New York, June 28, 2023 (GLOBE NEWSWIRE) --
The global smart labels market is estimated to grow at a CAGR of ~20.65% over the forecast period. The market is estimated to garner a revenue of nearly USD 121.77 billion by the end of 2035, up from a revenue of about USD 12.8 billion in the year 2022. The growth of the market is attributed to the increasing adoption of the cloud by enterprises.
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By 2022, about 93% of US businesses will be using cloud services. In contrast, about 66% of enterprise infrastructure was hosted in the cloud. Therefore, it is estimated that as the cloud becomes more widespread, the demand for smart labels will increase as a smart label solution leverages the power of the cloud to make packaging and content accessible online. QR code is one of the most commonly used smart tags. The number of smartphone users who scanned a QR code on their mobile devices increased by approximately 25% between 2020 and 2022 in the United States, where there were approximately 88 million smartphone users. By 2025, more than 99 million Americans are expected to use mobile QR code readers, and usage is expected to continue to grow. This unobtrusive square could be quickly added to product labels, allowing shoppers to scan them with their mobile devices. Once scanned, the QR code could direct someone to any address, including a digital coupon, a company website, or an invitation to download any app.
Smart Labels Market: Key Takeaways
- Market in North America to propel highest growth
- The retail segment to garner the highest growth
- Market in Asia Pacific to grow at a highest rate
Increasing Waste of Food & Beverages across the Globe to Boost Market Growth
Every year, more than 29% of the world's food is lost or wasted. Food and beverage companies can communicate directly with their customers thanks to QR codes. These could be used to provide data on where food comes from, how it has transported, and even detailed nutritional information that wouldn't fit on a typical label. In addition, various companies use other smart tags besides QR codes. Another option is the Time Temperature Indicator (TTI), which uses color-changing technology to show how long a product has been in transit, whether it's been stored at the right temperatures, and how long it's until the expiration date. .This reduces food and beverage waste. Almost every industry is affected by counterfeiters to some degree. The CDC estimates that up to 41% of drugs sold in low- and middle-income countries are counterfeit drugs. Consumer goods are also at risk; every year, USAImmigration and Customs Enforcement intercepts millions of dollars worth of counterfeit products. In both situations, these counterfeit products pose a significant risk to public health and safety. With the help of smartphones, reading barcodes has become very easy. Therefore, a large number of people can scan the barcode efficiently. Hence, this factor is estimated to impel the growth of the market over the forecast period.
Smart Labels Market: Regional Overview
The global smart labels market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rising use of the internet to Drive the Market Growth in North America Region
The smart labels market in North America region is estimated to garner the largest revenue by the end of 2035. The regional growth can majorly be attributed to the increasing use of the internet along with the increasing use of smart tags in asset and product tracking systems. It has been predicted that between 2023 and 2028 there will be an additional 42 million internet users in North America. It is estimated that the total user base will grow to approximately 497 million users by 2028, which is the fifth year in a row. Increased labor costs and price integrity issues are other reasons why manufacturers and retailers are being forced to use smart tags for product identification. In addition, several companies from other industries in this region have launched initiatives to boost the smart tag market. In addition, manufacturers and retailers are making extensive use of smart tags such as RFID, EAS, and NFC. In this way, they could track the shipment of goods, which opens up numerous opportunities for market players in this region to flourish. Furthermore, the increasing adoption of digital technologies across numerous industries would support the expansion of the smart label market in the years to come.
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Growing e-commerce to Propel the Growth in the Asia Pacific Region
The smart labels market in the Asia Pacific region is estimated to garner the highest CAGR by the end of 2035. The growth of the market in this region can primarily be attributed to growing e-commerce sector. The rapid growth of e-commerce in the Asia Pacific region has created a need for efficient logistics and inventory management solutions. Smart labels enable accurate tracking and management of online orders, improving the overall e-commerce experience. Governments in the Asia Pacific region have been promoting the adoption of smart labels to enhance product traceability, reduce counterfeiting, and improve consumer safety. For example, in China, the government has launched initiatives like the National Food Safety Traceability System, driving the adoption of smart labels in the food industry. Radio Frequency Identification (RFID) technology is a key component of smart labels. The Asia Pacific region has witnessed a significant adoption of RFID technology across various industries, including retail, healthcare, logistics, and manufacturing. There is a growing demand for efficient supply chain management in the Asia Pacific region. Smart labels enable real-time tracking and monitoring of products throughout the supply chain, helping to streamline operations and reduce costs.
Smart Labels Segmentation by End User
- Retail
- Healthcare & Pharmaceuticals
- Food & Beverages
- Consumer Electronics
- Supply Chain & Logistics
- Transportation
Amongst these segments, the retail segment is anticipated to hold the largest share over the forecast period. The growth of the segment is attributed to people's increasing demand for e-commerce. By 2022, almost 3 billion people will be shopping online. The world population is expected to be around 7 billion in January 2023. This means that at least 27% of people worldwide make online purchases to meet their needs. The advancements and convergence of the e-commerce and m-commerce industries are causing retailers to reevaluate their ideas and products, resulting in the global retail environment changing on a daily basis. In recent years, retailers have switched to using RFID technology, which to this day accounts for the majority of labels and tags produced. Thanks to this tag technology, retailers can now better communicate with customers, enforce anti-counterfeiting measures and integrate the customer experience into the omnichannel environment. These elements are fueling retail demand for intelligent labeling.
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Smart Labels Segmentation by Technology
- Electronic Article Surveillance (EAS) Security
- RFID
- Sensing Labels
- Near Field Communication Tag
- QR Code/2D Barcode
Amongst these five segments, the RFID segment is anticipated to hold a significant share over the forecast period. Governments worldwide are implementing initiatives to improve traceability, safety, and security across various industries. RFID technology plays a vital role in these initiatives, particularly in sectors such as healthcare, automotive, and aerospace. For example, the U.S. Food and Drug Administration (FDA) has mandated the use of RFID technology for tracking and tracing pharmaceuticals. Such initiatives drive the adoption of RFID in these industries. The integration of RFID technology with IoT platforms has opened up new opportunities and applications. RFID tags, when combined with sensors and connectivity, enable real-time data collection and enable proactive decision-making. According to a report, the number of active RFID and IoT connections is projected to reach 11 billion by 2025. RFID technology offers improved supply chain visibility, inventory management, and asset tracking capabilities. The retail industry has been a major driver for RFID technology adoption. RFID tags enable retailers to track inventory in real-time, optimize replenishment processes, reduce out-of-stock situations, and enhance overall operational efficiency.
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