Smart Labels Market Synopsys
A smart label is an identification tag more informative than a barcode. This technology embedded in packaging can track the product information in real-time and is available at a much reasonable price. Different types of smart labels including printable labels, chip labels, and electronic labels are used based on the kind of applications such as food & beverages, healthcare & pharmaceuticals, manufacturing & retail, automotive, logistics, and FMCG among others.
Food items move from field to table and inventory management is a critical aspect of the F&B supply chain. The ability of smart labels to trace a food or beverage product’s complete details is becoming more important in view of product recalls.
Managing a huge variety of perishable item demands for sophisticated systems that can give complete information as and when needed. And here is where the innovative technology of smart labels can come in to play giving product information with speed, accuracy, and efficiency at a shorter timeframe.
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Instant access to the information is the key driving force encouraging the adoption of smart labels across industries. Therefore, the smart labels market has been witnessing exponential accruals on the global platform.
Acknowledging the traction, the market is vibrating with currently, Market Research Future (MRFR) in its recently published study report asserts that the global smart labels market is estimated to perceive a humongous growth by 2021 registering a fabulous CAGR throughout the forecasted period (2016 – 2021).
Industry 4.0 is taking the manufacturing sector by its stride and manufacturers are focusing mainly on the application of IoT to advanced factory automation for discrete manufacturing. In such a scenario, smart labels promise to lower the costs through reduced energy usage and inventory, improvements in quality control and productivity, and the insights management can gain from the greater availability of more accurate information. This further assures improved aspects of the manufacturing process such as food safety, track, and trace, as well as improved packaging.
Although, the processes of batch manufacturing vary in fundamental ways from the exact precision required by discrete manufacturers, Industry 4.0 concepts offer advantages to the Food and Beverage industry, alongside of consumers will benefit from the application of smart factory principles. Incorporating smart designs in labeling and packaging may be the next most crucial step in marketing a product.
Increasing instances and growing concern of food poisoning along with the unique features of smart labels such as technologies like smart sensors and RFID that help in keeping the entire supply chain in view with simultaneous identification, and real-time tracking has led to the growth of the global smart labels market, increasing the uptake across various industries. Technological advancements in IoT and augmented reality, etc are providing impetus to the market growth.
The solution of printable electronics that is developed in order to overcome the challenges of silicon-based sensors due to IoT limitations is driving the market growth, allowing printing on cost-sensitive items or in bendable packaging. Furthermore, the growing retail sector and increased security concerns related to anti-theft are fostering the market growth of smart labels. Also, the rapid growth of the retail and manufacturing sector supports the market growth, augmenting the demand for smart labels in merchandise for asset tracking.
The market is driven by some of the leading players including:
- Invengo Information Technology Co. Ltd.
- CCL Industries Inc.
- Checkpoint Systems Inc.
- Display data Ltd.
- Avery Dennison Corporation
- Sato Holdings Corporation
- Willian Frick & Company
- Smartrac N.V.
- Zebra Technologies Corporation
- Intermec Inc. ASK S.A.
- Graphic Label Inc.
- Thin Film Electronics ASA
- Muhlbauer Holding Ag & Co. Kgaa
- Alien Technology Inc.
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Global Smart Labels Market – Competitive Analysis
Characterized by the presence of numerous matured as well as small players and new entrants, the global market of smart labels appears to be highly competitive. Well-established players incorporate collaboration, acquisition, partnership, technology launch, and expansion in order to gain a competitive advantage in this market. These key players compete based upon pricing, technology, reputation, and services.
Key players strive to develop the unrivalled design and features that can reflect the exclusivity of the product. Vendors employ a continuous improvement strategy to analyze and update products, implementing improvements and trying to meet the changing needs of the consumers by launching new technologies.
These key players are investing heavily in research and development projects to develop state-of-the-art equipment, facilities, advanced technology, and processes.
Industry/ Innovation/ Related News:
September 18, 2018 – Ynvisible Interactive Inc. (Canada), a leading global player operating in the printed electronics sector and engaged in the development, manufacture, and commercialization of electrochromic displays for smart labels, smart indicators, smart products, and Internet of thing applications (IoT) announced the opening of a new production facility with the new sheet-to-sheet production line to produce electrochromic devices for bulk orders in the thousands of unit per production run for products such as smart labels and Internet of IoT.
Global Smart Labels Market – Segmentations
The global smart labels market is segmented into four key dynamics;
By Types : RFID, Electronic Shelf Label, and Sensing Label, among others.
By Applications : Electronic & IT asset, Retail, and Perishable goods, among others.
By End-use industries : Healthcare & pharmaceuticals, Manufacturing & Retail, Automotive, logistics, and FMCG among others.
By Region : North America, Europe, APAC and the Rest-of-the-World.
Global Smart Labels Market – Regional Analysis
The smart labels market in the Asia Pacific region is witnessing a rapid expansion stage due to the growing markets in China, Japan, and India. The wide adoption of these labels across the manufacturing sector is the key force driving the market growth in India and China, and placing these countries at the leading positions contributing the market growth in the region.
The APAC market of smart labels has been valued substantially which is expected to grow further by the end of the forecast period. Besides, the rapid economic growth allowing substantial investments in the retail sector along with the growing manufacturing industries and the security concerns rising alongside induce the demand for smart labels.
North American region closely following the market in the APAC is emerging as one of the lucrative markets for smart labels. Technological advancement and increased adoption of smart labels across various industry verticals are some of the key driving forces substantiating the market growth. Simultaneously, augmented demand & availability of quality smart labels is driving the growth in the region.
The European region is another promising market for smart labels and is expected to witness a fabulous growth during the review period. The increasing adoption of smart labels by small and medium scale businesses and increasing number of data centers is stimulating the market growth in the region.
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