The global smart labels market reached a value of US$ 6.6 Billion in 2018. The market is further projected to reach a value of US$ 13.2 Billion by 2024, exhibiting a CAGR of more than 12% during 2019 - 2024. Smart labels act as an innovative label through which anyone can track information about a product through their smart devices. These smart labels not only carry information about the product and the ingredients used in it but also provide information about manufacturers, date of manufacturing and other crucial information. Different industries are currently using smart labels, such as manufacturing, food and beverage, healthcare, automotive, retail, security, FMCG, etc. These smart labels also offer smart traceability of a product and help in maintaining its authenticity. A number of factors are currently driving the market for smart labels.
Industries such as logistics and transportation are greatly benefiting from smart label technology as smart labels help in attaining higher levels of productivity and accuracy in delivery. Moreover, smart labels also help in enhancing inventory management and product information. Smart labels carry significant advantages over barcode-only labels that simply cannot provide the same level of accuracy, readability and the depth of information.
In the retail segment, companies are strongly benefiting from smart label technology. For instance, large retailers along with their suppliers are experiencing better product tracking and inventory management. Organizations are able to achieve huge time savings, which is also leading to reduced labor costs as companies no longer have to rely on a handheld scanners to extract information on products.
Shopkeepers and manufacturers have also benefited from smart label technology as they are extremely efficient in reducing shoplifting and theft. They also aid in strategies to prevent criminals from breaking into drug stores to access prescription drugs. All these products can be easily tracked and monitored using smart tags. This advantage can also be achieved inside the warehouse environment to decrease product theft on the back-end segment of the business.
There is an increasing awareness in the industry about counterfeiting and smart labels are playing a major role in reducing counterfeit attempts in all type of products.
This report provides a deep insight into the global smart labels market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the smart labels market in any manner.
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