Smart Labels Market: By Component (Batteries, Microprocessors, Transceivers, Memories, Others), By Technology (RFID Labels, Electronic Article Surveillance (EAS) Labels, Sensing Labels, Electronic Shelf/Dynamic Display Labels, Near Field Communication (NFC) Tags), By Application (Retail Inventory, Electronic & IT Assets, Equipment, Perishable Goods, Pallets Tracking, Others), By End-User (Healthcare & pharmaceutical, Automotive, Logistic, Retail, Fast Moving Consumer Goods (FMCG), Manufacturing, Consumer Electronics, Others), and Geography              

The smart labels market size was valued at USD 13,928.1 million in 2023 and is poised to grow at a CAGR of 14.5%. The growth of the market is driven by the growing demand for supply chain transparency and efficiency, rising concerns about product counterfeiting, increasing focus on food safety and traceability, and government regulations. Asia-Pacific region is the largest market shareholder and is expected to witness the highest CAGR. Consumers are increasingly demanding to know where their products come from and how they are made. Smart labels can provide this information by tracking products throughout the supply chain. Counterfeiting is a major problem in many industries, and smart labels can help combat this by providing a way to verify the authenticity of products. Smartphones are becoming increasingly ubiquitous, and consumers are using them to access information about products more than ever before. Smart labels can be scanned with smartphones to provide consumers with additional information about products.

Growth of the Internet of Things (IoT) network of physical devices that are embedded with sensors and software, which allows them to collect and exchange data. Smart labels can be integrated with IoT devices to provide even more data about products, such as their location and condition. These are factors that are increasing the demand for the smart label and growth of the smart label market can be seen. However, the growth of the market is hindered by the following reasons, which are the high cost of implementation, lack of standardization, and privacy concerns.

Smart Labels Market Key Developments:

• In March 2023, Avery Dennison acquired Thermopatch, a leader specializing in labeling, embellishments, and transfers for the sports, industrial laundry, workwear, and hospitality industries, advancing the company's strategy to drive growth in external embellishments.
• In January 2023, Pod Group, in partnership with SODAQ and Lufthansa industry solutions (LHIND), launched a paper-thin tracking device in the form of a smart label, which will transform the logistics sector by allowing tracking of small and lightweight items.