Dublin, Jan. 31, 2024 (GLOBE NEWSWIRE) -- The "North America Smart Labels Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The forecast period for the study is from 2023 to 2028, and according to the insightful findings, the market is projected to expand significantly, reaching a valuation of US$ 8.9 billion by 2028.
The research outlines the increasing role of smart labels in streamlining supply chain operations and achieving elevated levels of efficiency across various sectors. The robust growth is attributed to the integration of sophisticated technologies like RFID, NFC, and QR codes, which enable advanced tracking, management, and authentication solutions.
RFID Technology Spearheading Market Expansion
Drivers and Trends: At the forefront of propelling market growth is RFID technology, which is being increasingly adopted for its real-time tracking and efficient inventory management. Highly regarded for its seamless data capture and anti-counterfeiting capabilities, RFID-based smart labels are proving integral to retail, logistics, healthcare, and manufacturing industries.
Segmentation Insight and Regional Dominance:
- Within the North America smart labels industry, technologies such as Electronic Article Surveillance (EAS), Electronic Shelf Label (ESL), and Sensing Labels are also contributing to the market growth, with RFID leading the charge.
- The report dissects the market into components, including batteries, transceivers, microprocessors, and memories, with the latter holding a major stake in the overall market share.
- In terms of end-user applications, retail continues to be the largest beneficiary of smart label adoption, enabling improved inventory accuracy, dynamic pricing, and enhanced consumer engagement.
- Geographically, the United States holds a dominant market position, backed by the swift adoption of smart labels by various sectors and the booming e-commerce industry, accentuated by a pandemic-driven shift in consumer behavior.
A Competitive and Evolving Marketplace
The North America smart labels landscape is moderately competitive, featuring established players who have forged strong customer connections, expansive distribution networks, and substantial technological expertise. With the industry landscape reaching new competitive heights, key players are leveraging strategic collaborations and innovations to cement their market positions. Nonetheless, the diverse potential for market growth continues to attract new entrants, poised to introduce novel solutions and contribute to the industry's expansion.
Evaluating Market Dynamics and Future Prospects
Through a meticulous approach, the report answers crucial questions around the performance, drivers, challenges, and opportunities within the North America smart labels market. It provides stakeholders with a detailed understanding of key segments, attractive investments, and the competitive hierarchy that shapes the market landscape.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 121 |
| Forecast Period | 2022-2028 |
| Estimated Market Value (USD) in 2022 | $4.3 Billion |
| Forecasted Market Value (USD) by 2028 | $8.9 Billion |
| Compound Annual Growth Rate | 12.9% |
| Regions Covered | North America |
For more information about this report visit https://www.researchandmarkets.com/r/2gilvn
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
