Smart Label Global Market Report 2024

The smart label market has grown rapidly in recent years. It will grow from $9.38 billion in 2023 to $10.91 billion in 2024 at a compound annual growth rate (CAGR) of 16.2%. The expansion observed in the historical period can be attributed to several factors. Retailers have shown a heightened demand for efficiency, leading to efforts in supply chain optimization and the implementation of cost reduction strategies. The rising concerns related to counterfeit products have driven the need for advanced labeling solutions. Additionally, the integration of data analytics has played a crucial role in enhancing overall operational efficiency and decision-making processes within the retail sector. These combined factors have contributed to the growth witnessed in the historic period.

The smart label market is expected to see rapid growth in the next few years. It will grow to $18.9 billion in 2028 at a compound annual growth rate (CAGR) of 14.7%. The anticipated expansion during the forecast period is primarily driven by factors such as brand authentication, increasing consumer preferences for sustainability, the flourishing e-commerce sector, heightened demand for personalized consumer interactions, growing concerns about health and safety, and the development of a connected packaging ecosystem. Key trends expected in the forecast period encompass the integration of Internet of Things (IoT), widespread adoption of QR codes, implementation of robust anti-counterfeiting measures, continuous product innovations, and the integration of mobile apps.

The anticipated growth in the smart label market is expected to be driven by the rising demand from key end users, particularly the food and beverage industry. This industry encompasses all enterprises involved in the processing, packaging, and distribution of raw food products. The integration of smart labels in this sector enhances product traceability, a crucial factor in preventing counterfeit products. The surge in demand from end users such as the food and beverage industry is underscored by notable developments, such as the 31% increase in food and drink exports in 2022 compared to 2021, as reported by the Food & Drink Federation in February 2023. With a turnover of US$3.52 billion (£10.3 billion) in 2022, constituting 33% of total Scottish manufacturing, the food and beverage industry's demand is a significant driver for the growth of the smart labels market.

The expanding reach of retail is poised to contribute significantly to the smart labels market's growth. Retail, involving the direct sale of goods or services to consumers through various channels, is adopting smart labels for real-time tracking, improved inventory management, and dynamic pricing facilitated by technologies such as RFID or electronic data capture. Notable data from the House of Commons in March 2023 indicates that retail sales in Great Britain reached $9.6 billion (£9.0 billion) per week in October 2023, surpassing the recorded sales of $9.04 billion (£8.4 billion) in September 2023. This increased penetration of smart labels in the retail sector is identified as a key driver propelling the growth of the smart labels market.

The smart label market is witnessing a prominent trend driven by technological advancements, with major companies in the sector actively embracing new technologies to solidify their market presence. A noteworthy example occurred in January 2023 when Pod Group, a UK-based connectivity solutions provider, collaborated with Sodaq, a Netherlands-based IoT specialist, and Lufthansa Industry Solutions, a Germany-based software company, to launch a commercial smart label tracking device. This innovative device, designed for tracking small and lightweight items in the logistics industry, leverages low-power cellular 5G connectivity standards. The device efficiently transmits data, including location and temperature, to a centralized dashboard, ensuring a lightweight label battery with optimized battery life lasting up to six months.

Major companies in the smart label market are actively engaged in developing advanced solutions, such as intelligence-driven labeling solutions, to navigate global label management complexities and enhance market profitability. An intelligence-driven labeling solution involves the use of advanced technologies to optimize product or information labeling processes. For example, in June 2023, IQVIA, a US-based provider of advanced analytics, introduced RIM Smart Labeling, an intelligence-driven labeling solution tailored for the life sciences industry. This platform streamlines global label management by consolidating regulatory label planning, tracking, and execution into a unified system. RIM Smart Labeling utilizes regulatory intelligence for both global and country-specific labels, facilitates structured content management, and integrates reporting for comprehensive end-to-end visibility. This solution empowers life sciences companies to reduce costs, simplify workflows, and minimize manual efforts.

In October 2021 further underscores the dynamic nature of the smart label market. Barcodes Inc., a US-based provider of barcode, mobile computing, and RFID solutions, acquired Smart Labels Solutions, a US-based company specializing in process engineering and Radio Frequency Identification (RFID). This acquisition enhances Barcodes Inc.'s product portfolio by incorporating RFID hardware, software, and SLS manufacturing, reinforcing its position and diversification within the RFID solutions domain.

Major companies operating in the smart label market report are Avery Denison Corporation, CCL Industries Inc., Checkpoint Systems Inc., Thin Film Electronics ASA, Alien Technology Inc., Zebra Technologies Corporation, SATO Holdings Corporation, Invengo Technology Pte. Ltd., Advantech Pvt. Ltd., Muehlbauer Holding AG & Co. KGaA, Smartrac N.V., Multi-Color Corporation, Intermec Inc., SML Group Limited, CGL Industries Inc., Centre for Process Innovation, PRAGMATIC SEMICONDUCTOR LIMITED, ShipBob Inc., UnitedMasters, Accroma Labtec Ltd., Smart Planet Technologies Inc., Adrich, Uwitechnology Ltd., Cypak AB, General Mills Inc., PepsiCo Inc., Mondelez International, The Coca-Cola Company, Unilever plc, William Frick & Company, Honeywell International Inc., Scanbuy Inc.

North America was the largest region in the smart labels market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global smart label market during the forecast period. The regions covered in the smart label market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the smart label market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The key components of smart labels encompass batteries, transceivers, microprocessors, memories, and other electronic elements. Batteries serve as the power source for operating electronic components within the label, including sensors, microprocessors, and wireless communication modules. Smart labels leverage various labeling technologies such as Radio Frequency Identification (RFID), NFC tags, Electronic Article Surveillance (EAS), sensing labels, and electronic shelf labels. These technologies are implemented using diverse printing methods such as flexographic smart labels, digital smart labels, gravure smart labels, and screen smart labels. Smart labels find applications across various sectors, including retail inventory and perishable goods, and are utilized in retail, healthcare and pharmaceuticals, food and beverages, consumer electronics, supply chain and logistics, transportation, and other industries.

The smart label market research report provides smart label market statistics, including smart label industry global market size, regional shares, competitors with a smart label market share, detailed smart label market segments, market trends, and opportunities, and any further data you may need to thrive in the smart label industry. This smart label market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The smart label market consists of revenues earned by entities by providing Dynamic Display Labeling, and electronic article surveillance labeling. The market value includes the value of related goods sold by the service provider or included within the service offering. The smart label market also includes sales of quick response codes, data-embedded barcodes, radio-frequency identification, and time temperature indicators which are used for providing smart label services. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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