Global Smart Labels Market is expected to reach US$ XX Bn by 2026 from US$ XX Bn in 2019 at a CAGR of 17 % during the forecast period.
The report includes an analysis of the impact of COVID-19 lockdown on the revenue of market leaders, followers, and disruptors. Since the lockdown was implemented differently in various regions and countries; the impact of the same is also seen differently by regions and segments. The report has covered the current short-term and long-term impact on the market, and it would help the decision-makers to prepare the outline and strategies for companies by region.
Smart Labels Definition:
Smart Label also called smart tag is an extremely flat configured transponder under a conventional print coded label, which includes a chip, antenna, and bonding wires. A smart label has various features like automated reading, quick identification, re-programmability, high tolerance, and reduced errors.
Global Smart Labels Market Dynamics:
The Internet-of-Things (IoT) aims at connecting information systems with real-world objects. It enables automatic acquisition, process, and reaction to real-world data in real-time. One of the promising technologies enabling IoT is Radio Frequency Identification. RFID labels that are the smart labels are attached to physical objects provide unique identification and other object information directly acquired from those objects. RFID technology provides an accurate real-time representation of ’things’ to the information systems. As a consequence, labeling the world with RFID is business relevant. It enables enterprises to measure and manage real-world objects in real-time, which acts as the main driving factor for the growth of the Global Smart Labels Market.
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With the use of smart labels objects become smarter devices that combine identification with sensors. For instance, smart labels with temperature sensors that are attached to every item of perishable goods can measure their storage quality. A direct implication is an increase in the information load. From a small heap of information from a single RFID label on a pallet, it scales up to two or three magnitudes when 100s or 1000s of items on a pallet are interrogated for their information. And it takes two or three magnitudes more time to interrogate so many RFID labels. The situation even intensifies in the context of multi-tagging, whereas multiple RFID labels are attached to a single object.
Product manufacturer's concerns regarding the practice of counterfeiting of their products can also be resolved to a great extent by using Smart Labels enabled with bar codes and RFID technologies. Counterfeiting has become a worldwide phenomenon, which has been impacting industrial manufacturers severely, by affecting their scales revenue and also respective brand image. It has prompted manufacturers to use effective anti-counterfeiting technologies based on unique codes on labels. Various Smart Labels are available in the market that is enabled with both track &trace and anti-counterfeit technologies. Track &trace technology helps manufacturers to maintain proper tracking of products, while anti-counterfeit technology helps to protect products from counterfeits.
The high and fluctuating cost of raw material act as a restraint to the growth of the Global Smart Labels Market.
Global Smart Labels Market Segment Analysis:
The report groups the Global Smart Labels Market in different segments by Type, Component, End-Use, and region to forecast the revenues and analyze the market share of each segment over the forecast period.
Based on End Use, the Global Industrial Label Market is segmented into Consumer Durables, Automotive, Chemicals, Construction, Pharmaceuticals, Food & Beverage, Transportation & Logistics, and Others. The Food & Beverage segment was dominant in 2019 and is expected to command a market share of xx% by 2026. The Food and Drug Administration (FDA) is responsible for assuring that foods sold are safe, and properly labeled. This applies to foods produced domestically, as well as foods from foreign countries.
The Federal Food, Drug, and Cosmetic Act and the Fair Packaging and Labeling Act are the Federal laws governing food products under FDA's jurisdiction. The Nutrition Labeling and Education Act (NLEA), which amended the FD&C Act requires most foods to bear nutrition labeling and requires food labels that bear nutrient content claims and certain health messages to comply with specific requirements, which is contributing to the growth of the demand of labels in the segment.
Based on Type, the Global Smart Label Market is segmented into RFID, Electronic Article Surveillance Label (EAS), Sensing Label and Dynamic Display Label. The RFID segment was dominant in 2019 and is expected to command a market share of xx% by 2026. An RFID label equipped with a temperature sensor detects when a temperature range is exceeded and starts recording these data for reporting. The benefit of using RFID labels in large quantities, e.g., on every single item within a supply chain, has to outweigh the costs to be feasible from an economic point of view. For instance, the manufacturer makes the investment to attach RFID labels and the retailer may have the benefit. The costs of item-level RFID deployments could be shared among supply chain partners such that the overall supply chain profit is optimized.
Asia Pacific is expected to command the largest market share of xx% by 2026
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Increasing awareness and a huge consumer base in developing economies of APAC, like India and China are expected to boost the growth of the Global Smart Labels Market. With the growth of consumer goods packaging with the rise in the e-commerce industry and industrialization in the region, the demand for labels has increased. Also, with the growth in industries like construction, food and beverages, and the automotive industry, the need for warning or security labels has increased.
Vendors in different regions are also entering into merger acquisition strategies to enhance their footprint. In January 2020, Toronto-based specialty label, security, and packaging solutions provider CCL Industries Inc. has acquired two Spanish companies that make labels for clothing and other products.
The objective of the report is to present a comprehensive analysis of the Global Smart Labels Market to the stakeholders in the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding the Global Smart Labels Market dynamics, structure by analyzing the market segments and projects Global Smart Labels Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Global Smart Labels Market make the report investor’s guide.
Global Smart Labels Market Key Players:
• Avery Dennison Corporation
• Henkel AG & Company
• CILS Ltd.
• Cenveo Inc.
• Saint Gobain SA
• GR Label
• Fuji Seal International, Inc.
• GSM Graphics Arts
• Brady Corporation
• H.B. Fuller Co.
• Herma Labels
• Flexcon Company, Inc.
• Dunmore Corporation
• CCL Industries Inc.
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