The global smart label market value is expected to rise from US$ 8.0 billion in 2024 to US$ 21.1 billion by 2034. This estimated growth is expected to be driven by a promising CAGR of 10.30% in the smart label industry over the next decade.
Increasing cognizance about the myriad benefits of using smart labels, especially for businesses, like real-time inventory tracking, enhanced customer engagement, streamlined operations, and effective anti-counterfeiting, is a contributing factor for the smart label market.
Other factors like rising smartphone users, extensive intelligent label applications, and a surging count of relevant collaborations and partnerships, are also increasing the market size. Additionally, the increasing importance of resource conservation, rising awareness about packaged goods labeling, and concerns over paper waste are pushing market growth.
Continuous advancements in smart label technologies like smart sensors, Internet of Things (IoT), cloud computing, and RFID are additionally promising a healthy growth trajectory over the forecast period.
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“Industry participants are entering into unexplored geographies with high-growth potential and forming dedicated partnerships with regional distributors to increase their revenue,” says an analyst of Future Market Insights.
Key Takeaways from the Smart Label Market Report
- The smart label market generated a revenue of US$ 4.9 billion in 2018. The revenue score peaked at US$ 7.2 billion in 2023, as the market progressed at a CAGR of 7.4% during this timeline.
- By labeling technology, the RFID segment gained a total of 57.3% in 2024. The increasing popularity of this technology is maximizing the market share.
- Based on printing technology, the flexographic segment is anticipated to account for 39.5% in 2024. Extensive use cases of flexographic printing technology are propelling the segment’s growth.
- In North America, the United States smart label market is projected to record a CAGR of 6.9% over the forecast period.
- Germany is expected to be the torchbearer in the Europe smart label industry, expanding at a CAGR of 5.9% from 2024 to 2034.
- In Asia Pacific, India is emerging as a prominent player, with a growth rate of 8.7% through 2034.
Top Strategies Employed by Market Players to Get Ahead in Market Competition
Players are expected to cash in on the present business strategies like strategic partnerships, acquisitions, product enhancements, and others. Apart from this, the industry participants are constantly involved in investments associated with technological upgrades to refine their smart label technology. This strategy helps market players to elevate their product solutions and serve their customers in a better way.
Industry participants are also seen making their way into new territories for a wider customer base than before. They are displaying their products at exhibits to expose potential customers to their latest product offering. Leading players are also collaborating with distributors to strengthen their sales numbers.
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Recent Developments in the Smart Label Market
- Danavation Technologies Corp., a North America headquartered technology provider of tiny ePaper displays revealed in February 2023 that the firm has received new deals for four further installations of the latest digital smart labels. The company also mentioned the installments of digital smart labels in 10 locations in the United States and Canada since the beginning of 2023.
- CCL Industries Inc. announced that it acquired eAgile Inc., which is a provider of software and hardware solutions as well as RFID inlays combined in labels, in April 2023. The new firm provides RFID expertise to the entire organization and is a critical component of the Healthcare & Specialty division of the CCL Label.
Smart Label Industry by Category
By Labelling Technology:
- RFID
- NFC Tags
- EAS
- Sensing Labels
- Electronics Shelf Labels
By Printing Technology:
- Flexographic
- Digital
- Gravure
- Screen
By End Use:
- Healthcare
- Automotive
- FMCG
- Logistics
- Retail
- Others
By Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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