Smart labels have become a worthy and widely used successor to the conventional barcodes. It is an item identification slip, either stuck of attached to a product, embedded with more advanced technologies to help ease the process of item tracking and identification. The latest technological developments in this field have been used to enhance these labels. QR codes and EAS and RFID tags are some of these. Processes such as logistics, cataloging, and transportation widely use these tags and smart labels.
With the widespread use of these tags in all businesses and retail outlets, the standardization of these smart labels to ensure equipment compatibility is a major challenge. Once in place, the infrastructure in place that can handle all the volume of products using this system of labeling. The technological hype and the bandwagon hype has mostly succeeded in helping this market grow at a rapid rate. With the ever-improving technology and updates, this market is yet to see a lot of changes and improvements. The global smart label market, a completely technology-driven one, still relies on the allied markets and end-user industries.
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The report on the global smart label market, using the data from the period 2014-18, studies the market in terms of market and product outlook. The market analysis is aimed at providing strategic recommendations. During the forecast period 2019-2024, the market is expected to grow with a healthy CAGR of 7.64%. The report also gives the profiles of all the major manufacturers and companies in this market. It analyzes the emerging trends along with major drivers, challenges and opportunities regarding market entry strategies in the global market.
The technological segment of the smart label market has been on the upswing over the past few years. It is mainly backed by wider availability of options which adds flexibility in decision making coupled with the emergence of big data and the internet of things (IoT). These and increased retail transactions backed by the rising e-commerce market have led to the growth of these segments. The market split based on the product type is mainly based on the technology used. These are RFID (Radio Frequency Identification), NFC (Near Field Communication), EAS (Electronic Article Surveillance), and ESL (Electronic Shelf Labeling). The segmentation based on the application or the end-user could be Food and Beverages, Healthcare and Pharmaceutical, Automotive, Logistics, Retail, and others.
Looking at the regional segments, North America held the largest share in the global smart label market in 2019. The main factors include the growing consumer pending, adoption of smart labels by online retail giants to help in tracking and supply chain analysis. The major regions covered in this report are North America, Europe, APAC, and the rest of the world. The countries in each of these regions that are covered are the US, Canada, UK, Germany, France, Netherlands, India, China, Japan, and South Korea. To give an understanding of the competitive analysis, Porter’s five analysis and SWOT analysis have been used.
SmartLabel, the global tool used to make information about food and beverage products visible on smartphones via QR codes, has recently completed three years. GMA and Food Marketing Institute, its SmartLabel partner has successfully catalogued the data for 826 brands and 36,000 products in the ranges of food, beverage, and personal and pet care products.
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