Adoption of IoT continues to grow at an extraordinary pace. According to data from Transforma Insights, the number of IoT-connected devices is expected to jump from 16.1 billion in 2023 to nearly 40 billion by 2033. Smart labels, which effectively transform any item into an IoT device, are also primed to see a similar surge in adoption; the smart label market is projected to expand from $14.1 billion in 2024 to over $64 billion by 2034.