Market Research Future (MRFR) expects the smart labels market 2020 to gain high impetus, while maintaining a steady progress between 2016 and 2021 (appraisal period). We will provide covid-19 impact analysis with the report. The COVID-19 impact on the market has been studied in the report, which offers an in-depth analysis post the coronavirus disease outbreak.
The smart labels market has been hit hard by SARS COV 2, where the decline in production and sales has led to significant loss. Following the lockdown impost post pandemic, the market is facing challenges including rising prices of raw materials, intensifying rivalry between vendors and increasing need for diversification in label technologies. Following the novel coronavirus breakout, companies have been doing everything possible to ensure streamlined and continued operations.
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Despite the COVID-19 outbreak and its significant after effects, the steady demand among end users such as healthcare, helps the smart labels market remain strong. For instance, as of June 2020, the Wuhan Huoshenshan Hospital in China is using RFID labels within its self-service supermarket that non-stop cater to staff and patients. This is expected to accelerate the growth of the products and vending machines that are based on RFID labels.
Key Drivers and Primary Barriers
The smart labels market can gain attractive opportunities from the increasing application scope in merchandises and assets tracking. Experts are also observing a growing demand for reliable and advanced anti-theft devices, which can be a major growth inducer in the global market.
The rising technological penetration of smart labels combined with the increasing number of partnerships and collaborations induce significant market expansion for smart labels. Apart from this, the increasing disposable income along with the surge in urbanization rate in emerging countries could accelerate the market growth rate in the following years.
The rapid progress of advanced technologies such as dynamic display labels, electronic shelf labels, and others can boost the growth potential of the worldwide market. Also, more and more companies are spending considerably on the development of their anti-theft devices and systems to prevent inventory damage and revenue loss due to theft or shop lifting. This can prove to be a significant boosting factor in the smart labels industry.
Notable market participants include Avery Dennison Corporation, Sato Holdings Corporation, Zebra Technologies Corporation, Graphic Label Inc., Alien Technology Inc., Invengo Information Technology Co. Ltd., CCL Industries Inc., ASK S.A., Intermec Inc., Thin Film Electronics ASA, Smartrac N.V., Willian Frick & Company, Muhlbauer Holding Ag & Co. Kgaa, Checkpoint Systems Inc., Displaydata Ltd., and more.
The smart labels market has been considered for components, technology, application and end-use industry.
The key technologies described in the study include RFID, sensing label, electronic shelf label, and more. High flexibility for application on multiple substrates, information accuracy, real-time tracking and automatic data capture are some of the key advantages associated with RFID labels, which has led to its high demand in the global market.
The applications are perishable goods, retail, electronic & IT asset, and others.
The end-use industries listed in the report include logistics, healthcare & pharmaceuticals, manufacturing & retail, FMCG, automotive, and others.
Europe, North America, APAC/Asia Pacific and Rest of the World/RoW are the primary markets for smart labels.
APAC is currently in the lead, holding the biggest share in the global market. The fast escalating disposable income in conjunction with rapid urbanization across emerging countries has led to expansion of industries like logistics, FMCG and retail. Therefore, the extensive application scope of smart labels in various end-user industries in the region benefits the market. The regional market is observing the best growth in India, Japan, China, Singapore, Malaysia and South Korea, since most of the manufacturers are trying to leverage the untapped growth potential by entering partnerships and collaborations to boost their regional share.
Sound financial conditions and the progressing deployment of smart labels in manufacturing & retail as well as logistics sector accelerate the market growth in North America. Besides, the use of smart labels has grown immensely in shelf life monitoring and threshold detection of perishable items such as beverages, medicines and food, especially in the United States/U.S along with Canada.
In May 2020, Smart Label, a German printing company, has made significant investments in Rotocontrol Ecoline RDF 340 to boost its digital label finishing and converting capabilities and also achieve better sustainability with substitute printing materials.
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