Smart Labels Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Smart Labels Market Research Report, Type, Application, End-use industry and Region – Forecast till 2030” The market is projected to be worth USD 21.52 billion by 2030, registering a CAGR of 18.29% during the forecast period (2022 – 2030), The market was valued at USD 9.3 billion in 2021.
COVID-19 Pandemic to Have Positive Impact on the Global Market
The COVID-19 outbreak has caused a significant economic slowdown, which can be attributed to the imposition of severe lockdowns to prevent the virus’s spread. As a result, substantial slumps have occurred in a number of industries, forcing companies to modify their growth estimates for the near future. Certain sectors of the packaging business, such as healthcare consumables, fresh and processed foods, and FMCG e-commerce, have seen a surge in demand since the outbreak of the pandemic. As a result, the possibilities for smart labeling in these sectors appear promising in the coming time.
Swelling demand for masks, gloves, prefilled syringes, and vials has increased demand for healthcare packaging solutions, resulting in an increase in the market for RFID smart labels, NFC, and EAS labeling systems for these products. Prospects have also expanded as a result of the faster manufacture of COVID-19 testing kits. Furthermore, increased e-commerce sales as a result of movement restrictions have increased the application prospects of smart labels. The growing demand for foodstuffs, FMCGs, and healthcare products have increased the need for packaging solutions such as corrugated boxes and films that require proper labeling.
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The key players in the global smart labels market report profiled include-
Flourishing Retail Sector
The retail industry is expanding, especially in developing and emerging economies. Changing lifestyles as a result of increased per capita disposable incomes are driving up demand for meat, poultry, and seafood. This has helped allied industries such as branding and labeling gain traction.
As a result, manufacturers are looking into more advanced labeling solutions, which has led to the emergence of smart labeling. Furthermore, smart labels can be used to track product longevity and inventory. Based on these developments, the worldwide smart label industry is set to soar to new heights.
Browse In-depth Market Research Report (115 pages) on Smart Labels
Increasing Security Concerns
The global smart labels market is driven by several benefits provided to both businesses and consumers. Furthermore, these are intended to give real-time product tracking, instantaneous identification, the ability to re-program, and security assurance against theft and counterfeit practices. These benefits enable consumers to obtain access to the product’s characteristics and transit details. Furthermore, with the support of real-time tracking capabilities, these labels offer vendors with updates on product positions across the supply chain, from product exit from the warehouse and distribution center to retail outlets.
By Technology, RFID to Lead the Global Market
RFID is expected to increase rapidly throughout the forecast period due to features such as information accuracy, automatic data acquisition, the flexibility to be put on a variety of substrates, and real-time tracking. RFID systems are widely used to maintain inventory management and supply chain management systems in sync. Due to their high traceability, these are employed in a wide range of industries, including automotive and FMCG. RFID, in conjunction with asset tracking software, can help firms synchronize their repair and maintenance processes.
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APAC to Dominate the Global Market
With its rapidly expanding global market, APAC dominates the global smart labels industry. It will grow at a substantial CAGR over the projection period. The region is predicted to have strong economic growth, expanding industrial industries, low labor costs, and greater investment in the retail sector, all of which will drive demand for smart labels due to security concerns.
Segmentation of Market covered in the research:
Information by Type (RFID, Electronic Shelf Label, Sensing Label, & others) by Application (Electronic & IT asset, Retail, Perishable goods, and others) by End-use industry (Manufacturing & Retail, Healthcare & pharmaceuticals, Automotive, FMCG, logistics and others) and Region (North America, Europe, Asia-Pacific, and Rest of the World)
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