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The North America smart labels market exhibited strong growth during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of 11.2% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Smart labels, or smart tags, are innovative, transparent labels that enable consumers to access detailed information about a product through their smart devices. These labels provide details regarding ingredients, manufacturers, date of manufacturing and other crucial information. Moreover, smart labels offer easy traceability and help in maintaining the authenticity of a product. Owing to this, these labels are widely employed across several industries, such as food and beverage, automotive, healthcare, security and retail.
The North America smart labels market is currently being driven by several factors. The market in the region is growing substantially due to the rising penetration of smart labels in merchandise- and asset-tracking applications. Moreover, increasing labor costs and issues related to price integrity are some of the other factors, which are compelling manufacturers and retailers to use smart labels for product labelling. Furthermore, various organizations across industries have launched different initiatives in the region to increase the demand for smart labels. For instance, a smart label digital initiative has been introduced by the Grocery Manufacturers Association and the Food Marketing Institute in the North America food industry. Apart from this, there is a wide-scale usage of smart labels, such as RFID, EAS and NFC, by manufacturers and retailers. This enables them to track shipped products, thus creating numerous growth opportunities for market players in the region. Additionally, the increasing use of digital technology across various sectors will continue to fuel the smart labels market growth in the coming years.
|Base Year of the Analysis||2020|
|Segment Coverage||Technology, Component, End-User, Country|
|Countries Covered||United States, Canada|
|Customization Scope||10% Free Customization|
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