Global Smart Label Market - Segmented by Technology (Electronic Article Surveillance (EAS, RFID, NFC)), End-user (Retail, Healthcare and Pharmaceutical, Logistics), and Region - Growth, Trends, and Forecast (2018 - 2023)
The Global smart label market was valued at USD 5.68 billion in 2017, and is expected to reach a value of USD 11.34 billion by 2023 at a CAGR of 11.80%, during the forecast period (2018-2023).The scope of the market covers Electronic Article Surveillance (EAS), RFID, NFC, and Electronic shelf labels (ESL).
The emergence of Internet of Things (IOT) is expected to be a key opportunity for the growth of the global smart label market, during the forecast period.
Increased Demand for Security and Tracking Solutions
The issues related to security against theft and counterfeiting is crucial to any industry. As enterprises across the world are setting up more and more direct selling chains all over, the importance of security systems against theft and counterfeiting is paramount these days. These smart labels are not just used as an anti-theft device/tag, but smart chips are installed within the labels enabling the tracking of location as well. Market leaders, such as Zebra Technologies, have come up with Material flow solutions that help the industries to deliver materials with in-time precision. Earlier, when racks or containers were damaged, there was a huge loss incurred, owing to the delay in time. Rack and container tracking solutions have been developed with increased visibility for the better management of highly complex operations and cost optimization. With the advent of such technologies that help the industries carry out their operations efficiently, there has been a huge demand from industries for more such technologies to ease the process for consumer satisfaction.
Healthcare to Witness, the Fastest Growth during the Forecast Period
Smart technology has already transformed the life science and healthcare industry for the better, in terms of supply-chain management, cold-chain monitoring, track-and-trace compliance, and security & authentication. Through both chemical and RFID technologies, drugs and medical devices are visible, traceable, and well monitored, from manufacture, all the way through, to retail shelves and even consumers’ homes. Smart technologies are living up to their promise of preventing spoiled, expired, or counterfeit products from reaching the market and aiding adherence to DSCSA, but they are also presenting new opportunities to brand owners for more targeted, better personalized marketing, and customer engagement. Newer technologies, such as NFC, which provides package-to-Smartphone communication without requiring an application to be open, and the printing of RFID antennae and electronic circuitry directly, to labels using conductive inks, are paving the way to even better, more capable, streamlined use of smart labeling and packaging. Best of all, smart healthcare packaging, when developed to its full potential with the cooperation of pharmaceutical and medical-device brand owners, label companies, mobile-health-app firms, and marketers of smart phones, has the power to improve patient/consumer adherence, thereby maximizing patient safety and health outcomes overall.
United Kingdom to hold the Largest Market Share in Europe
The country is one of the largest markets in the frozen food market. The consumer’s inclination and spending on frozen foods, in both retail and foodservice sectors coupled with the Food Information for Consumer Regulations in the country, has augmented the global smart label market. Despite the economic uncertainty, the consumer spending on food & beverage has continued. The increased consumption has affected all spheres of food products, coupled with the increasing consumer expectations, and the need to augment brand image coupled with the growing demand for security among consumers and retailers, have contributed positively to the market. Other major sectors driving the print label market include clothing, luxury goods, and personal care products. The pharmaceutical industry in the country contributes to around 10% of the GDP, and generates over EUR 3 billion in trade surplus. The UK government has also continued to enhance its medicine manufacturing environment through the Medicines and Healthcare products Regulatory Agency (MHRA), including packaging and intelligent labeling, which has been instrumental in driving the market in the region.
Key Developments In The market