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| Report Code: A02057 | Jan 2023 | Pages: 202 | ||
| Tables: 120 | Charts: 50 |
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The global smart labels market was valued at $9 billion in 2021, and is projected to reach $39.2 billion by 2031, growing at a CAGR of 15.8% from 2022 to 2031. Smart labels are tags that can be printed or attached onto the packaging material to provide useful information about the product. In addition, smart labels make use of printed paper, plastic, or fabric labels upgraded with special intelligent inlay technology that can digitally capture and communicate more information than is printed on the physical label.
The COVID-19 pandemic led to challenges including supply chain disruptions and a decline in consumer spending, while opportunities include increased demand for remote monitoring and tracking solutions. The pharmaceutical and food industries have been among the biggest adopters of smart labels to ensure the safety and traceability of their products. The market is expected to grow in the coming years as businesses continue to adopt smart labeling technology to improve supply chain efficiency and enhance product safety.
The smart labels has gained traction in the packaging industry, owing to growth in the demand for product information through smart devices. These labels act as an innovative transparent label associated with digital technology and smart devices that enable consumers to access detailed information about their products. The growth in the 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 smart labels market.
The market has witnessed an increase in adoption in the packaging industry, owing to the ability to provide detailed information to the customers about products with the use of digital technology and smart devices. In addition, the increase in demand for 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 the 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 smart labels 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 and affecting the global smart labels market size.
In addition, during the outbreak of the COVID-19 pandemic, construction, manufacturing, hotel, and tourism industries were majorly affected. Manufacturing activities were halted or restricted. This led to a decline in manufacturing of various equipment as well as their demand in the market, thereby restraining the growth of the market. Conversely, industries are gradually resuming their regular manufacturing and services. This is expected to lead to re-initiation of dust control systems companies at their full-scale capacities, that helped the smart labels market to recover by end of 2021.
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.
The RFID smart labels market share is expected to witness notable growth during the forecast period, owing to a rise in market competitiveness leading to the availability of cost-effective RFID solutions globally. Furthermore, rise in installation of RFID solutions across healthcare and manufacturing sectors drives the growth of the this market during the forecast period. In addition, the surge in regulations and government initiatives for various industries is expected to propel the smart labels market growth.
However, high cost associated with the installation, purchase, and maintenance of RFID coupled with concerns regarding data security and privacy is expected to restrain the market growth. In addition, rise in adoption of RFID tags for industry 4.0, Internet of Things, and smart manufacturing solutions is expected to provide lucrative opportunity for growth of the smart labels market.
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 and is expected to offer lucrative opportunities for the global smart labels market.
In addition, electronic shelf label (ESL) also known as digital price tags, are digital wireless display systems that retail stores use to show product prices. Typically, ESLs are attached to the front edge of retail shelving. Once applied to the shelves, it directly connects to the store's ERP and point of sales (POS) to reduce pricing management labor costs, improve pricing accuracy, and enable dynamic pricing. Furthermore, each electronic shelf label (ESL) system has LCD or e-ink display that shows the price and universal product code (UPC) of the product. Trending automation in the retail industry is the key factor that drives growth of the electronic shelf label market. Moreover, necessity for more cost-efficient and less time-consuming alternatives to paper labels fuel the market growth. In addition, increased operational efficiency with real-time product positioning, owing to utilization of electronic shelf labels boosts the growth of electronic shelf label market size. However, high expenses of installation and infrastructure cost restrain the electronic shelf label market growth. Moreover, low return on investment is expected to impede growth of the smart labels market.
The smart labels market is segmented on the basis of product type, application, end user, and region. By product type, the market is fragmented into RFID, electronic article label, sensing label and dynamic display label. By application, the market is categorized into retail inventory and perishable goods. By end user, the market is divided into retail, healthcare, logistics, and others. By region, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, Italy, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
On the basis of product type, in 2021 the RFID segment dominated the smart labels market, in terms of revenue, and the sensing label segment is expected to witness growth at the highest CAGR during the forecast period. As per application in 2021, the retail inventory segment led the market, and the perishable goods segment is expected to exhibit highest CAGR in the near future. By end user, the retail segment led the market in 2021, in terms of revenue and the healthcare segment is anticipated to register highest CAGR during the forecast period. Region wise, Asia-Pacific garnered the highest revenue in 2021; and LAMEA is anticipated to register highest CAGR during the forecast period.
COMPETITION ANALYSIS
The major players profiled in the smart labels market report are Advantech, Alien Technology, AVERY DENNISON CORPORATION, CGL Industries Inc., Graphic Label, Inc., Invengo Information Technology Co., Ltd., Meuhlbauer Holdings AG & Co., SATO Holdings, Thin Film Technology and Zebra Technologies Corp.
Major companies in the market have adopted business expansion, and acquisition as their key developmental strategies to offer better products and services to customers in the smart labels market.
Smart Labels Market Report Highlights
| Aspects | Details |
|---|---|
| Market Size By 2031 | USD 39.2 billion |
| Growth Rate | CAGR of 15.8% |
| Forecast period | 2021 - 2031 |
| Report Pages | 202 |
| By Product Type |
|
| By Application |
|
| By End User |
|
| By Region |
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| Key Market Players | AVERY DENNISON CORPORATION, Alien Technology, CGL Industries Inc., advantech, Invengo Information Technology Co., Ltd., Meuhlbauer Holdings AG & Co., Graphic Label, Inc., SATO Holdings, Thin Film Technology, Zebra Technologies Corp. |
Analyst Review
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 of enhancing 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 in the global smart labels market in 2021, owing to the widespread use of smart labels in the U.S. This region will continue to be the market leader owing to the improvement in inventory management system, asset tracking facilities, and consumer goods distribution boosted the retail industry which thereby fueled the growth of global smart labels market.
The global smart labels market is expected to show 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.
The major players profiled in the Smart labels market include Advantech, Alien Technology, AVERY DENNISON CORPORATION, CGL Industries Inc., Graphic Label, Inc., Invengo Information Technology Co., Ltd., Meuhlbauer Holdings AG & Co., SATO Holdings, Thin Film Technology and Zebra Technologies Corp. Major companies in the market have adopted strategies such as business expansion, partnership, acquisition, and product launch to offer better products and services to customers in the smart labels market.
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.
A. The global smart labels market was valued at $9 billion in 2021, and is projected to reach $39.2 billion by 2031, growing at a CAGR of 15.8% from 2022 to 2031.
A. The forecast period considered for the global smart labels market is 2022 to 2031, wherein, 2021 is the base year, 2022 is the estimated year, and 2031 is the forecast year.
A. The latest version of global smart labels market report can be obtained on demand from the website.
A. The base year considered in the global smart labels market report is 2021.
A. The top companies holding the market share in the global smart labels market report are dvantech, Alien Technology, AVERY DENNISON CORPORATION, CGL Industries Inc., Graphic Label, Inc., Invengo Information Technology Co., Ltd., Meuhlbauer Holdings AG & Co., SATO Holdings, Thin Film Technology and Zebra Technologies Corp.
A. The top ten market players are selected based on two key attributes - competitive strength and market positioning.
A. The report contains an exclusive company profile section, where leading companies in the market are profiled. These profiles typically cover company overview, geographical presence, market dominance (in terms of revenue and volume sales), various strategies and recent developments.
A. By product type, the RFID segment is the highest share holder of smart labels market.
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