According to the business intelligence report titled ‘Global Smart Labels Market Size study, by Labelling Technology (RFID, NFC Tags, EAS, Sensing Labels, Electronics Shelf Labels) Printing Technology (Flexographic, Digital, Gravure, Screen) End-Use (Healthcare, Automotive, FMCG, Logistics, Retail, Others) and Regional Forecasts 2020-2027’, available with Market Study Report, global smart labels market was worth USD 7.21 billion in 2019 and is estimated to record 17.68% CAGR over 2020-2027, subsequently reaching a valuation of USD 26.52 billion by the end of the forecast period.
 

As per the report findings, escalating demand for smart labels from the packaging industry is fostering the industry growth. Moreover, paradigm shift of FMCG as well as logistics industries from conventional bar code systems to smart labeling is accelerating global smart labels market expansion.
 

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Rapid development in various industries including manufacturing, healthcare, and retail, along with increasing investments by organizations towards improving anti-theft systems for preventing inventory damage is further boosting the industry growth. In addition, surging demand for automated labels such as EAS and RFID are enhancing the remuneration scope of global smart labels industry.
 

For those unaware, smart labels are flat configured transponders under a conventional print coded label that includes bonding wires, antenna, and chip. They are generally made of fibers, paper, and plastics. These labels are capable of providing real-time visibility of items and are adopted to minimize human interventions and errors.
 

Despite the positive outlook of the industry vertical, lack of uniformity in compliance standards and guidelines is expected to hinder market expansion in the forthcoming years.
 

Speaking of regional outlook, key contributors to global smart labels market value are North America, Asia-Pacific, Latin America, and Europe. Among these, North America holds a large portion of the overall market share and is expected to amass significant gains through 2027. Rapid infrastructural development and early adoption of advanced technology are fostering the regional market growth.
 

Meanwhile, Asia-Pacific smart labels market is touted to grow tremendously over the forecast period, owing to increasing establishment of manufacturing facilities and growing penetration of IoT technologies across various verticals.
 

Avery Dennison Corp., Honeywell International, Inc., Smartrac N.V., CCL Industries, Inc., SATO Holdings Corp., Zebra Technologies Corp., Checkpoint Systems, Inc., Muehlbauer Holding AG, Thin Film Electronics ASA, and Invengo Technology Pte. Ltd. are the top-tier organizations influencing global smart labels industry trends.