Knowledge Sourcing Intelligence announces the publication of a new report on “Global Smart Labels Market - Forecasts from2020 to 2025" to their offering.
Smart labels are technologically advanced labels that have several functionalities and contents of the product or packaging that are beyond the traditionally printed labels. The rising trend of digitization is driving the smart labels market growth in the coming years.
According to the report, the Global Smart Labels Market is projected to increase at a CAGR of 10.09% in the coming years.
Digitization is driving the market growth
The key factor that is driving the global smart labels market growth includes the rising digitization trend in both developed and developing economies around the globe. Smart labels unlike traditional labels offer product info and other relevant details about the product is also incorporated with numerous technical features such as QR codes, electronic article surveillance, and others. These labels have the ability to interact with the customers through their smartphones and other handheld digital devices. These labels also offer real-time tracking of the products thus, benefiting the retailers to manage the inventory at lower costs. Additionally, with the help of smart labels counterfeiting of the products and theft can also be prevented. This, in turn, is augmenting its adoption across the various end-user industries due to an increase in the number of store theft cases. These labels further analyze the behavior of the consumers, thereby, enables the marketers to implement the right marketing strategies depending on consumer behavior and also aid in improving operational efficiency. The increase in the number of digitally literate population in both developed and developing economies of the world is also supporting the global smart labels market to some extent during the next five years. Also, stricter regulations in developed economies regarding the info to be labeled on the various products is further widening up the opportunities for the market to surge in the near future.
The segmentation of the global smart labels market has been done on the basis of technology, end-user industry, and geography. By technology, the segmentation of the market has been done on the basis of electronic article surveillance (EAS), RFID, NFC, and electronic shelf label (ESL). On the basis of the end-user industry, the market has been classified into healthcare, FMCG, transport and logistics, manufacturing, retail, and others. Geographically, the global smart labels market has been segmented into North America, South America, Europe, Middle East and Africa, and Asia Pacific.
By the end-user industry, the retail industry is anticipated to hold a notable market share on account of the high adoption of these labels across this industry. The key factors supporting the adoption of smart labels across the retail industry include the rising number of short lifting and theft cases as these labels provide real-time locations of the product, thus, also improving the operational efficiency of the organizations in the form of inventory management also.
Geographically, the North American region is projected to hold a significant share in the market throughout the forecast period on account of the early adoption of technology along with the presence of world-class infrastructure. Additionally, a considerably large proportion of the tech-savvy and digitally literate population in the countries across the region further supplement the market growth in the next five years.
The major players covered as part of the report are Avery Dennison Corporation, Zebra Technologies Corporation, Alien Technology, Invengo Information Technology, SATO Holdings Co., Ltd., and Muehlbauer Holding AG among others.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/smart-labels-market
This report has segmented the global smart labels market on the basis following terms: