USD 10.56 billion
Report ID: SQSG45E2017 | Region: Global | Published Date: December, 2022 | Pages: 157
Global Smart Label Market was valued at USD 10.56 billion in 2021, and it is expected to reach USD 21.04 billion by 2028, at a CAGR of 10.36 % over the forecast period (2022-2028).
A smart label is a label that uses technology to go beyond conventional print methods in terms of functionality and information. This can take many different forms, including near-field communication, QR codes, and RFID tags (NFC). These labels depend on a user's engagement with a consumer product, such as a smartphone, to enable a user's interaction. The creation of intelligent labels introduces additional demands for the manufacturing process, such as functional or performance testing to regulate the quality of RFID labels and the possibility to encode each label with data relevant to the client. These qualities might add value to conversion equipment or open up new service options. A typical label printing business can use these labels as the starting point of the label value chain to boost profitability and turnovers.
For example, Advantech, a pioneer in embedded system solutions, is pleased to introduce the EPC-P3000 series, their newest range of embedded PCs designed for machine vision applications. The EPC-P3000 is powered by the Intel 9th Gen Desktop CPU platform and has many expansion slots to allow high computational performance and the deployment of high-precision machine vision at the edge. In unmanned warehouses, edge computers can identify, classify, and label hundreds of distinct goods. In fully automated factories, edge computers can analyze the manufacturing process holistically and command robotic arms.
Global Market Size
USD 10.56 billion
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Global smart label market is segmented based on the technology, end user, and region. Based on the technology, the global smart label market is segmented as electronic article surveillance (EAS), RFID, near field communication (NFC), and QR code. Based on end user, the global smart label market is segmented as retail, food and beverages, healthcare & pharmaceuticals, consumer electronics, supply chain and logistics, transportation, and others. Based on component, the market is segmented into batteries, transceivers, microprocessors, others. Based on region, it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Analysis by Technology
In 2021, the RFID segment held the largest share in the global smart label market. The major companies in the RFID market, which are either converters, inlays, or tag makers, often create significant volumes of intelligent labels. However, there are also a number of label makers who concentrate on specific labels and applications. RFID labels provide various benefits. For example, when manufacturers and distributors integrate RFID technology into their supply chain, shipping and picking accuracy increases by 80%. When manufacturers and distributors integrate RFID technology into their supply chain, receipt times improve by 90%. When RFID technology is used, warehouses and DCs increase their inventory visibility and availability from 2% to 20%. Companies using RFID report an increase in accuracy of their inventory counts of between 63 and 95 percent. Manufacturers may boost inventory count rates from 200 to 12,000+ items per hour with RFID-tagged goods.
Following this, the NFC segment is also expected to observe significant growth in the global smart label market during the forecast period. In the pharmaceutical sector, NFC tags are essential. NFC makes it possible for customers and pharmacists to verify the goods. Even if the manufacturing seal is damaged, the NFC labels can still be read. The NFC technology's excellent capabilities would guarantee market expansion in the near future. According to Blue Bite's cumulative statistics, new NFC activations increased by 71% between 2018 and 2020, while NFC engagements increased by 63% within the same time frame. Even more significantly, the overall NFC reach increased by 82 percent during that time. According to ABI Research, there will be 1.6 billion NFC-enabled devices worldwide by 2024 when we take a larger perspective on NFC deployment. The whole NFC market value is expected to reach $47 billion by that same year, according to that association. The number of smartphones in use worldwide has reached an all-time high of 3.4 billion. More than 2 billion NFC capable devices, mostly phones, are in use today.
Furthermore, nowadays, it's common to see QR codes. Thanks to a rise in smartphone adoption that will reach 78.05 percent worldwide by 2020 from 59.01 percent in 2017. And the percentage of people with access to high-speed mobile internet rose from 48.8% in 2014 to 62.5 percent in January 2022. Internet users have also increased from January 2021 to January 2022 by 4%. Mobile phone users own 92.1 percent of the total number of devices in this country. These elements have contributed to QR Codes' widespread popularity. Further, boosting the growth of the global smart label market.
