The global smart labels market was valued at USD 5,776.7 million in 2018 and is expected to reach USD 17,497.7 million in 2026, growing at a CAGR of 14.9% during the forecast period.
According to the US Department of Defense (DOD) and the Food and Drugs Association (FDA), in 2018, there were 566 million units of smart labels were sold in the US which worth around USD 1.8 billion. Growing demand for effective anti-theft devices, due to security concern of the enterprises focuses on the significant rise in the demand for the global smart labels industry.
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Lack of human intervention, installation of efficient anti-theft and anti-counterfeit system in several end-user industries, and protection against theft, loss, and counterfeiting are the main drivers for the market growth of the global smart labels market over the forecast period. Moreover, the Increasing demand in logistics, technological advancements in printed electronics and the development of new technologies such as electronic shelf/dynamic display labels are expected to enhance the market size. This also expected to open investment opportunities in the global market for the manufacturers in the coming years.
However, volatile prices of raw materials and lack of standards are expected to hamper the growth of the global smart labels market during the forecast period. Moreover, reducing the cost of printed electronics and reflection and absorption of RFID signals by metallic and liquid objects are the prime challenges in the global smart labels market throughout the forecast period.