(MENAFN- IMARC Group)
The latest report by IMARC Group, titled“ Smart Labels Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032 ,” offers a comprehensive analysis of the industry, which comprises insights on
smart labels market
report . The report also includes competitor and regional analysis, and contemporary advancements in the global market.
The global smart labels market size reached US$ 10.9 Billion in 2023. Looking forward, IMARC Group expects the
market to reach US$ 29.7 Billion by 2032, exhibiting a growth rate (CAGR) of 11.4% during 2024-2032.
Factors Affecting the Growth of the Smart Labels Industry:
Advancements in Technology :
The continuous evolution of technology is a significant driver of the smart labels market. This includes advancements in RFID (Radio-Frequency Identification), NFC (Near Field Communication), and electronic shelf label technology. These technological improvements lead to better data accuracy, enhanced connectivity, and real-time tracking, which are crucial for various industries, including retail, logistics, and healthcare. The integration of smart labels with IoT (Internet of Things) and AI (Artificial Intelligence) also enables more sophisticated applications, such as predictive maintenance and automated inventory management. This driver aligns with the increasing demand for efficient, automated, and error-free processes in supply chain management and inventory control.
Demand for Enhanced Consumer Engagement and Brand Protection:
Smart labels provide an effective platform for brands to engage with consumers by offering additional product information, authenticity verification, and interactive marketing. In an era where consumers are more informed and concerned about product origin, ingredients, and authenticity, smart labels play a critical role. They help in building brand trust and loyalty by ensuring transparency. Moreover, they offer anti-counterfeiting measures which are vital for protecting brand integrity. This factor is particularly relevant in industries such as pharmaceuticals, luxury goods, and food and beverages, where consumer trust and brand reputation are paramount.
Regulatory Compliance and Industry Standards:
The growing emphasis on regulatory compliance across various industries is another driver for the smart labels market. Regulations concerning product safety, traceability, and environmental impact are becoming more stringent globally. Smart labels facilitate compliance with these regulations by enabling better traceability and transparency throughout the supply chain. In the food industry, regulations regarding the labeling of allergens, nutritional information, and origin require accurate and easily accessible data. Smart labels address these needs effectively. Additionally, industry standards promoting sustainability and ethical practices also encourage the adoption of smart labels, as they can be used to demonstrate compliance with such standards.
Get a Sample Copy of this Report:
https://www.imarcgroup.com/smart-labels-market/requestsample
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Avery Dennison Corporation CCL Industries Inc Checkpoints Systems, Inc Zebra Technologies Corporation Intermec, Inc. Invengo Information Technology Co Ltd Sato Holdings Corporation Thin Film Electronics ASA Smartrac N.V. Muehlbauer Holding AG
Smart Labels Market Report Segmentation:
Breakup by Type:
RFID Electronic Article Surveillance Electronic Shelf Label Sensing Label Near Field Communication
RFID technology's dominance in the smart labels market is due to its widespread adoption for efficient tracking and inventory management in various sectors, offering real-time data accessibility and high accuracy.
Breakup by Component Type:
Batteries Transceivers Microprocessors Memories Others
Batteries are the most significant component in the smart labels market as they are essential for powering active smart labels, which are increasingly used in applications requiring long-range communication and high functionality.
Breakup by End-user:
Retail Logistics and Transportation Healthcare Food and Beverage Aerospace Data Centers Libraries Others
The retail sector is the largest user of smart labels, driven by the need for enhanced inventory management, anti-theft measures, and improved customer engagement through interactive and informative labeling.
Breakup by Region:
North America (United States, Canada) Europe (Germany, France, United Kingdom, Italy, Spain, Others) Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others) Latin America (Brazil, Mexico, Others) Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
North America's leading position in the smart labels market can be attributed to the region's early adoption of advanced technologies, stringent regulatory standards for product labeling, and the presence of major market players.
Key highlights of the report:
Market Performance (2018-2023) Market Outlook (2024-2032) Porter's Five Forces Analysis Market Drivers and Success Factors SWOT Analysis Value Chain Comprehensive Mapping of the Competitive Landscape
Smart Labels Market Trends:
The increasing focus on sustainability and environmental responsibility is another factor driving the growth of the smart labels market. Smart labels can be designed to be eco-friendly, with biodegradable or recyclable materials, aligning with the growing consumer and regulatory emphasis on sustainable packaging. Additionally, they can provide information on a product's environmental footprint, helping consumers make more environmentally conscious choices. This trend towards sustainability is compelling companies to adopt smart labels as part of their commitment to environmental stewardship, thus contributing to the market's growth.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
Contact US:
IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
Email: No:(D) +91 120 433 0800
United States: +1-631-791-1145 | United Kingdom: +44-753-713-2163
MENAFN02022024004122016232ID1107801551
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.