Global Smart Labels (RFID, EAS, ESL, NFC) Market to 2023

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Nov 06, 2018, 14:45 ET

DUBLIN, Nov. 6, 2018 /PRNewswire/ --

The "Smart Labels Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023" report has been added to ResearchAndMarkets.com's offering.

The global smart labels market reached a value of US$ 5.9 Billion in 2017. The market is further projected to reach US$ 11.7 Billion by 2023, exhibiting a CAGR of 12.1% during 2018 - 2023.

Smart labels act as an innovative label through which anyone can track information about a product through their smart devices. These smart labels not only carry information about the product and the ingredients used in it but also provide information about manufacturers, date of manufacturing and other crucial information. Different industries are currently using smart labels, such as manufacturing, food and beverage, healthcare, automotive, retail, security, FMCG, etc. These smart labels also offer smart traceability of a product and help in maintaining its authenticity. A number of factors are currently driving the market for smart labels.

Industries such as logistics and transportation are greatly benefiting from smart label technology as smart labels help in attaining higher levels of productivity and accuracy in delivery. Moreover, smart labels also help in enhancing inventory management and product information. Smart labels carry significant advantages over barcode-only labels that simply cannot provide the same level of accuracy, readability and the depth of information.

In the retail segment, companies are strongly benefiting from smart label technology. For instance, large global retailers along with their suppliers are experiencing better product tracking and inventory management. Organizations are able to achieve huge time savings, which is also leading to reduced labor costs as companies no longer have to rely on a handheld scanners to extract information on products.

Shopkeepers and manufacturers have also benefited from smart label technology as they are extremely efficient in reducing shoplifting and theft. They also aid in strategies to prevent criminals from breaking into drug stores to access prescription drugs. All these products can be easily tracked and monitored using smart tags. This advantage can also be achieved inside the warehouse environment to decrease product theft on the back-end segment of the business.

There is an increasing awareness in the industry about counterfeiting and smart labels are playing a major role in reducing counterfeit attempts in all type of products.

Market Summary:

Based on the technology, the market has been segmented into (Radio-Frequency Identification) RFID, Electronic Article Surveillance (EAS), Electronic Shelf Label (ESL), Sensing Label and Near Field Communication (NFC). Currently, RFID dominates the market, holding the largest share.
Based on the component type, the market has been segmented as Batteries, Transceivers, Microprocessors, Memories and Others.
Based on the end-user, the market has been segmented as Retail, Logistics and Transportation, Healthcare, Food and Beverage, Aerospace, Data Centers and Libraries, and Others. Currently, the Retail segment dominates the market, holding the largest share.
Region-wise, the market has been segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Amongst these, North America is the leading market, accounting for the majority of the global share.

Companies Mentioned

Avery Dennison Corporation
CCL Industries Inc
Checkpoints Systems Inc.
Zebra Technologies Corporation
Intermec Inc.
Invengo Information Technology Co Ltd
Sato Holdings Corporation
Thin Film Electronics ASA
Smartrac N.V.
Muehl

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SOURCE Research and Markets