The global smart label market is projected to reach USD 16.1 billion by 2025. It is anticipated to grow at a CAGR over 14% during the forecast period (from 2016 to 2025). Deployment of efficient anti-counterfeit and anti-theft systems in various end-use industries can augment product demand. Focus on innovation & research in developing application-specific high-end products is projected to be a characteristic trend in the global industry in the forthcoming years.
Robust economic growth, surging consumer disposable incomes, and rapid urbanization in developing nations have augmented product demand over the recent past. However, high costs associated with the installation of smart label tracking systems may hamper industry progress in a few emerging regions. Moreover, lack of uniformity in the standardization system and low susceptibility could further hinder market growth over the next couple of years.
The global smart label market is categorized as per technologies, components, applications, end-users, and regions. On the basis of technologies, the segments are RFID (radio-frequency identification) Labels, Electronic Article Surveillance Labels (EAS), sensing labels, Near Field Communication (NFC) tags, and electronic shelf/dynamic display labels. RFID labels contributed to more than half the global market in volume terms in 2015. The segment is anticipated to grow robustly till 2025 due to high product demand from various retail sectors.
In-depth research report on global smart label market - http://www.grandviewresearch.com/industry-analysis/smart-label-market
Based on components, the worldwide market is categorized into batteries, transceivers, wheat, memories, microprocessors, and others. Batteries may dominate the industry over the forecast period. The memories segment can expand rapidly in the years to come. Application in asset tracking & inventory management is anticipated to drive this segment.
On the basis of applications, the market is classified into perishable goods, retail inventory, equipment, pallets tracking, electronic & IT assets, and others. Retail inventory segment was the largest segment in 2015 due to brilliant real-time tracking efficiency. Perishable goods may prove to be a promising segment in the years to come. It may expand at a remarkable CAGR over the forecast period due to growing usage in various medical instruments & medication management.
Key end-users in the global industry are Fast Moving Consumer Goods (FMCG), manufacturing, automotive, logistic, healthcare & pharmaceutical, retail, and others. Retail is projected to be the highest revenue generating segment in the forthcoming years. It is estimated to grow at a CAGR over 14% till 2025, on account of improved supply chain efficiency.
Geographically, the overall industry is divided into Asia Pacific (APAC), the Middle East & Africa (MEA), North America, and Central & South America. The APAC smart labels market is expected to exhibit the fastest growth from 2016 to 2025. This can be attributed to the prospering FMCG & retail industries in various developing economies.
Prominent market players are Alien Technology Inc.; Avery Dennison Corp.; Zebra Technologies Corp.; and Checkpoint Systems, Inc. These companies focus mainly on expanding their respective product portfolios & production capacities in order to increase their market shares. Moreover, these companies invest heavily in R&D to develop innovative and application-specific products. Avery Dennison Corp. recently developed an innovative smart label called the TT Sensor Plus™. Not only is it cost-effective but can effectively log temperature & time.