The latest report by IMARC Group, titled “Smart Labels Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on smart labels market outlook. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global smart labels market size reached US$ 8.4 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 18 Billion by 2027, exhibiting a growth rate (CAGR) of 13.47% during 2022-2027.
Smart labels represent responsive electronic devices that are embedded in various products to offer enhanced functionality. They enable users to access detailed information regarding the ingredients, manufacturer, and manufacturing date of purchased items. In line with this, smart labels are integrated with a chip, antenna, bonded wires, etc., that minimize human errors by offering real-time location tracking, automated reading, re-programmability, etc., for goods. Consequently, they find extensive applications in several industries, such as manufacturing, food and beverage (F&B), healthcare, packaging, automotive, retail, etc.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Global Smart Labels Market Trends:
The growing penetration of high-speed internet connectivity is primarily driving the smart labels market. Additionally, the shifting consumer preferences from barcode-only labels towards these devices, owing to their numerous associated benefits, such as better reliability, accuracy, traceability, etc., are further catalyzing the market growth. Besides this, the widespread adoption of smart labels that aid in reducing shoplifting and theft, preventing criminals from breaking into drug stores to access prescription drugs, providing real-time visibility, etc., is acting as another significant growth-inducing factor. Moreover, the expanding e-commerce industry is also positively influencing the global market. Apart from this, the introduction of Big Data, the Internet of Things (IoT), digital printing, etc., have enabled the leading manufacturers to develop sensors printed on product variants at a lower cost than their silicon alternatives, which is anticipated to fuel the smart labels market over the forecasted period.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- Avery Dennison Corporation
- CCL Industries Inc
- Checkpoints Systems, Inc
- Zebra Technologies Corporation
- Intermec, Inc.
- Invengo Information Technology Co Ltd
- Sato Holdings Corporation
- Thin Film Electronics ASA
- Smartrac N.V.
- Muehlbauer Holding AG
Smart Labels Market Segmentation:
Our report has categorized the market based on region, type, component type and end use industry.
Breakup by Type:
- Electronic Article Surveillance
- Electronic Shelf Label
- Sensing Label
- Near Field Communication
Breakup by Component Type:
Breakup by End-user:
- Logistics and Transportation
- Food and Beverage
- Data Centers
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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