Smart label market outlook: Increasing demand for efficient inventory tracking system to boost market growth

Posted On Dec, 04, 2020

Smart label is used as an identification tool which has advanced features and properties as compared to its conventional counterpart barcode. Ease of use, fast performance, and quick data access have helped smart label to gain consumer preference. Smart label consists of an electronic responsive device which shares the accurate data in consistent digital format. Smart label enables consumers to access detailed product related information such as brand information, ingredients, expiry date, certifications, usage and handling instructions.

Wide range of smart labels are commercially available in the market which includes RFID, Electronic Article Surveillance (EAS) Labels, sensing labels, electronic shelf/dynamic display labels, and Near Field Communication (NFC) tags. RFID label is projected to be the most lucrative segment over the forecast period. RFID label uses a radio frequency identification device which collects, processes, and transmits data using antenna and memory chip. RFID labels are broadly used in labelling of pallets, containers, cases, retail items etc.

Smart label provides effective solution to retailers and brand owners in real time tracking of inventory throughout the supply chain. Usage of smart labels has enabled the retailers in reducing the cost associated with inventory control along with streamlining the entire inventory management process. This in turn, led retail inventory to be the leading application segment of the market. Smart label market is anticipated to witness promising trend in perishable gods segment owing to rising use of smart label in packaged foods & beverages sector.

Smart label is widely used in several end-user industries such as automotive, FMCG, healthcare & pharmaceutical, logistic, retail, manufacturing, and others. Smart label is extensively used to manage several inbound and outbound retail operation. Retail appeared to be the largest end-user of smart label in the recent past on account of rising use of smart label in inventory management and asset tracking

Healthcare & pharmaceutical industry is expected to exhibit spurring demand for smart label over the forecast period. Rising use of smart label in tracking the expiry dates, safety and authenticity, and overstocking of drugs is expected to be the key trend in pharmaceutical sector.

Asia Pacific is expected to be the fastest growing region in smart label market over the next few years on account of significant growth of major end-user industries. Rising consumer awareness coupled with increased disposable income of consumers in this region has played a key role in driving the demand for smart label. North America accounted to be the
second-largest consumer of smart label followed by Europe in the recent past.

The global smart label market is characterized by the presence of key players such Intermec Inc., Checkpoint Systems Inc., Avery Dennison Corporation, CCL Industries Inc., Zebra Technologies Corporation, and Alien Technology Inc. Major companies are focusing in expansion of product offering and strengthening their distribution network in developing countries such as South East Asia, India, Brazil, and South Africa.

key  In-depth report on global smart label market by Grand View Research:

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