Pune, March 28, 2023 (GLOBE NEWSWIRE) -- Xcellent Insights announces the release of the recent report "Smart Labels Market Report 2028: A Comprehensive Assessment of Growth Drivers, Challenges, Size, Share, Trends, Opportunities, and Competitive Landscape". The global smart labels market size was USD 477.55 million in 2021 and is expected to register a robust revenue CAGR of 16.7% during the forecast period. Key factors such as rapidly expanding global population and urbanization, rising demand for smart labels across various industries such as food and beverage, automotive, security, FMCG, and manufacturing, and rising popularity of IoT are expected to drive global market growth during the forecast period.
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A smart label also called smart tag is a flat configured transponder that uses technology to add functionality and data beyond a conventional barcode and includes data-embedded barcodes, QR codes, Near Field Communication (NFC), and RFID. Chip labels, printable labels, and electronic labels are some of the widely used smart labels across various industries such as automotive, healthcare & pharmaceutical, logistic, retail, and manufacturing. Some of the key features of smart labels include real-time location tracing, simultaneous identification, detailed information, and re-programmability. These labels transform a physical label into a digital platform, provide transparent insights into sourcing and enable end-to-end traceability, and offer necessary, digital product information to consumers.
Factors such as mandatory rules to disclose product information, high usage of smart labels to reduce food wastage and enhance food safety, and increasing investments in advanced labeling technologies such as RFID tracking, real-time analysis, and NFC tags are expected to boost global market growth going ahead.
However, factors such as poor mechanical susceptibility, high cost of devices in smart label printing, low awareness about smart labeling, and lack of suitable infrastructure are expected to hamper overall market growth to a certain extent during the forecast period.
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The global smart labels market has been segmented based on type, application, and region:
Smart Labels Market Segment by Type:
- EAS Labels
- RFID Labels
- Sensing Labels
- Electronic Shelf Labels
- NFC Tags
RFID Labels Segment To Register Rapid Revenue CAGR:
The RFID labels segment is expected to register rapid revenue CAGR over the forecast period. Factors such as rapid adoption of RFID labels across various sectors for enhancing operational efficiency, identifying, tracking, and communicating with items and people, and rising investments in developing more advanced RFID labels are expected to drive segment revenue growth during the forecast period.
Smart Labels Market Segment by Application:
- Automotive
- Healthcare & Pharmaceutical
- Logistic
- Retail
- Manufacturing
Retail Segment to Account for a Significantly Larger Revenue Share:
The retail segment is expected to account for a significantly larger revenue share between 2022 and 2028. This can be attributed to rapidly expanding retail sector, growing inclination towards e-commerce and m-commerce, and high usage of smart labels to access detailed product information such as brand information, certifications, usage and handling instructions, and expiry date.
Smart Labels Market Segment by Region:
- North America (USA, Canada)
- Europe (Germany, France, UK, Italy, Russia)
- Asia Pacific (China, Japan, South Korea, India, Australia, Taiwan, Indonesia, Thailand, Malaysia, Philippines, Vietnam)
- Latin America (Brazil, Argentina)
- Middle East & Africa (Turkey, Saudi Arabia, U.A.E)
North America to Lead In Terms of Revenue Share:
North America is expected to account for largest revenue share in the global market during the forecast period owing to rapid advancements in labeling technology, high adoption of smart labels across various sectors including automotive, healthcare, pharmaceutical, logistic, retail, and manufacturing, and presence of leading players. In addition, rising demand for advanced, anti-theft and security labels and increasing investments in research and development activities are expected to drive North America market growth during the forecast period.
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Smart Labels Market By Company:
- Checkpoint Systems (CCL)
- Avery Dennison
- Sato Holdings Corporation
- Tyco Sensormatic
- Smartrac
- SES (imagotag)
- Zebra
- Fujitsu
- TAG Company
- Paragon ID
- Century
- Pricer
- Alien Technology
- Invengo Information Technology
- Multi-color Corporation
- Samsung
- E Ink
- Displaydata
Smart Labels Industry Recent Developments:
- In April 2020, Label Insight announced the expansion of its product SmartLabel, a grocery retail and consumer packaged goods industry initiative in Canada in order to expand its product base and strengthen global position.
- In February 2021, Qliktag Software Inc. announced the launch of Qliktag, the first platform to support GS1 digital link to help consumers for accessing SmartLabel.
Key Questions Addressed in the Report:
- What revenue CAGR is the global market expected to register during the forecast period?
- Which key players are leading in the global smart labels market?
- What is the expected market size of the global smart labels market between 2022 and 2028?
- What factors are expected to open new growth avenues and opportunities for existing and emerging market players?
- What are some of the key challenges that the global market is expected to face during the forecast period?
- Which region is expected to account for largest revenue share over the forecast period?
Key Reasons to Purchase in the Report:
- Estimates 2022 to 2028 smart labels market current market trends and development trends
- Market dynamics along with growth opportunities of the market in the years to come
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the smart labels market
- Competitive landscape involving market share of the major players, new strategies and projects adopted by players in the last five years
- Comprehensive company profiles covering product offerings, key financial information, SWOT analysis and strategies employed by major market players
- Brief about impact of COVID-19 on the global Smart Labels market
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