Swift 4 Answer who are using Constraint
label.text = "Hello World"
var rect: CGRect = label.frame //get frame of label
rect.size = (label.text?.size(attributes: [NSFontAttributeName: UIFont(name: label.font.fontName , size: label.font.pointSize)!]))! //Calculate as per label font
labelWidth.constant = rect.width // set width to Constraint outlet
Swift 5 Answer who are using Constraint
label.text = "Hello World"
var rect: CGRect = label.frame //get frame of label
rect.size = (label.text?.size(withAttributes: [NSAttributedString.Key.font: UIFont(name: label.font.fontName , size: label.font.pointSize)!]))! //Calculate as per label font
labelWidth.constant = rect.width // set width to Constraint outlet