A smart label, also known as a smart tag, refers to a product identification technology that offers enhanced functionality as compared to the conventional bar code. In addition to product identification data, it carries information regarding the ingredients, manufacturer, and date of manufacturing. Furthermore, it helps in minimizing human errors by providing better traceability, automated reading, rapid and simultaneous identification, real-time location tracking, and re-programmability for a wide range of items. Nowadays, smart labels, such as QR codes, are being used by companies to offer customers a more seamless experience while shopping and interact with them after the initial purchase has been made.
The latest report by IMARC Group, titled “Smart Labels Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, finds that the global smart labels market size reached US$ 6.6 Billion in 2018.
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Global Smart Labels Market Trends:
The applicability of smart labels in a wide range of industry verticals is one of the primary factors driving the market growth. In the healthcare sector, these labels aid in monitoring the use and disposal of drugs and controlling the inventory. They are also being used in assisted living facilities to track the location of patients, their body temperature and the dampness of dressings or diapers. Besides this, these labels offer enhanced and controlled inventory management for efficient tracking of goods by ensuring the supply-chain integrity in the logistics industry. Along with this, there has been a boost in demand for smart labels among e-commerce companies to reduce reliance on handheld scanners for extracting information on products, increase time efficiency, and reduce training and labor costs. Apart from this, smart labels containing inbuilt alarms are useful in eliminating or lowering the number of theft and shoplifting incidents. Furthermore, with the advent of the Internet of Things (IoT) technology, several companies are creating sensors that can be printed on smart labels at a lower cost as compared to silicon sensors. Looking forward, the market value is projected to reach US$ 13.2 Billion by 2024, expanding at a CAGR of 12% during 2019-2024.
Market Summary:
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