Technological Advancements to Propel Smart Label Market to USD 21.1 Billion by 2034 | Future Market Insights, Inc.
Smart Label Market is Growing due to real-time tracking, enhanced customer engagement, and advanced tech like IoT and RFID, driven by rising awareness and resource conservation needs. With ongoing advancements and focused research leading to the development of enhanced smart label technologies tailored to specific applications, the market is witnessing notable trends that are expected to sustain its growth trajectory in the coming years
/EIN News/ -- NEWARK, Del, Aug. 13, 2024 (GLOBE NEWSWIRE) -- The global smart label market value is expected to rise from USD 8.0 billion in 2024 to USD 21.1 billion by 2034. This estimated growth is expected to be driven by a promising CAGR of 10.30% in the smart label industry over the next decade.
Increasing cognizance about the myriad benefits of using smart labels, especially for businesses, like real-time inventory tracking, enhanced customer engagement, streamlined operations, and effective anti-counterfeiting, is a contributing factor for the smart label market.
Other factors like rising smartphone users, extensive intelligent label applications, and a surging count of relevant collaborations and partnerships, are also increasing the market size. Additionally, the increasing importance of resource conservation, rising awareness about packaged goods labeling, and concerns over paper waste are pushing market growth.
Continuous advancements in smart label technologies like smart sensors, Internet of Things (IoT), cloud computing, and RFID are additionally promising a healthy growth trajectory over the forecast period.
“Industry participants are entering into unexplored geographies with high-growth potential and forming dedicated partnerships with regional distributors to increase their revenue,” says a Lead Consultant Ismail Sutaria in Packaging at Future Market Insights (FMI).
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What Are The Main Drivers Of The Smart Labels Market?
“Growing Popularity of IoT Driving Demand for Advanced Labelling Solutions”
Increasing Internet of Things (IoT) penetration has paved the way for the adoption of cloud platforms and high-speed networking technologies. As a result, the scope for smart labels is widening with each passing day. Access to devices such as smartphones and laptops has led to the development of advanced labeling solutions.
The applications of smart labels are limitless. In healthcare, for instance, smart labels assist in inventory tracking and pharmaceutical waste disposal. Additionally, several textile companies are attaching smart labels to clothes that can monitor body temperature. Likewise, RFID tags aid in the efficient transportation of perishable commodities.
Also, the rapid penetration of communication devices across emerging economies is expected to generate substantial opportunities for smart label manufacturers over the long-term forecast period, leading to substantial market growth.
Which Factors Are Restraining Demand For Smart Labels?
“High Cost of Devices in Smart Label Printing Likely to Restrict Market Growth”
Investments in smart label printing are an expensive task, consuming a significant portion of industry funds. Therefore, its application is largely restricted to premium products and high revenue-generating domains, thereby limiting market penetration.
Due to its expensive nature, small & medium organizations cannot afford smart label printing solutions, preferring to rely on conventional barcodes. This factor is proving to be a major hindrance in the predicted growth trajectory of the smart labels market for the decade.
Additionally, a lack of awareness about smart labeling solutions in certain regions due to limited Internet penetration is acting as a barrier to the growth of the smart labels market growth. The high rates of poverty and inadequate infrastructure are cited as primary reasons for limited uptake.
Which Region Offers Lucrative Opportunity For Sales Of Smart Labels?
“Rising Initiatives for Development of Smart Tags Driving Market Growth in North America”
North America is slated to emerge as the kingpin of the global smart labels market, accounting for the highest revenue share over the forecast period.
Market growth across the region is primarily underpinned by the rising penetration of smart tags in merchandise and asset-tracking applications. Also, rising labor costs associated with manufacturing are prompting companies to switch to automated and smart solutions across the continent.
Various initiatives undertaken by several organizations are also scaling up the prospects of smart tag manufacturers.
Key Takeaways from the Smart Label Market Report
- The smart label market generated a revenue of USD 4.9 billion in 2018. The revenue score peaked at USD 7.2 billion in 2023, as the market progressed at a CAGR of 7.4% during this timeline.
- By labeling technology, the RFID segment gained a total of 57.3% in 2024. The increasing popularity of this technology is maximizing the market share.
- Based on printing technology, the flexographic segment is anticipated to account for 39.5% in 2024. Extensive use cases of flexographic printing technology are propelling the segment's growth.
- In North America, the United States smart label market is projected to record a CAGR of 6.9% over the forecast period.
- Germany is expected to be the torchbearer in the Europe smart label industry, expanding at a CAGR of 5.9% from 2024 to 2034.
- In Asia Pacific, India is emerging as a prominent player, with a growth rate of 8.7% through 2034.
Top Strategies Employed by Market Players to Get Ahead in Market Competition
Players are expected to cash in on the present business strategies like strategic partnerships, acquisitions, product enhancements, and others. Apart from this, the industry participants are constantly involved in investments associated with technological upgrades to refine their smart label technology. This strategy helps market players to elevate their product solutions and serve their customers in a better way.
Industry participants are also seen making their way into new territories for a wider customer base than before. They are displaying their products at exhibits to expose potential customers to their latest product offering. Leading players are also collaborating with distributors to strengthen their sales numbers.
Recent Developments in the Smart Label Market
- Danavation Technologies Corp., a North America headquartered technology provider of tiny ePaper displays revealed in February 2023 that the firm has received new deals for four further installations of the latest digital smart labels. The company also mentioned the installments of digital smart labels in 10 locations in the United States and Canada since the beginning of 2023.
- CCL Industries Inc. announced that it acquired eAgile Inc., which is a provider of software and hardware solutions as well as RFID inlays combined in labels, in April 2023. The new firm provides RFID expertise to the entire organization and is a critical component of the Healthcare & Specialty division of the CCL Label.
Manufacturers of Smart Labels
- Honeywell International Inc.
- Avery Denison Corporation
- CCL Industries Inc.
- Zebra Technologies Corporation
- SATO Holdings Corporation
- Checkpoint Systems Inc.
- Thin Film Electronics ASA
- Muehlbauer Holding AG
- Invengo Technology Pte. Ltd.
- OPRFID Technologies
- MPI Label Systems
- Others
Smart Label Industry by Category
By Labelling Technology:
- RFID
- NFC Tags
- EAS
- Sensing Labels
- Electronics Shelf Labels
By Printing Technology:
- Flexographic
- Digital
- Gravure
- Screen
By End Use:
- Healthcare
- Automotive
- FMCG
- Logistics
- Retail
- Others
By Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
Old Source: Smart Labels Market to be worth US$ 24.8 Billion by the year 2030 - Comprehensive Research Report by FMI
Authored by:
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
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