Smart Labels Market is Growing at a CAGR of 12% During the Forecast Period
The latest report by IMARC Group, titled “Smart Labels Industry: Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, finds that the global smart labels market size reached US$ 6.6 Billion in 2018. A smart label, also known as a smart tag, refers to a product identification technology that offers enhanced functionality as compared to the conventional bar code. In addition to product identification data, it carries information regarding the ingredients, manufacturer, and date of manufacturing. Furthermore, it helps in minimizing human errors by providing better traceability, automated reading, rapid and simultaneous identification, real-time location tracking, and re-programmability for a wide range of items. Nowadays, smart labels, such as QR codes, are being used by companies to offer customers a more seamless experience while shopping and interact with them after the initial purchase has been made.
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Global Smart Labels Market Trends:
The applicability of smart labels in a wide range of industry verticals is one of the primary factors driving the market growth. In the healthcare sector, these labels aid in monitoring the use and disposal of drugs and controlling the inventory. They are also being used in assisted living facilities to track the location of patients, their body temperature and the dampness of dressings or diapers. Besides this, these labels offer enhanced and controlled inventory management for efficient tracking of goods by ensuring the supply-chain integrity in the logistics industry. Along with this, there has been a boost in demand for smart labels among e-commerce companies to reduce reliance on handheld scanners for extracting information on products, increase time efficiency, and reduce training and labor costs. Apart from this, smart labels containing inbuilt alarms are useful in eliminating or lowering the number of theft and shoplifting incidents. Furthermore, with the advent of the Internet of Things (IoT) technology, several companies are creating sensors that can be printed on smart labels at a lower cost as compared to silicon sensors. Looking forward, the market value is projected to reach US$ 13.2 Billion by 2024, expanding at a CAGR of 12% during 2019-2024.
- Based on the technology, the market has been bifurcated into radio-frequency identification (RFID), electronic article surveillance (EAS), electronic shelf label (ESL), sensing label and near field communication (NFC).
- On the basis of the component, the market has been divided into batteries, transceivers, microprocessors, memories and others.
- The market has been segregated based on the end user into retail, logistics and transportation, healthcare, food and beverage, aerospace, data centers and libraries, and others.
- Region-wise, the market has been segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
- The competitive landscape of the market has also been examined with some of the key players being 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. and Muehlbauer Group.
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