The North America Smart Labels Market would witness market growth of 14.7% CAGR during the forecast period (2024-2031).
The US market dominated the North America Smart Labels Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $8,572.9 million by 2031. The Canada market is experiencing a CAGR of 17.2% during (2024 - 2031). Additionally, The Mexico market would exhibit a CAGR of 16.2% during (2024 - 2031).
Smart labels are advanced labelling solutions that incorporate technology to enhance functionality beyond traditional labels. They often use technologies like RFID (Radio-Frequency Identification), NFC (Near Field Communication), or QR codes to provide additional information and interactivity. These labels find applications across various industries, enhancing efficiency and improving user experiences.
These labels enable hospitals and healthcare facilities to track medical equipment and supplies in real time. This reduces loss and ensures that critical items are always available when needed, enhancing patient care and operational efficiency. In the food and pharmaceutical industries, these labels equipped with temperature sensors monitor the conditions of products throughout the supply chain. This ensures that items like vaccines and fresh produce are stored and transported at optimal temperatures, maintaining their integrity and safety.
The rise of smart devices in Canada encourages the adoption of these labels that can integrate with electronic products. This integration allows for features such as automated updates, diagnostics, and enhanced user interaction, driving further demand for smart labelling solutions. According to the Government of Canada, in 2021, manufacturing revenues from the computer and electronic industry reached $15.5 billion compared to $14.4 billion in 2020, an increase of 8.1%. Total revenues were $17.9 billion in 2021, increasing from $16.3 billion in 2020. The growth of e-commerce in Mexico drives the need for efficient inventory management and fulfilment processes. Smart labels enable real-time product tracking, reducing order fulfilment errors and improving delivery times for online retailers. International Trade Administration (ITA) to be worth USD 26.2 billion in 2022, a 23 percent growth from 2021. Mexico is ranked in the top five in terms of global e-commerce retail growth rate. In 2022, there were 63 million Mexicans using e-commerce, a 5.5 million increase over 2021. Thus, the expansion of the region's electronics manufacturing and the e-commerce sector is driving the market's growth.
Free Valuable Insights: The Smart Labels Market is Predict to reach USD 43.5 Billion by 2031, at a CAGR of 15.5%
Based on Component, the market is segmented into Batteries, Transceivers, Memories, Microprocessors, and Other Component. Based on Application, the market is segmented into Retail Inventory, Perishable Goods, Electronic & IT Assets, Equipment, Pallets Tracking, and Other Application. Based on Technology, the market is segmented into RFID Labels, EAS Labels, Electronic Shelf/Dynamic Display Labels, Near Field Communication (NFC) Tags, and Sensing labels. Based on End Use, the market is segmented into Retail, Fast Moving Consumer Goods (FMCG), Logistic, Healthcare & pharmaceutical, Automotive, Manufacturing, and Other End Use. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
By Component
By Application
By Technology
By End Use
By Country
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