Smart Label Market Size, Share, Growth Analysis, By Technology(Electronic Article Surveillance (EAS), RFID, Near Field Communication (NFC), QR Code), By End User(Retail, Food, Beverages, Healthcare & Pharmaceuticals), By Component(Batteries, Transceivers, Microprocessors, Others), By Region - Industry Forecast 2024-2031

Smart Label Market Driver

• The federal disclosure rule for genetically modified organisms (GMOs), which was established by the U.S. government, may be complied with using a smart label. The brands are required by this federal regulation to provide the product information in one of three different methods, including writing on the packaging, a symbol, or via a digital connection like a smart label. Through digital disclosures, buyers can learn more about the product than they might from a word or symbol.

To forecast how SmartLabel would be adopted in the future by the industry, GMA conducted member polls. 36 businesses joined the project at the start, promising to label around 34,000 products on the market by the end of 2017. 48 additional businesses agreed to join the initiative, but they required more time to create an implementation schedule.

• Due to the rising use of digital services, there is a growing need for reliable anti-theft devices and product identification, which is what is largely driving the growth of the global market. According to studies, digital transformation and a focus on the customer experience may result in a 20–30% rise in customer satisfaction and a 20–50% boost in economic growth. The industry is also expected to grow as a result of more corporate mergers and acquisitions and technological advancements in intelligent goods.

Smart Label Market Restraint

• One of the main barriers found is traditional label printing firms' underinvestment in digital printing services. Due to the high cost of such systems, traditional market actors are still hesitant to invest in them. This can hinder the growth of the global smart label market.
• Despite the fact that smart labels with embedded chips are very useful for business and industrial applications, they do have several drawbacks, including a lack of universal applicability, safety issues, and an inability to survive extreme weather. These restrictions might seem commonplace, but they might prevent the global smart label market from expanding. The smart labels must face the sun when used for shipping, and when exposed to sunshine, the solvents used to print on the smart labels dissolve, dissolving the printing on the labels.