The global smart labels market size is projected to reach USD 13.91 billion by 2026. The growing demand for clean-labelled products will have a positive impact on the growth of the market in the coming years.
According to a report published by Fortune Business Insights, titled “Smart Labels Market Size, Share & Industry Analysis, By Technology (Electronic Article Surveillance (EAS) Security, RFID, Sensing Labels, Near Field Communication Tag, and QR Code/2D Barcode), By End-User (Retail, Healthcare & Pharmaceuticals, Food & Beverages, Consumer Electronics, Supply Chain and Logistics, Transportation, and Others) and Regional Forecast, 2019-2026,” the market was worth USD 3.93 billion in 2018 and will exhibit a CAGR of 17.3% during the forecast period, 2019-2026.
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An Overview of the Impact of COVID-19 on this Market:
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Some of the leading companies that are operating in the global smart labels market are:
- Avery Dennison Corporation
- Advantech Co., Ltd.
- Checkpoint Systems, Inc.
- Alien Technology, Inc.
- CCL Industries Inc.
- Multi-Color Corporation
- Invengo Technology Pte. Ltd.
- Mühlbauer Group
- Thin Film Electronics ASA
- Sato Holdings Corporation
- Zebra Technologies Corporation
- Smartrac N.V.
Smart labels are gaining rapid popularity owing to their ability to simplify the product stacking and managing in convenience stores. The demand for smart labels has risen dramatically in recent years, owing to the strict regulations imposed by governing authorities across the world. The demand for labelled products, with regard to content and ingredients within the product, from consumers across the world has made a positive impact on the growth of the market. The huge investment in the development of newer smart labels, by incorporating technologies such as AI and machine learning, will lead to a wider product adoption in the coming years. The increasing number of convenience stores, coupled with the growing demand for packed and clean-labelled food, will aid the growth of the market in the coming years.
North America to Emerge Dominant; Presence of Several Large Scale Companies to Aid Growth
The report analyses the ongoing smart label market trends across North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Among these regions, the market in North America is likely to emerge dominant in the coming years. The presence of several large scale companies has provided the platform for the growth of the regional market. The increasing investment by major companies in this region will emerge in favor of market growth. As of 2018, the market in North America was worth USD 1.47 billion and this value is projected to increase further in the coming years.
January 2018 – SATO announced that it has partnered with UNTUCKit. Through this acquisition, the company plans to enhance its inventory management based on RFID labels.
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