December 8th, 2022
Blockchain Based Solutions For Security Labels Market accounted for US$ 22,000.2 million in 2019 and is anticipated to register a CAGR of 14.3%.Augmented reality label technology can be considered as the future of security labels, as many security label manufacturers are focused on developing augmented reality security labels to prevent counterfeiting. For instance, Digital Mark, a U.S.-based company, is developing AR label technology to combat fraudulence.
The report "Global Blockchain based solutions for security labels Market, By Identification Method (Bar code, Radio Frequency Identification and Holographic), By End-Use Industry (FMCG, Automotive, Retail, Consumer Electronics and Healthcare), and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) - Trends, Analysis and Forecast till 2029”.
· In May 2019, leveraging SAP’s blockchain, Coke One North America (CONA) increased the efficiency and transparency of the gargantuan supply chain. CONA expects to reduce the duration of order-reconciliation from months to just days since it will now be able to view all transactions made by different bottlers on a distributed ledge.
· In September 2018, Chain has been acquired by Lightyear, a subsidiary of the Stellar Development Foundation, to form the combined company called Interstellar. The companies have joined forces to develop enhanced cryptographic ledgers to make financial services smarter, more secure, and more connected.
· In March 2017, FIR-Gmov Ltd started the development of the world’s first anti-counterfeit system equipped with 3D label technology. With this platform, end users can easily distinguish between authentic and counterfeit products. The company is planning to partner with multiple 3D label manufactures in 2020 to offer secure labelling solutions across the North America market.
Counterfeiting may be a significant concern across the worldwide food and beverage industry, specifically the alcohol industry, and beverage companies worldwide lose over billions of revenue. For instance, alcohol companies in Europe are losing sales revenue of around US$ 3.5 to 4 billion per annum due to counterfeiting of wines and spirits. Advance packaging, which incorporates smart security labeling, can help consumers to see the authenticity of the beverage. This is able to provide consumers with genuine products and enhanced revenue for beverage companies. As a result, companies are implementing smart labeling solutions for alcohol packaging. For instance, Adelphi, a Scotland-based alcohol manufacturing company, has adopted block chain-verified security labeling for its limited-edition single malt bottles. The authenticity of the bottle is often confirmed by scanning the QR code labeled on the neck of the bottle. Furthermore, Beer brand downstream, a beer company, has implemented QR code labeling which is an integral a part of their bottle aesthetic.
The increasing acceptance of blockchain for payments in the retail sector is likely to garner the demand during the forecast time period. Numerous retailers and their suppliers have opted to use blockchain to simplify transactional processes and reduce additional expenses. UMT AG, the financial services company based in Germany, entered into an agreement with blockchain specialist Coinsilium to explore the use of blockchain technology in its service areas for retailers concerning B2C payments. Further, online retailers, such as Etsy, have accepted the use of bitcoins for payments. These transitions are anticipated to fuel the blockchain in retail market growth during the forecast timeframe.
Key Market Insights from the report:
The global blockchain based solutions for security labels market accounted for US$ 22,000.2 million in 2019 and is anticipated to register a CAGR of 14.3%. The market report has been segmented on the basis of identification method, end-use industry, and region.
· Depending upon end-use industry, the FMCG segment is projected to grow at highest CAGR over the forecast period. Food and beverage industry is most prone to food fraud and affected the health and safety of the consumer. Therefore, the F&B industry manufacturers are using smart labels, as it helps to track the deliberate tampering, adulteration, and misrepresentation of food, which poses risk to consumers.
· By region, North America held dominant position in the global Blockchain Based Solutions for Security Labels market in 2019 and is projected to retain its dominance throughout the forecast period, owing to product developments done by the Security label companies in North America.
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The prominent player operating in the global blockchain based solutions for security labels market includes 3M Company, Avery Dennison Corporation, CCL Industries Inc., Honeywell International Inc., UPM Raflatac, Inc., OpSec Security, Inc., Tesa SE, Brady Corporation, Covectra, Inc., and Mega Fortris (Malaysia) Sdn. Bhd.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
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