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The global smart labels market size is projected to reach USD 13.91 billion by 2026. Recent advancements in product manufacturing will have a positive impact on the growth of the market in the coming years. According to a report published by Fortune Business Insights, titled “Smart Label Market Size, Share & Industry Analysis, By Technology (Electronic Article Surveillance (EAS) Security, RFID, Sensing Labels, Near Field Communication Tag, and QR Code/2D Barcode), By End-User (Retail, Healthcare & Pharmaceuticals, Food & Beverages, Consumer Electronics, Supply Chain and Logistics, Transportation, and Others) and Regional Forecast, 2019-2026,” the market was worth USD 3.93 billion in 2018 and will exhibit a CAGR of 17.3% during the forecast period, 2019-2026.
Smart labels are an electronic tag that is used in labelling products in a retail store. It helps keep track of several aspects of the product such as temperature, humidity, and performance. It helps track the position of the object in the store. This factor helps maintain the count of the product and simplifies the tally process for the workers. Smart labels help in functional and performance testing. Through these products, retailers can store specific data with regard to content and quantity of the product. Recent technological advancements in smart labels have opened up a huge potential for the companies operating in the market. The increasing demand for smart labels and the growing product adoption, resulting from the high efficiency, will have a positive impact on the growth of the global market in the coming years.
SATO’s Collaboration with UNTUCKit to Have a Positive Impact on Market Growth
The report includes a few of the major industry developments of recent times and gauges their impact on the growth of the market. The high investments in product R&D will emerge in favor of the companies operating in the market. In January 2018, SATO announced that it will be collaborating with UNTUCKit for integrating a smart label in its products. The company states that through this collaboration, it plans to implement the RFID tag in its apparel portfolio. Both these companies are working on developing a new prototype that is based on data gathered through RFID chips. SATO’s latest collaboration with UNTUCKit will not only help the company grow, but will have a positive impact on the growth of the market in the coming years.
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Strict Laws on Product Information Display Will Create Several Growth Opportunities
The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the strict regulations imposed by governing authorities across the world, regarding the display of product content and info, have made the highest impact on market growth. Due to these laws, companies are compelled to make use of smart labels ill or most of their products. Moreover, technological advancements have certainly encouraged companies towards the use of smart labels.
Major Companies are Focusing on Mergers and Acquisitions
Major companies in the world are adopting mergers and acquisition strategy due to the recent success. The high potential held by smart labels across several regions has encouraged companies to acquire smaller and medium enterprises, with a bid to establishing a stronghold in the market. A few of the major companies that are operating in the global market include:
Further Report Findings:
The global smart labels market is segmented on the basis of:
2015 – 2026
2020 – 2026
2015 – 2017
Value (USD billion)