The latest report by IMARC Group, titled “Smart Labels Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” finds that the global smart labels market witnessed strong growth during 2015-2020. Smart labels are responsive electronic devices that are embedded in various products to offer enhanced functionality. These labels enable consumers to access detailed information about the ingredients, manufacturer, and manufacturing date of purchased products. In addition, smart labels are configured with a chip, antenna, and bonded wires that minimize human errors by providing real-time location tracking, automated reading, better traceability, rapid identification, and re-programmability for numerous items.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Smart Labels Market Trends:
The market is primarily driven by the significant growth in the packaging and e-commerce industries. Smart labels are used to provide detailed information regarding the packages with the help of digital technology and smart devices. They also provide real-time visibility and are useful in eliminating or lowering the number of theft and shoplifting incidents, which are propelling the demand for smart labels. In addition to this, technological advancements, such as the introduction of Big Data, the Internet of Things (IoT) and digital printing, have enabled several leading companies to create sensors printed on smart labels at a lower cost than silicon sensors. Besides this, the growing awareness regarding consumer rights and the growing penetration of smartphone applications are also fueling the market growth. Furthermore, governments in various countries are imposing strict measures to disclose product information to the public by necessitating the incorporation of smart labels in products. Looking forward, the market is expected to grow at a CAGR of around 14% during the forecast period (2021-2026).
- Based on the technology, the market has been segmented into radio-frequency identification (RFID), electronic article surveillance (EAS), electronic shelf label (ESL), sensing label and near field communication (NFC). Currently, RFID dominates the market, holding the largest market share.
- On the basis of the component type, the market has been classified into batteries, transceivers, microprocessors, memories, and others. Among these, batteries represent the leading category among all the other component types.
- The market has been categorized based on the end user into retail, logistics and transportation, healthcare, food and beverage, aerospace, data centers and libraries, and others. At present, the retail segment dominates the market, accounting for the majority of the market share.
- Region-wise, the market has been divided into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Avery Dennison Corporation, CCL Industries Inc., Checkpoints Systems, Inc., Zebra Technologies Corporation, Intermec Inc., Invengo Technology Pte. Ltd., Sato Holdings Corporation, Thin Film Electronics ASA (Ensurge Micropower ASA), Smartrac N.V., and Muehlbauer Holding AG.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Follow us on twitter: @imarcglobal