LONDON, March. 2, 2017 /PRNewswire/ -- The global smart label market is expected to reach USD 16.12 billion by 2025, according to a new report by Grand View Research, Inc. Installation of efficient anti-theft and anti-counterfeit system in several end-user industries is projected to propel the demand. Constant research and innovation efforts to design advanced and application specific products are expected to be the key trend in the global smart label market over the next few years.
Rapid urbanization and rise in disposable income of consumers have propelled key end-user industries such as retail, FMCG, and healthcare & pharmaceutical in Asia Pacific in the recent past. Growing economic trends in China, India, Japan, South Korea, and South East Asian countries have created lucrative opportunities in the smart label market.
Usage of smart label helps companies to prevent key issues such as theft, shop lifting, and counterfeit. Thus, emerging presence of key retail and manufacturing industries in developing regions is projected to accelerate the growth of smart label market in the next few years.
Further key findings from the report suggest:
- The global market for smart label was valued at around USD 4.21 Bn in 2015 and is expected to reach over USD 16.12 Bn by 2025, growing at a CAGR of 14.7% from 2016 to 2025
- RFID labels accounted for over 60% of global volumes in 2015, and is expected to grow over the next nine years on account rising demand in retail sectors
- In terms of components, batteries segment was estimated to dominated the global smart label market in 2015
- Retail inventory accounted to be the largest application segment in 2015, accounting for over 22% of the global smart label market volume owing to excellent real time tracking efficiency
- Perishable goods application segment is anticipated to exhibit promising trend by expanding at the fastest CAGR from 2016 to 2025 due to rising use in medication management and medical instruments
- Retail is expected to be the highest revenue generating end-user segment of the smart label market growing at a double digit CAGR of over 14% from 2016 to 2025, owing to improved supply chain efficiency obtained from smart label
- Asia Pacific is projected to witness the fastest growth rate over the forecast period, owing to promising trend in retail and FMCG industries in developing countries
- Avery Dennison Corporation, CCL Industries, Inc, Zebra Technologies Corporation, Alien Technology Inc, Intermec Inc, Checkpoint Systems, Inc are some of the key players operating in smart label market
The major smart label manufactures are focusing to enhance their presence in emerging BRIC counties through introduction of new products and capacity expansion
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