Projected to display promising growth, the smart label market is forecasted to expand at a Compound Annual Growth Rate (CAGR) of 10.3% throughout the forecast period. Anticipated to increase from US$ 8.0 billion in 2024 to US$ 21.1 billion by 2034, the market size signifies significant potential for advancement. This growth trajectory underscores the increasing adoption of smart labels across various industries, driven by their ability to provide real-time data, enhance operational efficiency, and improve supply chain management. As businesses strive for greater connectivity and automation, smart labels emerge as a vital component in facilitating digital transformation and meeting evolving market demands.
The smart label market in the United States is projected to witness a Compound Annual Growth Rate (CAGR) of 6.9% through 2034, establishing its predominant position within North America. Over the next decade, this growth is fueled by rising demand for smart labels, driven by increased foot traffic in supermarkets and retail stores, alongside stringent regulations mandating transparency in product information.
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The Major Key Players Are:
• 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
Competitive Landscape
Market players are focusing on expanding their global outreach through diversification of product portfolios, collaborations, product launches, and doling out customized labeling solutions for various industries.
Latest Developments in the Smart Label Market
• Toppan, a provider of printing and packaging solutions, released paper-based NFC tag labels in January 2023 to curtail fraudulent activities. These tags utilize paper material as opposed to traditional PET films.
• The R Collective and Avery Dennison came into a collaboration in September 2022 to equip fashion brands with QR code labels for garments. This collaboration is a fragment in the overarching commitment toward digitization in the fashion industry.
Business Growth Drivers:
1. Advancements in Technology: The continuous advancements in technologies such as RFID (Radio-Frequency Identification), NFC (Near Field Communication), and QR codes have significantly enhanced the capabilities of smart labels, making them more versatile and functional.
2. Increasing Demand for Inventory Management: The need for efficient inventory management across various industries such as retail, healthcare, logistics, and manufacturing has led to a growing demand for smart labels. These labels enable real-time tracking and monitoring of assets, reducing errors and improving operational efficiency.
3. Rising Adoption of IoT (Internet of Things): The integration of smart labels with IoT systems enables seamless connectivity and data exchange between physical objects and digital systems. This facilitates process automation, predictive maintenance, and enhanced supply chain visibility, driving the adoption of smart labels across industries.
4. Demand for Anti-Counterfeiting Solutions: With the rise in counterfeit products across different sectors, there's an increasing need for anti-counterfeiting measures. Smart labels with features like unique identification codes and authentication capabilities help in combating counterfeiting, thereby fueling market growth.
5. Focus on Sustainability and Eco-Friendly Packaging: Smart labels offer opportunities for sustainable packaging solutions by enabling better inventory management, reducing waste, and optimizing supply chain processes. As businesses increasingly prioritize sustainability, the demand for smart labels as part of eco-friendly packaging solutions is expected to rise.
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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