A smart label is an identification slip that is installed on a product's package that incorporates advanced features like, among others, QR Codes, RFID tags, and EAS tags as opposed to the conventional barcodes, that enable all the stakeholders to obtain real-time tracking as well as product-related information.
According to the report, the Smart Labels Market is projected to increase at a CAGR of 10.09% over the forecast period 2019-2025. Owing to the advantages of preventing theft as well as counterfeiting of products, and enabling the stakeholders to track product movement in real-time, the smart labels market is poised to witness significant growth during the forecast period. Further, high tolerance and automatic interpretation enhances efficiency and eliminates errors with regards to its intended purpose along with growing incidences of theft also are other factors that are expected to propel the smart labels market growth during the forecast period. Further, the advent of technological development in the smart labels sector along with various strategic decisions taken by the market players is the prime factor that is augmenting the growth of the smart label market. Furthermore, the increasing urbanization along with the growing availability of disposable income in emerging economies is also an enabling factor for various end-use industries to embrace smart label packaging. For example, in September 2019, Xeikon shows its smart label solution at Labelexpo Brussels, which is developed and created with UPM Raflatac and Magic Add.
The cloud-based application enables tracing and tracking capability for labels. It also intended for brand owners to aiding them to ensure the success of their campaigns or to control the supply chain. Further in March 2020, Carlucci, a pharmaceutical label converter, had excelled in providing anti-counterfeiting and traceability products since in their opinion Smart labels with variable data is a growing sector because they increase customer loyalty and consumption. On the other hand, a materials supplier Avery Dennison that is based in Mentor, Ohio USA, has spent more than a decade developing smart technologies and has recently acquired Smartrac’s RFID inlay business. Further, March 2020, Schreiner MediPharm, a Germany-based provider of innovative functional label systems for the pharmaceutical industry, has collaborated with RFID tracking systems provider Kit Check to introduce RFID-Labels that are designed to allow hospital pharmacies to track and manage medication inventory and usage via intelligent software. As a result, enabling it to ensure the sustenance if safe and efficient supply chain in hospitals. To the orient, PlatformXChain is a Singapore-based start-up company that has already established itself with many toy manufacturers such as CenturyFugu (Singapore), Marmit Co. (Japan), Mandarake Co. (Japan) and Machination Studios (Singapore) to track products and collectibles using blockchain technology has been partnered by the world’s leading manufacturer of online marketplaces, Arcadier to emerge as the leading trading platform in Asia for the protection of intellectual property rights.
The major players covered as part of the report are Alien Technology, Avery Dennison Corporation, CCL Industries Inc., Checkpoints Systems Inc., Invengo, Information Technology, Muehlbauer Holding AG, SATO Holdings Co. Ltd., Smartrac N.V., Thin Film Electronics, and Zebra Technologies Corporation among others.
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In this report the Additive Manufacturing Market has been segmented based on the following: