Global Smart Labels Market: Overview
Item identification slip having more cutting-edge technologies than a conventional barcode data is known as a smart label. QR codes, RFID tags, and EAS tags are the most common enhancements in smart labels. Furthermore, smart labels offer real time tracking and are made from paper, fabrics, or plastic, and can be used as chip labels. High tolerance and automatic interpretation enhances efficiency and eliminates errors. The global smart labels market is anticipated to gain lucrative opportunities due to the growing use of smart labels in assets tracking and merchandises. As observed currently, one of the drivers for growth in the global smart labels market is the snowballing demand for reliable anti-theft devices.
The growing technological proliferation of smart labels and a significant rise in industry partnerships have proved to be core factors among others supporting the growth of the global smart labels market. Moreover, increasing urbanization along with large amounts of disposable income in developing countries are boosting the growth of this market. Due to the high demand for antitheft devices across the globe, the demand for smart labels is further expected to increase in the future. As the standards of the smart labels are constant and due to the lack of mechanical susceptibility, there might be certain restraints in the growth of the global smart labels market.
Region-wise, Asia Pacific, the Middle East and Africa are anticipated to show lucrative growth opportunities for the smart labels market. Moreover, the smart labels market in North America and Europe are expected to grow substantially due to high amounts of smart label usage in manufacturing, retail, and logistics industries.
As compared to the conventional bar code data, smart labels are an identification slip which offers more advanced technologies with reprogrammable attribute and real time tracking. The most common developments in global smart labels are precisely configured RFID labels and Electronic Article Surveillance (EAS) labels. These smart labels are made from plastics, paper, or fabrics, and are used as printed labels, electronic labels, or basically chip labels. Automated interpretation from a certain distance coupled with high tolerance capability aids in eliminating the errors and enhancing efficiency. In the coming years, the global smart labels is expected to witness significant growth mainly due to the growing penetration of smart labels in merchandises and assets tracking applications.
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Increasing demand for the reliable anti-theft devices is the key factor driving growth of the global smart labels market currently. The smart labels come with various features, such as re-programmability, real time tracing, and simultaneous identification, which are further driving growth of the market in logistics and manufacturing related industries. Furthermore, rise in industry consolidation and growing technological proliferation of smart label products, coupled with their usage in various applications such as healthcare & pharmaceuticals, manufacturing & retail, food & beverages, and logistics, is another major factor fueling growth of the global smart labels . Besides, rapid urbanization, coupled with increasing disposable income of the buyers in developing regions, is also boosting growth of the market for global smart labels. Increasing security concerns related to anti-theft devices, globally, are also expected to drive demand for smart labels in the coming years. Meanwhile, the key restraint for the growth of the global smart labels is the lack of mechanical susceptibility and constant standards.
On the basis of end-user industry, the global smart labels market is segmented into:
- Healthcare & Pharmaceuticals
- Manufacturing & Retail
- Food & Beverages
- Others (includes data center & library and aerospace)
Currently, the manufacturing & retail segment is the largest end users of smart labels. The growth of this segment is mainly attributed to the rise in number of supermarkets in developing economies.
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