Global Smart Labels Market 2023

Global Smart Labels Market 2023

Description
Smart Labels have recently emerged as a groundbreaking solution that is poised to revolutionize the product and supply chain management practices of businesses across various industries. These state-of-the-art labels integrate cutting-edge technologies, including Radio Frequency Identification (RFID) and Near Field Communication (NFC), to offer unparalleled real-time tracking, monitoring, and data collection capabilities.

In addition to real-time tracking and monitoring capabilities, Smart Labels also excel in data collection. These labels can capture and store a wealth of information, such as product details, manufacturing dates, expiration dates, and even customer feedback. This data can be seamlessly integrated into existing enterprise systems, providing businesses with valuable insights for optimizing inventory management, forecasting demand, and improving customer satisfaction.

The adoption of Smart Labels in the business landscape offers numerous benefits. By streamlining supply chain operations, businesses can reduce costs associated with manual tracking and inventory management errors. Enhanced visibility and data-driven decision-making enable businesses to respond swiftly to market demands, minimize stockouts, and optimize inventory levels. Moreover, the ability to track and monitor products in real-time enhances product safety and quality control, ensuring compliance with regulatory standards.

The global smart labels market is likely to register a CAGR of over 12.65% with an incremental growth of USD 13.7 billion during the forecast period 2023-2029.

The report covers market size and growth, segmentation, regional breakdowns, competitive landscape, trends and strategies for global smart labels market. It presents a quantitative analysis of the market to enable stakeholders to capitalize on the prevailing market opportunities. The report also identifies top segments for opportunities and strategies based on market trends and leading competitors’ approaches.

Market Segmentation
Technology: electronic article surveillance (EAS) label, RFID label, sensing label, electronic shelf label (ESL), near field communication (NFC) label
Component: batteries, memories, microprocessors, transceivers, others
End user: automotive, healthcare and pharmaceuticals, logistics, manufacturing, retail, others
Region: North America, Europe, Asia-Pacific, MEA (Middle East and Africa), Latin America

This industry report offers market estimates and forecasts of the global market, followed by a detailed analysis of the technology, component, end user, and region. The global market for smart labels can be segmented by technology: electronic article surveillance (EAS) label, RFID label, sensing label, electronic shelf label (ESL), near field communication (NFC) label. The RFID segment held a 63.2% market share in 2022 and is projected to have the highest CAGR of 12.6% from 2023 to 2029. Smart labels, which combine RFID technology with a graphical user interface, find innovative applications. The automotive, pharmaceutical, and healthcare industries offer significant growth potential for RFID technology and smart labeling. RFID reduces labor costs in warehouses and streamlines processes. Its uses include supply chain tracking, asset tracing, security, and cashless payment systems. In healthcare, RFID is widely used for secure identification and access control. Investment in improving process efficiency in distribution centers and warehouses drives the growth of RFID-based smart labels.

Smart labels market is further segmented by component: batteries, memories, microprocessors, transceivers, others. The batteries segment was the largest contributor to the global smart labels market in 2022. In the realm of wireless communication, smart labels rely on batteries to facilitate seamless connectivity through power sensors. Among the various options available, printed batteries have emerged as the preferred choice for powering smart labels. By harnessing the energy from these batteries, smart labels are able to achieve an extended reading range, thereby enhancing asset tracking, supply chain management, and access control capabilities. As a result, the demand for batteries in the smart label market has witnessed a significant surge in recent times.

Based on end user, the smart labels market is segmented into: automotive, healthcare and pharmaceuticals, logistics, manufacturing, retail, others. In 2022, the retail industry held a market share of 30.8%, while the healthcare and pharmaceutical segment is projected to have the highest compound annual growth rate (CAGR) of 12.9% from 2023 to 2029. Smart labels are increasingly utilized in the retail sector to track and identify merchandise, providing real-time information on inventory levels and locations for more efficient inventory management. These labels enable retailers to easily update product information, ensuring accurate pricing and effective marketing. NFC labels, for instance, enhance the customer shopping experience and improve efficiency through electronic shelf labeling systems (ESL). By utilizing NFC technology embedded in digital price tags, retailers can modify product information and pricing in real-time, reducing errors and saving time and resources. Market companies continuously innovate to meet customer demands, including the development of smart labels with temperature and time-sensitive indicators.

On the basis of region, the smart labels market also can be divided into: North America, Europe, Asia-Pacific, MEA (Middle East and Africa), Latin America. In 2022, North America had a 33.7% market share, while the Asia-Pacific region is expected to have a 12.9% CAGR from 2023 to 2029. The United States, with retail giants like Walmart, plays a significant role. Walmart uses electronic tags for inventory control. Smart labels provide nutritional information and reduce food waste. Regulatory initiatives, like the USDA and FDA agreement on cell-based meat labeling, drive market growth. Blockchain technology enhances supply chain traceability. RFID-based smart labels track garments and textiles, addressing theft concerns. Canada's printing industry embraces digital advancements for transparency and consumer expectations.

Major Companies and Competitive Landscape
The report also provides analysis of the key companies of the industry and their detailed company profiles including Alien Technology, LLC, Avery Dennison Corporation, CCL Industries Inc., Die Muhlbauer Holding AG, Intermec Inc., Sato Holdings Corporation, Thin Film Electronics ASA, Zebra Technologies Corporation, among others. In this report, key players and their strategies are thoroughly analyzed to understand the competitive outlook of the market.

Scope of the Report
To analyze and forecast the market size of the global smart labels market.
To classify and forecast the global smart labels market based on technology, component, end user, region.
To identify drivers and challenges for the global smart labels market.
To examine competitive developments such as mergers & acquisitions, agreements, collaborations and partnerships, etc., in the global smart labels market.
To identify and analyze the profile of leading players operating in the global smart labels market.

Why Choose This Report
Gain a reliable outlook of the global smart labels market forecasts from 2023 to 2029 across scenarios.
Identify growth segments for investment.
Stay ahead of competitors through company profiles and market data.
The market estimate for ease of analysis across scenarios in Excel format.
Strategy consulting and research support for three months.
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