PUNE, India, March 12, 2020 /PRNewswire/ -- 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.
The smart labels market is segmented on the basis of factors such as technology, end user, and regional demographics. The report provides forecast values for the market for the period of 2019-2026. The factual figures have been obtained through trusted sources. Moreover, these predictions are made on the basis of extensive research analysis methods, coupled with the opinions of experienced market research professionals. The report highlights the latest product launches and labels major innovations in the market. In addition to this, it states the impact of these products on the growth of the market. The competitive landscape has been discussed in detail and predictions are made with respect to leading companies and products in the coming years.
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.
Increasing Number of Company Mergers Will Aid Market Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. Several large scale as well as medium enterprises are focusing on acquiring smaller companies as well as start-ups, with a bid to establishing a stronghold in the market. In November 2019, Smartrac announced that it has collaborated with Avery Dennison Corporation for selling its RFID transponder division. Smartrac's RFID tags will boost Dennison's smart labels platform. This collaboration will not only help the company grow, but will have a positive impact on the growth of the global 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.
List 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.
Invengo Technology Pte. Ltd.
Thin Film Electronics ASA
Sato Holdings Corporation
Zebra Technologies Corporation
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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