Published Date : 15 Feb 2023
The global internet of packaging market size was estimated at USD 21.84 billion in 2022 and it is expected to hit around USD 47.8 billion by 2030, poised to grow at a CAGR of 10.29% between 2022 and 2030.
The packaging business is seeing disruption from technology, just like all other sectors. Businesses may integrate a variety of technologies across the value chain to automate activities and obtain a better understanding of consumer behavior. These technologies include machine learning, robots, and cloud computing. Players in the packaging sector that are under pressure to keep up with the rate of technological development face a substantial problem in navigating these technologies and comprehending how they might be advantageous.
E-commerce has benefited greatly from COVID-19. Consumers stay at home and place online orders as worldwide lockdowns and restrictions persist. For packaging businesses to properly serve their clients, these developments must be kept up with. The brand experience moves from storefronts to websites and packaging as consumer purchasing changes online. Digital twins offer a real-time link between the physical world and its virtual representation by continuously integrating data and information acquired at the edge.
Packaging producers may utilize this to comprehend the state of their assets, estimate the effects of supply chain interruptions through simulations and future scenarios, and offer a snapshot for planned maintenance. Digital twin complexity varies. They might be as simple as providing 2D or 3D models of a straightforward component or as complex as providing fully integrated and extremely precise representations of an entire asset or facility.
Packaging makers can stay on top of quickly evolving events like COVID-19 thanks to digital twins. Manufacturers of packaging may see the full supply chain.
Internet Of Packaging Market Report Scope
|Market Size in 2023||USD 24.08 Billion|
|Market Size in 2030||USD 47.8 Billion|
|Growth Rate||CAGR of 10.29%|
|North America Region Revenue Share In 2021||40%|
|Largest Market||North America|
|Forecast Period||2022 To 2030|
|Segments Covered||By Technology Deployed Type and By Industry Verticals|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America and Middle East & Africa|
In the projected year and the following years, there are promising chances for the internet of packaging market to flourish in the North American and European regions. The early acceptance of technical discoveries and developments is to blame for this. Additionally, the existence of strict government rules regulating the packaging of food and beverages is boosting market demand in these areas. NFC (Near Field Communication) integration is a cutting-edge technology that is greatly enhancing the creation of smart medication labels in the pharmaceutical industry.
The digital identification of pharmaceuticals is also helping to drive the market expansion now and in the approaching years due to the widespread use of digital technology in practically every industry in these areas. Dosing guidance, internal logistics process optimization, and brand identity protection are a few examples of Internet of packaging technologies that offer ease to a variety of patients in these areas.
Due to greater patient compliance during the treatment cycle, which can be successfully tracked thanks to the Internet of packaging technology, the market demand is also being driven by rising health expenditures, a high prevalence of chronic diseases, and a growing elderly population. The ability of intelligent or smart packaging to be used in drug compliance presents a growth potential for the market in the years to come.
Growing worries about lowering package costs while enhancing logistics management, inventory efficiency, customer service, trademark protection, and branding are major factors driving the growth of the worldwide Internet of the Packaging market. The consumer is sent to a landing page with the necessary product information by scanning the smart code. More information than what can be printed on a package is contained in the code.
Top companies are seeking more and more for methods to communicate with customers through their packaging, and special codes provide them with that ability while also boosting connection and customer interaction. Additionally, the Internet of Packaging helps to improve production monitoring across the supply chain and has the ability to identify whether a product has been opened or tampered with in certain ways, all of which are anticipated to further accelerate revenue development.
The expansion of the worldwide Internet of Packaging market is severely constrained by a number of adverse elements, such as costly hardware, software, and training costs to integrate into the current supply chain.
The disruptions of sensors or devices attached to packaging owing to other reasons including damage from incorrect handling and environmental conditions may in turn limit market growth to some extent. Security and data privacy issues are also a worry because the Internet of Packaging technologies may be used to capture sensitive nonpublic information from clients, which might further restrain market revenue development.
Companies are using innovative packaging and graphics to engage with customers and create dynamic points that enable them to provide relevant product information, resulting in highly personalized marketing. As client relationships become more important, this trend will likely continue to create lucrative business opportunities for both established players and fresh competitors in the global market. Future market growth is also anticipated to be fuelled by the use of technologies like blockchain that can stop fraud, promptly address safety violations, and secure data.
The primary problem impeding the expansion of the Internet of the packaging industry is the high cost of internet packaging solutions in comparison to traditional packaging solutions. The development of the Internet of packaging market trend is being constrained by growing worries about the conditions and application of several legislation and standards surrounding the use of plastics for packaging sectors.
Identiv, Inc. collaborated with OTACA Tequila in October 2021 to allow near-field communication (NFC) for product provenance, authentication and transparency, brand identification, and customer loyalty on smart packaging. Thanks to Identiv's best-in-class NFC transponders, consumers and brands are linked in an Internet of Things (IoT) environment where customer interaction is present at every digital touchpoint.
To improve operations, Stora Enso, located in Finland, for collection of data through IoT enabled technology from production lines. The expert in paper packaging put sensors on the hand valves in its operations in late 2018. To provide the production staff with an overview of the company piping system, the sensors transmit data to each company control system.
Major Key Players
By Technology Deployed Type
By Industry Verticals
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