Global $9.7 Bn Smart Labels Market, Forecast to 2025 - ResearchAndMarkets.com
Summary
Rapid technological advancement and rising digitally literate and tech-savvy populations are major demand drivers of the market Big Data, Internet of Things (IoT), digital printing innovations are some of the illustrations of technological upgradations that are leading the growth of the smart print labels market. Rising sales of electronic goods and growing awareness regarding consumer rights is a major reason for the success of this market. E-commerce giants such as Amazon, and retail stores like Walmart, are employing smart labels to manage their supply chains and logistics. Mergers and Acquisitions are also taking place in this market to help companies remain competitive in the rising demand scenario. For instance, in 2019, Avery Dennison acquired an RFID (Radio-frequency identification) Division of Smartrac to supplement its smart tags or labels product portfolio.