The smart labels market has witnessed significant growth owing to growing retail industry.

WILMINGTON, DELAWARE, January 29, 2024 /EINPresswire.com/ -- Rapid urbanization across the globe has led to an increase in the number of technological advancements and consolidation of industries. This is estimated to be the primary growth driver of the smart labels market in the analysis timeframe. the growing expanse of the e-commerce industry might create numerous growth opportunities in the market.

The smart labels market was valued at $9 billion in 2021, and is estimated to reach $39.2 billion by 2031, growing at a CAGR of 15.8% from 2022 to 2031.
In 2021, Asia-Pacific dominated the global smart labels market, in terms of revenue and LAMEA is expected to grow at a highest CAGR during the forecast period. Smart label, also called smart tag, is an extremely flat configured transponder under a conventional print-coded label, which includes chip, antenna, and bonding wires as a so-called inlay.

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Dynamics Of The Market:
The global smart labels market growth is driven by its ability to provide customers with detailed information about products using digital technology and smart devices. In addition, the increase in demand for smart labels is driven by its ability to provide real-time visibility of the product.

Moreover, the rise in demand for effective anti-theft devices, owing to security concerns contributes to the significant rise in the demand for market. Moreover, the prominent rise in consolidated industries and technological advancements proliferations associated with their significant use in applications, such as healthcare, & pharmaceuticals, logistics, retail inventory, food & beverages, and others, have further boosted the growth of the market.

Thus, the various features of smart labels including real-time location tracing, re-programmability, and simultaneous identification & detailed information are expected to fuel the demand of the global market in various industries during the smart labels market forecast period.

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The retail inventory segment to flourish immensely in the analysis period -
Based on application, the retail inventory segment accounted for the highest share in 2021, with around 70% of total market share. On the other hand, the perishable goods sub-segment is predicted to demonstrate the highest CAGR of 4.6% during the analysis timeframe. The increasing expanse of the food & beverage industry and its rising adoption of label sensing for tracking food products is predicted to help in the growth of the market.

The retail segment to create numerous growth opportunities by 2031 -
Based on end user, the retail segment was the most profitable sub-segment in 2021 and accounted for around 45% of the total revenue. On the other hand, the healthcare sub-segment is predicted to have the fastest CAGR of 23% during the 2022-2031 period. Growing adoption of smart labels in the healthcare industry for providing real time health monitoring updates is estimated to push the growth of this sub-segment.

Asia-Pacific held the highest share in 2021 -
Based on region, the Asia-Pacific smart labels market gathered the highest market revenue in 2021, with around 40% of total market share. However, the LAMEA smart labels market is expected to be the fastest growing with a CAGR of 23.6% during the analysis timeframe. Strategic alliances in the form of acquisitions by major companies of the market are projected to aid in the market’s growth.

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Top Players:
The major players profiled in the smart labels market report are Advantech, Alien Technology, AVERY DENNISON CORPORATION, CGL Industries Inc., Graphic Label, Inc., Invengo Information Technology Co., Ltd., Meuhlbauer Holdings AG & Co., SATO Holdings, Thin Film Technology and Zebra Technologies Corp.

David Correa
Allied Analytics LLP
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