, and others, have further boosted the growth of global smart labels market. Thus, the 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 industry in various sectors during the forecast period. However, lack of uniformity in standardized guidelines for smart labels is one of the major challenges restraining the market growth.
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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.
Segment Overview
The global smart labels market is segmented on the basis of product type, application, end-user industry, and geography. On the basis of type, it is classified into radio frequency identification (RFID), electronic article surveillance labels (EAS), sensing labels, and dynamic display labels. Based on application, it is categorized into retail inventory, perishable goods, and others (pallets tracking, equipment, IT assets, and others). On the basis of end-user industry, the global smart labels industry is divided into retail, health & pharmaceuticals, food & beverage, logistics, fast-moving consumer goods (FMCG), automotive, and others. Geographically, it is analysed across North America, Europe, Asia-Pacific, and LAMEA (Latin America, Middle East, and Africa).
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The RFID labels segment generated the maximum revenue in the market, owing to its extensive applications in industries for automatic data capturing, information accuracy, and real-time tracking. Asia-Pacific is expected to exhibit the highest growth in the global smart labels market, owing to the rise in potential start-ups, growth in disposable income, increase in urbanization & industrialization, and surge in retail and health & pharmaceutical industries.
Top Impacting Factors
Versatile Benefits
The global smart labels industry is driven by various benefits provided for the consumers as well as the companies. In addition, these are designed to provide real-time tracking of products, simultaneous identification, ability to re-program, and security assurance against theft & counterfeit practices. These advantages help consumers to gain access to the product characteristics and transit details of the product. In addition, these labels with the help of real-time tracking ability provide updates to the vendors about the product locations throughout the supply chain right from product exit from the warehouse and distribution centre to retail stores.
Rise in Number of Industry Consolidations and Technological Explorations
Rapid surge in population and rapid urbanization have led to the growth of various industries such as retail, food & beverage, healthcare & pharmaceuticals, and others to meet the consumers increasing demands These industries have various applications of smart labels, such as packaging, printing, and labels which thereby fuels the growth of global smart labels market.
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Increase in Population and Rapid Urbanization
Rapid urbanization due to increase in population across various geographies is one of the major factors driving the adoption of smart labels technology across industries. Moreover, rise in disposable income and significant applications of smart devices to enable consumers to receive appropriate information about the products boost the growth of global smart labels market
Rise in Tech Savvy Consumers Associated With Increase in technological Developments
Smart packaging provides enhanced customer interface, owing to the availability of technologically advanced and developed devices, which is also expected to increase the ratio of tech-savvy consumers. Therefore, the demand for technologically driven ways of accessing information has witnessed an enormous growth. Moreover, increase in number of tech savvy consumers use advanced forms of media & technology platforms, thus enabling the innovation of global smart labels industry to grow at a fast pace.
Poor Mechanical Susceptibility Restrains the Growth
The appropriate functioning (reading or encoding) of smart labels is hampered if they consist of metal or foil based and liquid based. In liquid based, RFID signal is being absorbed by the labels leading to unreadable tag. Thus, poor mechanical susceptibility characteristic lead to inefficient functioning of smart labels, thereby restraining the growth of global smart labels market
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Key Benefits
Key players
Other Players
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Smart labels are a resultant of technological integration in packaging industry. These labels are designed with the ability to provide real-time tracking facilities along with instant product identification and detailed product information. The growth in security and anti-theft concerns among the vendors has also impacted the increasing demand for smart labels. The market has witnessed continuous innovations with the aim to enhance its performance. For instance, Greek Lake Labels has introduced tri-panel smart labels, which are designed to provide excess data, especially suited for horticulture industry.
North America accounted for the maximum share of 31.18% in the global smart labels market in 2016, owing to the widespread use of smart labels in the U.S. This region will continue to be the market leader, thereby accounting for a market share of 30.82% in 2023 owing to the improvement in inventory management system, asset tracking facilities, and consumer good distribution boosted up the retail industry which thereby fuelled up the growth of global smart labels market.
The retail inventory segment accounted for over 52.2% share in the global smart labels market in 2016, attributed to the increase in anti-theft trackers used by the retailers. The perishable goods segment is expected to witness the highest growth rate during the forecast period, owing to the increase in use of smart labels in threshold detection and shelf life monitoring of perishable goods such as food, medicines, and beverages.
The global smart labels market is expected to show a significant growth during the forecast period due to the growth in healthcare & pharmaceutical industries along with the continuous growth of retail, logistics, and food & beverage industries.
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