Smart Labelling In Logistics Market, 2024The smart labelling in logistics global market report 2024
Market Size – The smart labelling in logistics market size has grown strongly in recent years. It will grow from $6.37 billion in 2023 to $6.74 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to the enhanced need for compliance with traceability and safety regulations, increased complexity in supply chains necessitated advanced labeling solutions, adoption of automated systems for more accurate and efficient labelling, growth in consumer expectations for transparent product information, expansion of global trade requiring standardized and reliable labeling systems, efforts to reduce operational costs drove improvements in labeling efficiency.
The smart labelling in logistics market size is expected to see strong growth in the next few years. It will grow to $8.44 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to enhancement in smart labeling through the Internet of Things (IoT) for real-time tracking, AI and machine learning, sustainability initiatives, blockchain technology, and personalization trends. Major trends in the forecast period include IoT integration, AI and machine learning, personalized labeling, advanced analytics, and augmented reality (AR).
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Scope Of Smart Labelling In Logistics MarketThe Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Smart Labelling In Logistics Market Overview
Market Drivers -The expansion of Internet of Things (IoT) integration is set to propel the growth of smart labels within the logistics market in the upcoming years. IoT integration involves connecting and coordinating various IoT devices and systems to facilitate seamless data exchange and automation. This increase in IoT integration can be attributed to advancements in technology, enhanced connectivity, reduced costs of IoT devices, and a rising demand for smart solutions across different industries. Smart labels enhance IoT integration by offering real-time data and seamless connectivity for the tracking, monitoring, and management of goods throughout the supply chain. For example, in September 2022, a report from Ericsson, a Sweden-based telecommunications company, indicated that global IoT connections reached 13.2 billion in 2022, with projections suggesting an increase of 18% to 34.7 billion connections by 2028. Thus, the expansion of IoT integration is expected to drive the growth of smart labels in the logistics market through 2024 and into 2028.
Market Trends – Major companies operating in the smart labels in the logistics market are focusing on developing advanced solutions such as unified visibility platform-based labeling to improve supply chain efficiency and accuracy. Unified visibility platform-based labeling refers to a system that integrates and provides comprehensive, real-time tracking and management of goods across the supply chain through a single, unified interface. For instance, in May 2024, Roambee Corporation, a US-based supply chain visibility and intelligence provider, launched a 5G global positioning system (GPS) smart label with a peel-and-ship design measuring 4 inches by 6 inches. This advanced label utilizes 5G technology, GPS, and sensors calibrated by the National Institute of Standards and Technology (NIST) to monitor environmental factors including temperature, humidity, shock, and light, providing exceptional real-time visibility for shipments. It functions similarly to a barcode, allowing users to easily scan the label for shipment information without requiring complex infrastructure such as printers. The smart label seamlessly integrates with Roambee’s unified visibility platform, delivering accurate insights into the estimated time of arrival (ETA), shipment quality, and security throughout the entire supply chain.
The smart labelling in logistics market covered in this report is segmented –
1) By Product: Radio Frequency Identification (RFID) Labels, Near Field Communication (NFC) Labels, Electronic Shelf Labels (ESL), Other Products
2) By Component: Hardware, Software, Services
3) By Deployment Type: Cloud-Based, On-Premises
4) By Company Size: Small And Medium-Sized Enterprises (SMEs), Large Enterprises
5) By Application: Inventory Management, Asset Tracking, Parcel Tracking And Delivery, Cold Chain Monitoring, Other Applications
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Regional Insights – North America was the largest region in the smart labelling in logistics market in 2023. The regions covered in the smart labelling in logistics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies – Major companies in the market are Oracle Corporation, Honeywell International Inc., 3M Company, NXP Semiconductors N.V., Avery Dennison Corporation, Zebra Technologies Corporation, CCL Industries Inc., Toshiba Tec Corporation, Cognex Corporation, Sato Holdings Corporation, Checkpoint Systems Inc., Mimaki Engineering Co. Ltd., Impinj Inc., Identiv Inc., Barcodes Inc., Alien Technology LLC., Roambee Services Private Limited, William Frick & Company, Scanbuy Inc., Thin Film Electronics ASA, SMARTRAC TECHNOLOGY GmbH, KSW Microtec AG, Invengo Information Technology Co. Ltd, TSC Auto ID Technology Co. Ltd.
Table of Contents 1. Executive Summary2. Smart Labelling In Logistics Market Report Structure3. Smart Labelling In Logistics Market Trends And Strategies4. Smart Labelling In Logistics Market – Macro Economic Scenario5. Smart Labelling In Logistics Market Size And Growth…..27. Smart Labelling In Logistics Market Competitor Landscape And Company Profiles28. Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
- Appendix
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