An increase in demand for effective anti-theft devices, owing to security concern of the enterprises drives the growth of the global smart labels market.
PORTLAND, Ore., Feb. 28, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “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″ According to the report, the global smart labels market was valued at $9 billion in 2021, and is projected to reach $39.2 billion by 2031, growing at a CAGR of 15.8% from 2022 to 2031. . The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
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Drivers, Restraints, and Opportunities-
Growth in number of industrial consolidations and technological explorations along with versatile benefits along with rapid urbanization drives the growth of the global smart labels market. On the other hand, poor mechanical susceptibility impedes the growth to some extent. However, growing e-commerce industry is expected to create lucrative opportunities in the industry.
- Volatility in prices of raw materials such as paper, fabric, plastics, and other materials lowered the market demand, thus impacting the growth of the smart labels industry negatively.
- However, rise in organic growth strategies by the major key players has helped the market recover post-pandemic.
The RFID segment to rule the market-
By product type, the RFID segment held the major share in 2021, garnering around 40% of the global smart labels market revenue. The sensing label segment would showcase the fastest CAGR of 20.2% during the forecast period. The large-scale application of RFID tags for retail and logistics industry is driving the segment growth.
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The Retail Inventory segment to maintain its dominance during the forecast period-
By application, the retail inventory segment contributed to the highest share in 2021, accounting for around 70% of the global smart labels market revenue. The perishable goods segment would showcase the fastest CAGR of 4.6% throughout the forecast period owing to growing food & beverage industry which is growing the adoption of label sensing in order to track freshness and life of food products.
The Retail segment to dominate by 2031-
By end user, the retail segment accounted for nearly 45% of the global smart labels market share in 2021, and is expected to rule the roost by 2031. The healthcare segment would display the fastest CAGR of 23% throughout the forecast period. This is due to the fact that smart labels for healthcare industry helps in providing real time monitoring and helps in improving the supply chain.
Asia-Pacific garnered the major share in 2021-
By region, Asia-Pacific garnered the highest share in 2021, holding nearly 40% of the global smart labels market revenue in 2021, and is projected to retain its dominance by 2031. The LAMEA region would also portray the fastest CAGR of 23.6% during the forecast period. growing acquisitions by smart labels manufacturing companies in different countries of Asia-Pacific have propelled the market growth.
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Leading Market Players-
- Alien Technology
- AVERY DENNISON CORPORATION
- CGL Industries Inc.
- Graphic Label, Inc.
- Invengo Information Technology Co., Ltd.
- Meuhlbauer Holdings AG & Co.
- SATO Holdings
- Thin Film Technology
- Zebra Technologies Corp.
The report analyzes these key players in the global smart labels market. These players have adopted various strategies such business expansion, and acquisition and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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