Wilmington, Delaware, Nov. 01, 2023 (GLOBE NEWSWIRE) -- Recently, Allied Market Research published a report, "Smart Labels Market by Product Type (QR Codes, Barcodes and RFID), Printing Technology (Flexographic and Digital) and End User (Retail, Healthcare, Logistics and Others) and Region (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2031". As per the report, the global smart labels market is expected to garner a revenue of $39.2 billion by 2031. The market accounted for $9 billion in 2021 and is anticipated to rise at a CAGR of 15.8% during the 2022-2031 period. The report provides a comprehensive study of the latest market trends, most profitable segments, and the competitive landscape of the industry.
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Primary Growth Drivers, Market Restraints, and Investment Opportunities:
Rapid urbanization across the globe has led to an increase in the number of technological advancements and consolidation of industries. This is estimated to be the primary growth driver of the smart labels market in the analysis timeframe. On the contrary, dismal mechanical strength of smart labels may create hurdles in the growth of the market. Nonetheless, the growing expanse of the e-commerce industry might create numerous growth opportunities in the market.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $9 billion |
| Market Size in 2031 | $39.2 billion |
| CAGR | 15.8% |
| No. of Pages in Report | 202 |
| Segments Covered | Product Type, Application, End User, and Region |
| Drivers | Increasing pace of technological advancements |
| Rising demand for anti-theft devices | |
| Opportunities | Growing expanse of the e-commerce sector |
| Restraints | Dismal mechanical strength of smart labels |
The RFID segment to dominate the market
Based on product type, the RFID sub-segment held the highest market share in 2021, with around 40% of the total market revenue. On the other hand, the sensing label sub-segment is expected to have the fastest growth with a CAGR of 20.2% during the 2022-2031 period. Widespread use of RFID tags in the retail and logistics sector is expected to help in the growth of this sub-segment.
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The retail inventory segment to flourish immensely in the analysis period
Based on application, the retail inventory segment accounted for the highest share in 2021, with around 70% of total market share. On the other hand, the perishable goods sub-segment is predicted to demonstrate the highest CAGR of 4.6% during the analysis timeframe. The increasing expanse of the food & beverage industry and its rising adoption of label sensing for tracking food products is predicted to help in the growth of the market.
The retail segment to create numerous growth opportunities by 2031
Based on end user, the retail segment was the most profitable sub-segment in 2021 and accounted for around 45% of the total revenue. On the other hand, the healthcare sub-segment is predicted to have the fastest CAGR of 23% during the 2022-2031 period. Growing adoption of smart labels in the healthcare industry for providing real time health monitoring updates is estimated to push the growth of this sub-segment.
Asia-Pacific held the highest share in 2021
Based on region, the Asia-Pacific smart labels market gathered the highest market revenue in 2021, with around 40% of total market share. However, the LAMEA smart labels market is expected to be the fastest growing with a CAGR of 23.6% during the analysis timeframe. Strategic alliances in the form of acquisitions by major companies of the market are projected to aid in the market’s growth.
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Major Companies of the Market
- Advantech
- Graphic Label, Inc.
- SATO Holdings
- Alien Technology
- Invengo Information Technology Co., Ltd.
- Thin Film Technology
- AVERY DENNISON CORPORATION
- Meuhlbauer Holdings AG & Co.
- Zebra Technologies Corp.
- CGL Industries Inc.
The report offers a detailed study of the leading players in the global smart labels industry. These companies have adopted various strategies, including mergers and acquisitions, to gain an advantage over their peers in the market.
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