DELRAY BEACH, Fla., Jan. 20, 2025 -- The report "Smart Labels Market by Technology (RFID labels, EAS labels, NFC labels, sensing labels, others), Application (Retail & inventory tracking, pallet tracking), End-Use (FMCG, logistics, retail, healthcare), Component - Global Forecast to 2029", size is projected to grow from USD 11.43 billion in 2024 and is projected to reach USD 17.33 billion by 2029, at a CAGR of 8.7%. The demand for smart labels is expected to increase, as it is fast revolutionizing the benefits of traditional labels. These smart labels serve the simple recognition function not just as product identification but also as real-time data tracking, providing security, and allowing interactive consumer engagement. All these make smart labels a common solution for businesses that strive for increased operational efficiencies, verification of authenticity of products at the customer level, and deeper interactions with clients. The population and increasing income earnings will drive the demand in emerging markets to have better solutions for tracking products in real-time, along with inventory management.
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EAS labels accounted for the third largest share in the global smart labels market
EAS labels are used most commonly at retail stores in monitoring the goods and securing them, offering retailers a convenient means through which products can be secured without compromising customer shopping experiences. For instance, Walmart and Target place EAS labels on specified products, usually electronics, and apparel, to inform store employees in case a product is stolen or exits from the store without a proper checkout process. EAS labels work through the triggering of alarms each time the object passes detection gates during exits from stores, preventing shrinkage and loss. Thus, EAS labels are becoming more prominent and one of the fastest-growing sectors in the smart label market.
By application, pallet tracking accounts for the second largest share of the smart labels market
Pallet tracking helps in improving visibility and efficiency while conducting business through the supply chain. Tracking all pallets through the supply chain from warehousing to transportation is made possible for businesses that integrate smart labels in their supply chain using RFID tags. Tags provide real-time visibility, thus reducing the possibility of any errors or theft. Coca-Cola and Amazon have used RFID-based smart labels on their pallets to control inventory and improve warehouse operations and timely deliveries. With these smart labels attached to pallets, automated tracking occurs, which accelerates the load and discharge processes, minimizes human error, and generates data for potential improvements. The high demand for this application will keep increasing in the coming years.
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Retail accounts for the second-largest share of the smart labels market by end-use industry
Retailers are using smart labels like RFIDS & ESL to enable efficient inventory to handling & minimize manual inaccuracies. The real-time data to be collected can help in the proper stocking of products, proper space management, as well as strengthening the retailer chains. For instance, Walmart and Macy's have already adopted RFID-based smart labels in their operations to improve inventory management and reduce expenses. Smart labels make it easier for the retail sector to monitor its products' flow within the warehouses and from the distribution centers to the store shelves for customer fulfillment. Smart labels help in providing custom information relevant to customers by connecting with mobile apps or store kiosks. It is projected that with e-commerce continually expanding, an increase in the use of smart labels through the physical store and online store will enhance growth.
Europe accounted for the third largest share in the global smart labels market
The European region is regarded as having vast investment opportunities in smart label technology. The adoption at this time is lower in some of the less developed markets, but there is a trend of increasing interest in these regions, where the market is expected to expand in the future. The main area of implementation of smart label technology in European countries includes supply chain applications such as inbound and outbound logistics, assets, and traceability. Besides the supply chain, other industries such as manufacturing and distribution, retail and healthcare, and pharmaceuticals, chemicals, and automobiles are becoming significant smart label applications. Due to these various uses and growing demand across various sectors, the long-term potential of Europe is set to become the third-largest smart labels market.
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The report profiles key players such as Avery Dennison Corporation (US), CCL Industries, Inc. (Canada), Zebra Technologies Corporation (US), SATO Holdings Corporation (Japan).
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