Market Overview The smart label market is expected to register a CAGR of 13. 7% over the forecast period 2019 - 2024. Smart labels are becoming one of the most popular technologies across the retail, healthcare and logistics sectors among others, and are viewed as an ideal means to achieve greater efficiencies and profitability while providing the authenticity of an item and its traceability from the warehouse to the distribution center throughout the supply chain.
New York, Feb. 27, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Smart Label Market - Growth, Trends, and Forecast (2019 - 2024)" - https://www.reportlinker.com/p05865723/?utm_source=GNW
These labels have emerged as a tool not only to enable smart supply chains but are playing a vital role in the marketing and advertising of consumer products which can be achieved through the provision of product information as well as the analysis of consumer buying patterns that can be accessed from the data collected by these labels.
- The emergence of Big Data and Internet of Things (IoT) is expected to be a key opportunity for the growth of the global smart label market during the forecast period. The on-going revolution of networking through the Internet of Things termed as the Industry 4.0 which includes horizontal integration, vertical networking, constant engineering, and technological acceleration will further offer vast opportunities for the smart label market.
- The smart label market in the pharmaceutical and healthcare and food industry is buoyed by the growing stringency of regulations by on product label coupled with the increased penetration of digital printing equipment, printed electronics and growing innovations in labeling technologies.
- The growing need for the inventory tracking and pallet tracking, in the retail, logistics and apparel industries is augmenting the growth of the market. The adoption of technology used by the smart label is quite dependent on the application of the label.
Scope of the Report
A smart label is an item identification slip that contains more advanced technologies than conventional bar code data. SmartLabel gives easy and instantaneous access to detailed information about thousands of food, beverage, personal care, household, and pet care products. The most common enhancements in smart labels are QR codes, Electronic Article Surveillance (EAS) tags and specially configured RFID tags.
Key Market Trends
Smart Labels and Tags are being Widely Adopted by the Retail Industry
- With new technologies making their way into the retail sector, the industry is expected to continue its increase in sales. Thus, owing to rising sales and increasing technological developments, smart technologies, including smart labels and tags, are being widely adopted by the retail industry. Smart labels provide detailed information about individual items on store shelves, ensuring authenticity and supply-chain integrity while creating new opportunities for brands to engage with customers. These devices are installed with smart chips enabling the tracking of the product and location.
- The need to control inventory management process where a retailer can keep a track of the stocked goods and make sure there is surplus inventory to avoid the product being out of stock is the major factor driving the demand for smart labels in retail. Inventory management is key to keep costs down and profits up, and enables to stay ahead in the competition. Various RFID systems, such as handheld scanners, point-of-sale scanners, and Electronic Article Surveillance (EAS) gate antennas, are being used for this purpose.
- Furthermore, with increasing cases of shoplifting and customer and employee thefts, the need to manage inventory has risen over the past few years. Thus, to better manage retail stores in the country, inventory management is gaining traction, which creates the need for smart labeling solutions and this trend is being widely accepted by retail stores across the world. However, the advent of RFID technology has offered protection from theft, as items will be tracked when leaving the store and exact product information can be sent directly to security staff.
North America Holds the Major Market Share
- North America is the largest market for smart labels globally, with the United States accounting for the major share in the region. The huge market in the country can be attributed to the vast presence of retail stores, both small and big.
- The country has been led by retail giants, such as Walmart and others, driving the upsurge in activity, largely contributing to the smart label market growth in the country. Walmart has been putting electronic identification tags on men’s clothing, like jeans, as the world’s largest retailer tries to gain more control over its inventory.
- However, with the increasing use of RFID tags, the country is investing in recovering the loss due to shoplifting. RFID tags attached to garments at the manufacturing phase are not only set off alarms, as shoplifters and employees attempt to leave a store with stolen items, but also providing actionable data for lost items, from the factory to sale.
- Moreover, the US Department of Defense (DOD) and the Food and Drugs Association (FDA) have encouraged the use of RFID technology for supply chain management and for tracking and tracing products. The United States leads the world, with the largest sophisticated population. This has affected the food industry and packaging techniques.
The market is estimated to be fragmented owing to the presence of established as well as emerging vendors that are leveraging the presence of a large number of suppliers of smart labels. The intense competition, rapid technological advancements and frequent changes in consumer preferences are expected to pose a threat to the market’s growth during the forecast period. These companies are leveraging on strategic collaborative initiatives to increase their market share and increase their profitability. Customization is a key factor in the differentiation of the products offered by the various vendors of the market, thus the players focus on innovation to attain a competitive edge over the other players.
- May 2019 - Avery Dennison and EVRYTHNG announced the launch of an innovative new blockchain solution for the fashion industry, in partnership with 1017 ALYX 9SM, Matthew Williams’s cutting edge fashion label. This proof of concept distributed ledger technology (DLT) solution is an extension of Avery Dennison’s Janela platform, powered by EVRYTHNG, which allows brands to create clothing that is born digital, and connect with their customers directly via a QR code on the label.
- February 2018 - SATO announced the launch of 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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