The global smart label market size is anticipated to expand at a significant CAGR during the forecast period, 2021-2028. The growth of the market is attributed to increasing customer disposable income.
Smart label is also called smart tag. A smart label is an item identification slip that contains more advanced technologies than conventional bar code data. QR codes is the most common improvement in smart labels. The QR code provides easy access to information through a smartphone or other device equipped with a barcode reader. Chip labels, printable labels, and electronic labels are the types of smart label. Smart labels are mainly used in retail, FMCG manufacturing, logistics, automotive, healthcare, and aerospace.
The COVID-19 pandemic smart label market has positively impacted on the market due to utilization of the smart labels in the healthcare industry to assist in inventory tracking and pharmaceutical waste disposal.
Market Trends, Drivers, Restraints and Opportunities
- Increasing rapid Internet penetration is directly influencing the expansion of e-commerce, which is projected to drive the market growth during the forecast period.
- Growing demand for healthcare packaging solutions is anticipated to drive the market growth during the forecast period.
- Rising demand from FMCGs is projected to drive the market growth during the forecast period.
- Expanding requirement for packaging solutions such as corrugated boxes and films that require proper labeling are expected to boost the market growth in the coming years.
- Growing retail sector solutions is anticipated to drive the market growth during the forecast period.
- Increasing population and rapid urbanization is expected to boost the market growth in the coming years.
- Low mechanical susceptibility impacts the functioning, which is estimated to restrict the market growth in the coming years.
- Lack of coherent privacy regulations can restrict the market growth.
- Rising application of RFID sensing labels in various segments can create lucrative opportunities during the forecast period.
Scope of the Smart Label Market Report
The report on the global smart label market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Smart Label Market – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Technologies (Electronic Article Surveillance (EAS), RFID, Sensing Label, NFC, and Electronic Shelf Label (ESL)) and End-users (Retail, Healthcare & Pharmaceutical, Logistics, Manufacturing, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Avery Dennison Corporation; Sato Holdings Corporation; CCL Industries; William Frick & Company; and Honeywell International Inc.
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Smart Label Market Segment Insights
RFID segment to hold a significant market share
Based on technologies, the market is divided into electronic article surveillance (EAS), RFID, sensing label, NFC, and electronic shelf label (ESL). The electronic article surveillance (EAS) segment is anticipated to hold a key share of the market in the coming years. EAS prevents theft and is easy to operate, inexpensive, and improves customer shopping experience. However, the RFID segment is anticipated to expand at a rapid pace during the forecast period owing to use in maintaining inventory management and supply chain management systems.
Healthcare & pharmaceutical segment is expected to grow at a rapid pace
On the basis of end-users, the market is divided into retail, healthcare & pharmaceutical, logistics, manufacturing, and others. The retail segment is expected to represent a major share of the market in the coming years due to changing lifestyles and increased per capita disposable income, which are driving up demand for meat, poultry, and seafood, helping allied industries for branding and labeling. On the other hand, the healthcare & pharmaceutical segment is anticipated to expand at a rapid pace during the forecast period owing to more efficient management of hospitals and reduces the risk of errors while dispensing medications.
North America is estimated to account a major market share
In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period due to rising penetration of smart labels in merchandise and asset tracking applications. However, the market in Asia Pacific is anticipated to expand at a rapid pace during the forecast period as they have strong economic growth, low labour costs, and investment in the retail sector.
Segments
The global smart label market has been segmented on the basis of
Technologies
- Electronic Article Surveillance (EAS)
- RFID
- Sensing Label
- NFC
- Electronic Shelf Label (ESL)
End-users
- Retail
- Healthcare & Pharmaceutical
- Logistics
- Manufacturing
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the smart label market includes Avery Dennison Corporation; Sato Holdings Corporation; CCL Industries; William Frick & Company; and Honeywell International Inc.
Some of these players are engaging in business strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market share.
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