E-Commerce Drives Growing Smart Labels Market The global smart labels market is projected to record a Compound Annual Growth Rate of 13 percent from 2019 to 2029, according to a new report from Future Market Insights. Gains remain driven by growing need for inventory and logistics management solutions, es- pecially in the healthcare industry. Adoption of smart labels has also witnessed a sharp increase in the food industry,as demand for product authentication and abil- ity to enhance food safety and reduce food waste con- tinues to surge. Being Smart Use of connected packaging solutions such as smart labels enables end users to gain access to all traceable information across the supply chain. Moreover, smart labels allow them to follow a wide range of products from conception to shelf,which in turn, is projected to boost the demand substantially. Significant growth of the e-commerce sector coupled with increasing use of communicative & connected packaging is bolstering the demand for smart labels across the globe. Retail industry has been identified as the key end user of smart labels, as the sector generates constant demand to ensure product authenticity.
The study reports that demand for RFID and EAS la- bels is expected to grow at a CAGR of 14 percent and 13 percent, respectively, during the predefined time- frame. This growth can be attributed to their rising application in inventory management, asset tracking, goods distribution, and record tracking. Modern consumers demand more engaging features on the packaging, which give accurate information on product quality and other relevant information.This in turn is expected to boost the sales of smart labels in the foreseeable future. Smart labels based on RFID technology continue to witness higher demand as compared to EAS and elec- tronic shelf labels. RFID labels are highly preferred as they not only aid in ensuring consumer safety but also enhance brand integrity. “Smart labels and tags act as the first communicators of a brand, and can influence the retail experience in a multitude of ways,” said a Future Market Insights an- alyst. “As consumers’ demand for connected packag- ing grows, companies are leveraging smart labels to ensure protection of products from tampering, adul- teration, and counterfeiting, in addition to simplifying the process in supply chain. Authenticity, traceability, and security attributes provided by smart labels are ex- pected to bolster the sales in the near future.”
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Flexo Market News November 11, 2019 11
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