The market for smart labels is projected to grow from USD 4.45 Billion in 2016 to USD 10.03 Billion by 2021, at an estimated CAGR of 17.65%. The market for smart labels is growing due to increasing demand in industries such as retail, healthcare, FMCG, packaging, construction, and automotive. Along with the same, the need for automated and streamlined operations in the enterprises has fostered the market for smart labels.
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RFID labels are highly preferred to maintain the synchronized supply chain management and inventory management systems in the organization. Due to the traceability property of RFID labels, they are used in a variety of end-use industries such as automotive, retail, healthcare, manufacturing, and FMCG. Combined with an asset tracking software program, RFID labels are the foundation for a synchronize process of repairs, maintenance, and inventory control for enterprises. In addition, RFID labels are very crucial label types when it comes to maintaining the true authenticity of products.
Smart labels market is segmented on the basis of application into electronics & IT asset, equipment, retail & inventory tracking, pallets, perishable goods, and others. Retail & inventory tracking segment accounted for the largest share of the application segment. The perishable goods segment is projected to grow at a highest CAGR during the forecast period. Changes in temperature, oxygen, carbon dioxide, and other environmental factors could degrade the quality of the perishable goods; therefore, smart labels, especially sensing labels, are preferred heavily in the food & beverages and healthcare industries.
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On the basis of key regions, the market for smart labels is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). The low labor costs, excellent industrialization, a huge scope for FDI, emerging economic conditions, and an excellent hold on industries such as automotive, retail, manufacturing, construction, and healthcare have played a key role in the growth of the market for smart labels in the Asia-Pacific region.
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