Analysis by End User
In 2021, the retail segment held the largest share for the global smart label market. The e-commerce and m-commerce industries' breakthroughs and convergence are causing retailers to reevaluate their ideas and products, which is causing the global retail environment to change every day. Since a few years ago, the retail sector has undergone a transformation to adopt RFID technology, which accounts for the biggest number of labels and tags produced to date. Although COVID-19 has worsened the difficulties previously faced by shops, the epidemic has also forced them to implement RFID on a far wider scale. Accenture's study indicates that 24% of survey respondents said they are now thinking about integrating RFID into their operations, while 46% of respondents said they had just begun focusing on RFID. In addition, 87% of respondents said that concentrating on RFID helped them have a better omnichannel shopping experience throughout the epidemic.
Following this, the food and beverages segment is also expected to see a significant rise during the forecast period. The increasing use of RFID and NFC tags in food and beverage items is anticipated to drive the growth of the global smart label market over the projected period. Customer interaction and happiness are two key elements that influence the industry's adoption of digital technologies. For example, the UTK-752 is an interactive touchscreen kiosk designed for automated self-service businesses, and it has just been released by Advantech, a top developer of service automation solutions. The off-the-shelf modular UTK-752 system offers outstanding computing performance for a variety of self-service applications. It supports a variety of operating systems to enable simple integration with current systems and business software. The availability of numerous I/O also enables the system to be coupled with other peripherals, such as an RFID reader, to expand the system's capabilities for a variety of self-service tasks. Additionally, the UTK-752 is a flexible solution for self-order, self-checkout, self-registration, check-in, queue management, ticketing, pick and collect service, and virtual reception applications thanks to its modular construction, which allows for both countertop and freestanding presentations.
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In 2021, the North American segment held the largest share for the global smart label market. The basic goal of smart labels is to speed up digital access to information. The percentage of the population in the Americas that can access a mobile cellular signal, or mobile cellular coverage, is assessed by the ITU to be 95.5%. 95.5 percent of the population can get a 3G signal, and 88.7 percent can access a long-term evolution (LTE) mobile broadband signal, according to statistics on 3G and 4G coverage. At the end of 2019, there was a large use disparity, with the percentage of people using the Internet rising from 72.2% in 2017 to 76.7%. By the end of 2019, 69.8% of households had access to the Internet at home, up from 66.7% in 2017.
One of the first nations to use QR codes was the United States. Its use has since sharply grown. According to Statista research, 11 million US homes alone scanned a QR code in 2020. From 9.76 million scans in 2018, there has been a considerable increase. 18.8% of American customers strongly agreed that they had seen an increase in the usage of QR codes since the start of COVID-19-related shelter-in-place orders in March 2020, according to a September 2020 poll by Statista.
During the projected period, the Asia Pacific is anticipated to facilitate a fantastic CAGR in the global smart label market. Demand for intelligent labels in the region is probably being driven by government regulations and legislation requiring that products be labeled. A proposal to put barcodes or rapid response (QR) tags on the packaging of 300 of the most popular medications in India has been reintroduced in order to ease product verification. The rule is expected to go into effect at the beginning of May 2023. Drug packaging barcode proposals have existed since the Indian government published a draft proposal for comment in 2015. According to the most recent suggestion, a barcode or QR code should have eight bits of data: a unique product identification code, generic name, brand name, production date, batch number, expiration date, and manufacturing license number.
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To forecast how SmartLabel would be adopted in the future by the industry, GMA conducted member polls. 36 businesses joined the project at the start, promising to label around 34,000 products on the market by the end of 2017. 48 additional businesses agreed to join the initiative, but they required more time to create an implementation schedule.
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The global smart label market is relatively fragmented, with a high level of competition. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. For example, the purchase of UNITER is announced by Checkpoint Systems. Together with Checkpoint's top-notch worldwide manufacturing footprint and extensive RFID expertise, Uniter's strong commercial presence in the significant Iberian clothes retail industry makes for an unbeatable combination. The key market players are also constantly focused on R&D to supply industries with the most efficient and cost-effective solutions.
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According to our Global Smart Label Market Analysis, in terms of type, the RFID segment held the largest share in the global smart label market in 2021. The major companies in the RFID market, which are either converters, inlays, or tag makers, often create significant volumes of intelligent labels. By end-user, the retail segment held the largest market share due to the e-commerce and m-commerce industries' breakthroughs and convergence are causing retailers to reevaluate their ideas and products, which is causing the global retail environment to change every day. And by region, the North American region held the largest market share and is expected to dominate the global smart label market during the forecast period owing to the rise in digitization in the region.
|Market size value in 2021||USD 10.56 billion|
|Market size value in 2028||USD 21.04 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Smart Label Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Smart Label Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQSG45E2017