Research Nester assesses the growth and market size of the global smart labels market which is anticipated to be on account of the higher waste generation from the food and beverage industry and the rising need to identify fake sellers of products.
New York – March 18, 2023 – Research Nester’s recent market research analysis on “Smart Labels Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the global smart labels market in terms of market segmentation by technology, end-user, and by region.
Growing Use of Smartphones to Promote Global Market Share of Smart Labels
The global smart labels market is estimated to grow majorly on account of the rising production of waste from the food industry. Globally, more than 29% of food is lost or wasted each year. QR codes enable food and beverage firms to communicate directly with their customers. QR codes enable food and beverage firms to communicate directly with their customers. These might be used to offer information about where food is grown, and where it is transported, and they may even provide detailed nutritional information that would not fit on a normal label. Moreover, in addition to QR codes, many firms use additional smart labels. Another option is the Time Temperature Indicator (TTI), which uses color-changing technology to illustrate how long a product has been in transit, whether it has been properly stored, and how much longer it has before expired.
Besides this, market growth is also expected on the account of growing need to protect consumers from fake product sellers and the rising use of smartphones. False sellers have a significant impact on practically every industry. According to the CDC, up to 41% of medications sold in low- and middle-income countries are counterfeit. Consumer goods are also at risk; every year, US Immigration and Customs Enforcement intercept millions of dollars in counterfeit items. In both cases, these counterfeit items pose a major risk to public health and safety. Furthermore, reading barcodes has become incredibly simple thanks to smart phones. As a result, a huge number of people can scan the barcode efficiently.
Some of the major growth factors and challenges that are associated with the growth of the global smart labels market are:
- Surge in Companies Initiatives
- Rising Demand for IoT Connected Devices
There is a huge risk of data theft or network breaches and the cost of these smart labels is also high are some of the major factors anticipated to hamper the global market size of smart labels. One of the major impediments highlighted is a lack of investment in digital printing services by traditional label printing companies. Given the high cost of sophisticated technologies, established businesses in the market continue to steer clear of spending money on them. Furthermore, hackers with unauthorized access to the system controlling the tags could obtain access to the data saved on the tags. This enables them to misuse the data, change or even erase it for harmful purposes.
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By end user, the global smart labels market is segmented into retail, healthcare & pharmaceuticals, food & beverages, consumer electronics, supply chain & logistics, and transportation. The retail segment is to garner the highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. People's increasing demand for e-commerce can be attributed to the segment's growth. In 2022, nearly 3 billion consumers are expected to make online transactions. As of January 2023, the world population is expected to be around 7 billion people. This means that more than 27% of individuals globally make internet purchases to suit their necessities. The developments and mergers of the e-commerce and m-commerce industries are pushing merchants to rethink their ideas and products, causing the global retail landscape to alter on a daily basis. A few years ago, the retail industry shifted to adopt RFID technology, which now accounts for the vast majority of labels and tags created.
By region, the North American smart labels market is to generate the highest revenue by the end of 2035. The market share of smart labels in North America is expected to expand on account of rising internet usage and increased use of smart labels in asset and product monitoring systems. It was estimated that there would be an additional 42 million internet users in North America between 2023 and 2028. The total number of consumers is expected to expand to around 497 million users in 2028, representing the fifth consecutive year of growth. Moreover, the growing use of smart labeling in product labels by manufacturers and retailers is expected to bring lucrative opportunities for the market in the region.
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This report also provides the existing competitive scenario of some of the key players of the global smart labels market which includes company profiling of Avery Dennison Corporation, Advantech Co., Ltd., Checkpoint Systems, Inc., Alien Technology, LLC, CCL Industries Inc., Multi-Color Corporation, Invengo Technology, Co., Ltd., Mühlbauer Group, Ensurge Micropower ASA, and Sato Holdings Corporation.
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