The global smart labels market was valued at USD 5,776.7 million in 2018 and is expected to reach USD 17,497.7 million in 2026, growing at a CAGR of 14.9% during the forecast period.
Rising demand from end-user industries and reliable and easy real-time tracking are expected to drive the growth of the smart labels market
According to the US Department of Defense (DOD) and the Food and Drugs Association (FDA), in 2018, there were 566 million units of smart labels were sold in the US which worth around USD 1.8 billion. Growing demand for effective anti-theft devices, due to security concern of the enterprises focuses on the significant rise in the demand for the global smart labels industry.
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Lack of human intervention, installation of efficient anti-theft and anti-counterfeit system in several end-user industries, and protection against theft, loss, and counterfeiting are the main drivers for the market growth of the global smart labels market over the forecast period. Moreover, the Increasing demand in logistics, technological advancements in printed electronics and the development of new technologies such as electronic shelf/dynamic display labels are expected to enhance the market size. This also expected to open investment opportunities in the global market for the manufacturers in the coming years.
However, volatile prices of raw materials and lack of standards are expected to hamper the growth of the global smart labels market during the forecast period. Moreover, reducing the cost of printed electronics and reflection and absorption of RFID signals by metallic and liquid objects are the prime challenges in the global smart labels market throughout the forecast period.
Based on technology, the RFID labels segment is expected to dominate the market with nearly 27% share in the global smart labels market in 2018
Based on application, the retail inventory segment accounts of the largest share in the market, while perishable goods segment accounted highest CAGR of around 14.1%
Based on component, the memories segment is expected to grow at a CAGR of around 16% throughout the forecast period.
Based on the end-use industry, the healthcare segment accounts of the largest share in the market and held for more than 50% of the total market in 2018.
Asia-Pacific accounted for nearly 42% share of the global smart labels market in 2018
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In May 2019, The Avery Dennison Corporation launched new innovative new blockchain solution for the fashion industry, in partnership with 1017 ALYX 9SM, Matthew Williams’s cutting edge fashion label.
In February 2018, Sato Holdings Corporation launched its PW208NX IoT-equipped rugged mobile printer designed for the printing of markdown labels, price tag labels, and delivery labels in heavy-use front-line operational environments.
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