Global Smart Label Market
Dublin, Jan. 23, 2024 (GLOBE NEWSWIRE) -- The "Global Smart Label Market Size, Share & Trends Analysis, 2023-2030" report has been added to ResearchAndMarkets.com's offering.
This market analysis report reveals that the global smart label market is poised for substantial growth, with projections estimating the market size to reach USD 55.55 billion by 2030. As the industry expands at a steady CAGR of 5.1% from 2023 to 2030, the integration of sophisticated anti-theft and anti-counterfeiting systems across various sectors is expected to significantly drive this demand.
With ongoing advancements and focused research leading to the development of enhanced smart label technologies tailored to specific applications, the market is witnessing notable trends that are expected to sustain its growth trajectory in the coming years. These smart labels offer a breadth of benefits including automation, improved data accuracy, and the facilitation of real-time tracking.
Key Insights from the Smart Label Market Report:
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The RFID technology within smart labels dominates the market in terms of revenue, leveraging its versatility and efficiency over traditional labeling methods.
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Emerging segments such as electronic shelf/dynamic display labels anticipate rapid growth with a forecasted CAGR of 6.2%, underscoring the dynamic nature of retail inventory management and the increasing demand for efficiency.
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Smart labels continue to play a crucial role in retail environments, addressing key challenges such as shoplifting and theft prevention, with this segment being the predominant revenue contributor in 2022.
In the context of end-use sectors, the automotive and logistics industries are recognized for their increasing adoption of smart labels, contributing to the market expansion. Particularly in the Asia-Pacific region, the market has seen a dominant revenue share largely attributed to significant economic developments in countries like China, India, Japan, South Korea, and Southeast Asian nations, which have become vibrant settings for such technologies.
The convergence of rising consumer disposable income and urbanization trends has further buttressed growth in predominantly Asia-Pacific markets, which continue to exhibit robust economic signals and present ample opportunities for the smart label industry. As these markets burgeon, so does the requirement for effective tracking and authentication solutions that smart labels provide.
In the energy sector, smart labels containing batteries have seen the highest revenue share due to ongoing technological advancements, which enhance device longevity and performance. These labels are critical for a variety of applications, from equipment tracking in industrial settings to inventory management in retail.