07.30.23
According to a new report published by Allied Market Research (AMR), titled “Smart Labels Market," the smart labels market was valued at $9 billion in 2021, and is estimated to reach $39.2 billion by 2031, growing at a CAGR of 15.8% from 2022 to 2031.
“The smart labels market has witnessed significant growth in the past decade, owing to growing retail industry. By product type, the RFID segment dominated the market in 2021, in terms of revenue. Depending on application, the retail inventory segment accounted for the highest revenue share in the 2021. On the basis of end user, the healthcare segment is expected to grow at a higher CAGR during the forecast period,” said Onkar Sumant, manager construction and manufacturing at Allied Market Research.
The global smart labels market growth is driven by its ability to provide customers with detailed information about products using digital technology and smart devices. In addition, the increase in demand for smart labels is driven by its ability to provide real-time visibility of the product.
Moreover, the rise in demand for effective anti-theft devices, owing to security concerns contributes to the significant rise in the demand for market. The prominent rise in consolidated industries and technological advancements proliferations associated with their significant use in applications, such as healthcare, & pharmaceuticals, logistics, retail inventory, food and beverages, and others, have further boosted the growth of the market.
Thus, the various features of smart labels including real-time location tracing, re-programmability, and simultaneous identification & detailed information are expected to fuel the demand of the global market in various industries during the smart labels market forecast period.
Smart labels enable real-time tracking of products throughout the supply chain. This allows businesses to have better visibility of their inventory, leading to more efficient logistics and reduced losses due to theft or misplacement.
Several players having significant smart labels market share are expanding their business worldwide, owing to augmented customer base, improved effective operations, expanded geographical reach, and developed product portfolio. The adoption of different smart label systems such as sensing labels is growing for food and beverage industry as it is effective in sensing the temperature and shelf life of the food items.
“The smart labels market has witnessed significant growth in the past decade, owing to growing retail industry. By product type, the RFID segment dominated the market in 2021, in terms of revenue. Depending on application, the retail inventory segment accounted for the highest revenue share in the 2021. On the basis of end user, the healthcare segment is expected to grow at a higher CAGR during the forecast period,” said Onkar Sumant, manager construction and manufacturing at Allied Market Research.
The global smart labels market growth is driven by its ability to provide customers with detailed information about products using digital technology and smart devices. In addition, the increase in demand for smart labels is driven by its ability to provide real-time visibility of the product.
Moreover, the rise in demand for effective anti-theft devices, owing to security concerns contributes to the significant rise in the demand for market. The prominent rise in consolidated industries and technological advancements proliferations associated with their significant use in applications, such as healthcare, & pharmaceuticals, logistics, retail inventory, food and beverages, and others, have further boosted the growth of the market.
Thus, the various features of smart labels including real-time location tracing, re-programmability, and simultaneous identification & detailed information are expected to fuel the demand of the global market in various industries during the smart labels market forecast period.
Smart labels enable real-time tracking of products throughout the supply chain. This allows businesses to have better visibility of their inventory, leading to more efficient logistics and reduced losses due to theft or misplacement.
Several players having significant smart labels market share are expanding their business worldwide, owing to augmented customer base, improved effective operations, expanded geographical reach, and developed product portfolio. The adoption of different smart label systems such as sensing labels is growing for food and beverage industry as it is effective in sensing the temperature and shelf life of the food items.