A smart label refers to an item or product identification slip containing advanced technologies than conventional bar code data. Smart Labels enables the consumers to get equipped with additional details with regards to wide range of beverage, food, household, pet care, and personal care products. These smart labels are made up from paper, fabrics or plastics and used as, electronic labels, printed labels, or chip labels. These smart labels are generally used to detect theft in libraries, shops and retail stores. choice The smart labels enables consumers to gain access to information with their preferred method such as visiting a website and scanning the product codes with the help of smartphone. Smart labels offer the reliable, fast product authentication at the retail store, pharmacist and even at hospital level with the help of office scanning equipment. The high tech tags and labels helps to increase accuracy and productivity along with the enhancement in the product information and inventory management. The major benefits provided by the smart labels include automated reading, high tolerance, re programmability, rapid identification, and the reduction in errors.
Due to the wide use of smart labelling, the manufacturers and logistics service providers can easily track their products and maintain data for their inventory management. The major driving factor that drives the smart label market is the reduced risk from theft and counterfeiting among retailers. Also the reduction in training cost, labor cost and the time savings are the other significant factors that drives the profitability of the global smart label market. One of the major restraints that restricts the growth of the smart label market is the high cost involved in replacing e-display. The compatibility of the smart labels with its interfacing devices also plays an important role in restricting the growth of the smart labels market. However, many companies or the major key players in the market have started investing in smart labels to enhance their anti theft systems to avoid any kind of revenue loss and damage to their inventories, that will further rise the requirement or demand over the forecasted time period.
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The global smart label market is segmented on the basis of components, technology, application, and geography. On the basis of components, the smart label market is segmented as batteries, microprocessors, transrecievers and others. On the basis of technology, the global smart label market is further segmented as RFID, Electronic Article Surveillance, Electronic Shelf Labels, Near Field Communication Tags, and others. RFID technology is further bifurcated into low frequency (LF), high frequency (HF) and ultra high frequency (UHF). On the basis of application, the global smart label market is segmented into retail, consumer electronics, apparel, transportation & logistics, warehousing, inventory management and others. Geographically, global smart label market can be segmented into North America, Europe, Middle East & Africa, Asia Pacific and Latin America. North America market is expected to have a significant market share due to the advanced technology growth, product tracking and distribution of consumer goods, followed by the Europe. Asia Pacific region is anticipated as an emerging growing market for the smart labels due to growing trends in inventory management and growing supply chain and logistics industry.