According to the latest report by IMARC Group, titled “North America Smart Labels Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the North America smart labels market size reached US$ 4.3 Billion in 2022. Smart labels refer to advanced labeling solutions that incorporate digital technologies to provide additional functionality. It includes radio frequency identification (RFID), near-field communication (NFC), E-ink, quick response (QR) code, and temperature-sensitive labels. They are comprised of several components, such as a microcontroller, wireless communication module, display interface, sensors, memory, power supply, and antenna. Smart labels are widely used in retail stores, healthcare facilities, inventory management, logistics, anti-counterfeiting, asset tracking, and smart packaging. They improve visibility, enhance operational efficiency, streamline processes, increase product safety, promote sustainability, and augment customer experience. Smart labels also generate valuable data, which provides deeper insights into consumer behavior, inventory patterns, and supply chain performance.
North America Smart Labels Market Trends:
The rising demand for efficient supply chain management is boosting the market growth. Smart labels are widely used to enable real-time tracking, inventory management, and enhanced visibility, which aids in improving logistics and streamlining operations. Along with this, the widespread product utilization to prevent counterfeiting and protect brands is acting as another growth-inducing factor. Furthermore, the increasing product applications in retail stores to enhance customer engagement, improve shelf management, and enable dynamic pricing is providing an impetus to the market growth. Additionally, the integration of digitalization and the Internet of Things (IoT) technology to enable connectivity and data exchange, which aids in enhancing automation, analytics, and decision-making capabilities, is positively influencing the market growth. Besides this, the recent development of printable electronics, which facilitate the creation of flexible and thin smart labels, is supporting the market growth. Moreover, the implementation of strict policies by the regional governments to mandate the adoption of smart labels to provide accurate product information, enable tracking, and ensure consumer safety is favoring the market growth. Other factors, including the increasing focus on sustainability, extensive research and development (R&D) activities, and the rapid expansion of the e-commerce industry, are anticipated to drive the market growth. On account of the aforementioned factors, the market value is expected to reach US$ 8.9 Billion by 2028, exhibiting a CAGR of 13% during 2023-2028.
- On the basis of the technology, the market has been classified into radio-frequency identification (RFID), electronic article surveillance (EAS), electronic shelf label (ESL), sensing labels, and near field communication (NFC).
- Based on the component, the market has been divided into batteries, transceivers, microprocessors, memories, and others.
- On the basis of the end-user, the market has been classified into retail, logistics and transportation, healthcare, food and beverage, and others.
- On a regional basis, the market has been categorized into the United States and Canada
- The competitive landscape of the industry has also been examined along with the profiles of the key players.
|Base Year of the Analysis
||Technology, Component, End-User, Country
||United States, Canada
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