Inventory Tags Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Inventory Tags Market Research Report, Technology , Materials, End-User and Region – Forecast till 2030” the market is projected to be worth USD 6.55 billion by 2030, registering a CAGR of 4.8% during the forecast period (2022 – 2030)., The market was valued at USD 5.17 billion in 2021.
List of the Key Companies Profiled in the Inventory Tags Market Report are –
- Tyco International Plc. (Ireland)
- Avery Dennison Corporation (US)
- Smartrac N.V. (The Netherlands)
- Checkpoint Systems Inc. (US)
- 3M Company (US)
- Brady Corporation (US)
- Alien Technology Inc. (US)
- Hewlett-Packard Company (US)
- Zebra Technologies Corporation (US)
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Inventory tags drive more value for partners and create new revenue streams for organizations while enabling brands to identify fast-moving products and ensure a greater return on their partnership/sponsorship investment. Moreover, inventory tags offer efficient solutions for retailers to control the increasing risk of organized retail crimes (ORC) and other forms of shrink, meeting all their loss prevention needs and improving sales & staffing.
In automotive industries, inventory tags help locate and deliver vehicles to customers quickly and as cost-effectively. By leveraging inventory tags GPS solutions on vehicles, automakers gain real-time visibility to every vehicle within its inventory with reduced delivery times & logistics costs and mitigated losses.
With the growing demand for innovative vehicle inventory management solutions, the market is projected to witness significant revenue gains over the next few years.
Automatic identification systems, comprising sensors, RFID tags & scanners, barcodes, QR codes, and have already transformed supply chains. Handheld or fixed position scanners and imagers generate real-time data that can improve supply chain visibility. Resultantly, enterprises continue to invest in inventory tags to leverage automated warehouse management solutions, especially in the backdrop of unprecedented labor shortages.
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Covid-19 Impacts on the Inventory Tags Industry
Onset of the COVID-19 pandemic hit the inventory tags industry severely. Although the demand from eCommerce sectors was significant amid the pandemic-driven crises, technology providers faced huge revenue losses. Besides, the lockdown mandates halted the production of several key components required to develop inventory tags, resulting in spiked prices and lowered market demand. The pandemic disruptions changed consumer buying patterns shifting them from in-store to online/virtual purchases.
However, the market is rapidly returning to normalcy and witnessing a steadily increasing demand. Moreover, rising uses of inventory tags, alongside the increased production activities and demand for storage and distribution applications, are estimated to offer robust market opportunities.
The market is segmented into technology, materials, end-users, and region. The technology segment is sub-segmented into RFID, barcodes, QR codes, and others. The material segment is sub-segmented into plastic, metal, paper, and others.
The end-user segment is sub-segmented into retail, industrial, logistics, and others. The region segment is sub-segmented into Americas, Europe, Middle East & Africa, Asia Pacific, and rest-of-the-world.
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Europe has been consistently dominating the global inventory tags market shares. Technological advances, alongside the rising implementations of advanced tagging techniques and warehouse management solutions, are key driving forces behind the inventory tags market growth. Besides, increased awareness about inventory tagging systems and rapid industrialization foster the region’s inventory tags market size.
The inventory tags market would witness significant strategic approaches, such as expansion, collaboration, mergers & acquisitions, and advanced technologies integration. Leading industry players invest strategically to drive their research and development activities and expansion plans.
For instance, recently, on Sep 15, 2021, RFID4U released an Android- and iOS-based RFID asset-tracking app – The TagMatiks, to address the gap in test RFID technology. The company has introduced a free app that can help test less than 100 UHF tags, making it fast and affordable for customers to determine how the technology works for tacking inventory or assets at their facilities.
The TagMatiks solution includes a free app based on different operating systems that users can download to their smartphone or laptop and use via a handheld reader and various tags to test RFID technology at their facilities.
Segmentation of Market covered in the research:
Inventory Tags Market Information by Technology (Barcodes, RFID & QR Codes), by Materials (Metal, Plastic, and Paper), by End-User (Industrial, Retail, Logistic and Others) and by Region – Forecast to 2028
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