With 17.3% CAGR, Smart Labels Market Worth USD 13.91 Billion by 2026
Fortune Business Insights
6 min read
Fortune Business Insights
According to Fortune Business Insights, the global Smart Labels Market size is projected to reach USD 13.91 billion in 2026, at a CAGR of 17.3% during the forecast period.
Pune, India, Sept. 06, 2022 (GLOBE NEWSWIRE) -- 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.
Industry Developments:
January 2018 – SATO announced that it has partnered with UNTUC Kit. Through this acquisition, the company plans to enhance its inventory management based on RFID labels
Mandatory Federal Laws on Disclosure of Product Information Are Expected to Augment the Market Growth
Research and Development in Nanotechnology is Likely to Drive the Adoption of Smart Labels
COVID-19 Impact
COVID-19 pandemic has led to a severe economic downturn, impacting industries and businesses but demand for MSP solutions surged. Businesses and people are normalizing remote work to curb the virus spread. Besides, the adoption of this technology by government officials and companies to efficiently function during these tough times is expected to positively favor the market's growth amid the pandemic.
Report Overview:
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.
Regional Insights
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.
The Global Smart Label Market size stood at USD 3.93 billion in 2018 and is projected to reach USD 13.91 billion by 2026, exhibiting a CAGR of 17.3% during the forecast period.
How big is Smart Labels Market In North America?
The market in North America stood at USD 1.47 billion in 2018 and is expected to gain a huge portion of the market share in the coming years.
About Us:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
