Increasing internet of things application and implementation has accelerated the adoption of cloud platforms and high speed networking technologies, increasing the growth of the market.
According to the current analysis of Introspective Market Research, the global Smart Labels Market was valued at USD 9.86 Billion in 2019 and is expected to reach USD 28.26 Billion by the year 2026, at a CAGR of 16.39%.
The Smart Labels Market is growing owing to the growth in sectors such as retail, healthcare, and manufacturing. Rise in demand of automated labels such as RFID and Electronic Article Surveillance (EAS) is also giving a healthy growth to the market and is expected to increase in the forecast period. The emerging developing countries such as India, South Africa, and Brazil are estimated to have a great potential for the smart labels market.
The smart labels market is segmented on the basis of technology, component, end-use industry, and application. In technology, RFID segment held the largest market share, while dynamic display segment was expected to grow at the highest CAGR. The retail & inventory segment dominated with the largest share in this market, in terms of both, volume and value, among all applications. The components segment was dominated by batteries.
In end-use industry, the market is segmented into retail, logistics, manufacturing, healthcare, automotive and others. The healthcare segment is expected to grow at the highest rate, with the largest market share during the forecast period. In application, the market is sub-segmented into electronics and IT asset, equipment, retail & inventory tracking, pallets, and perishable goods. The perishable goods segment is expected to dominate the market during the forecast period.
In terms of region, the market for smart labels is segmented into North America, Europe, Asia-Pacific, and Rest of the World. The Asia-Pacific region is projected to grow at the highest CAGR among all the regions by 2021. This is mainly due to emerging economies in China and India and the growing industries such as healthcare, retail, and manufacturing.
The Smart Labels market is segmented by Technology Type (EAS, RFID, Sensing, ESL, Near Field Communication (NFC) tags), by Components type (Batteries, Transceivers, Microprocessor and Others), by Application Type (Retail Inventory, Perishable Goods, Electronics & IT Assets and Others), by End-User Industry (FMCG, Retail, Automotive, Logistics, Manufacturing, Healthcare, and Others). The market is further analyzed on the basis of regional analysis and divided into major regions like North-America, Latin America, Asia-Pacific, Europe and MEA.
Further Key Findings From The Report Suggest:
- Rapid surge in population and rapid urbanization have led to the growth of various industries such as retail, food & beverage, healthcare & pharmaceuticals, and others are increasing the growth of the market.
- Due to the outbreak of corona virus and the lockdown restrictions witnessed across the globe, there was an increase of 40% Smart Labels shops and the market witnessed exponential boost.
- The segment retail inventory witnessed a large growth during the year 2019-2020 due to the consumers leaning more towards the easy access available from the products like real time tracking etc.
- Rapid urbanization due to increase in population across various geographies is one of the major factors driving the adoption of smart labels technology across industries.
Key Participants Avery Dennison Corporation, CCL Industries, Inc., Checkpoint Systems, Inc., Smartrac N.V., Zebra Technologies Corporation, Alien Technology Inc., Sato Holding Corporation, and Intermec Inc., CCL Industries, Inc., Avery Denison Corporation, Thin Film Electronics ASA, Smartrac N.V., and Checkpoint Systems, Inc.
For this report, Introspective Market Research have segmented the Smart Labels markets market on the basis of Region:
Regional Outlook (Revenue in USD Billion; Volume in Units, 2019-2025)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- Latin America
- Rest of LATAM