Several efforts towards standardization, increasing application segments and convergence of technologies increase the growth of the global inventory tags market. Several sectors that are showing huge growth potential for RFID technology are the pharmaceuticals, automotive, and healthcare industries.
According to Data Bridge Market Research the Global Inventory Tags Market was valued at USD 5.07 billion in 2021 and is expected to reach USD 7.43 billion by 2029, registering a CAGR 4.9 % during the forecast period of 2022 to 2029.
“Technological Innovation to Facilitate Market Growth”
There are several global players that are helping in launching several technological advancements which are boosting the market growth. For instance, Avery Dennison is launching their facilities in India to meet the needs of inventory tags. In Pune, India, it opened its first intelligent label innovation lab. It will act as a communication facility that will equip customers and partners with hands-on experiences live demonstrations, provide technical support to stakeholders, and explore opportunities for intelligent tag solutions and RFID adoption.
What restraints the growth of Inventory Tags Market?
“Lack of Privacy and High cost”
RFID is very complex and expensive as these setups require locks with a secured system that can be controlled, accessed, and logged through the computer system. The other reason is RFID system that can be hacked by anyone who is tech-savvy this is also an issue. Thu, the lack of privacy is hindering the growth of the market.
Segmentation: Inventory Tags Market
The inventory tags market is segmented on the basis of printing technology, technology, label type and end user industry.
- On the basis of printing technology, the inventory tags market is segmented into digital printing, flexography printing, gravure printing, screen printing, lithography printing, offset printing, letterpress printing and others
- On the basis of technology, the inventory tags market is segmented into barcodes, RFID and others. Others have been further segmented into QR codes and normal tags.
- On the basis of label type, the inventory tags market is segmented into plastic, paper, metal and others. Others have been further segmented into glass labels, cloth labels, and thermal label type.
- On the basis of end user industry, the inventory tags market is segmented into industrial, retail and others. Others have been further segmented into aerospace, marine, and gifts.
Regional Insights: North America is expected to dominate the Inventory Tags Market
North America is dominating the market due to the increase in the usage of inventory tags in almost all the retail and wholesale stores and industries. Additionally, the incidence of major market players will further increase the growth of the inventory tags market in the region during the forecast period 2022-2029.
- In addition, Asia-Pacific is expectd to witness huge amount of growth in the inventory tags market because of the quick industrialization. Furthermore, the increase in the industrial trade mainly in the advancing countries is further expected to propel the growth of the inventory tags market in the region in the coming years.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-inventory-tags-market
Recent Developments in Inventory Tags Market
- In 2020, Avery Dennison acquired Smartrac’s RFID Inlay business for an estimated EUR 225 million. It anticipates huge growth in its RFID business with this venture. The acquisition will increase Avery’s capacity by an estimated 2.5 billion transponders annually. It also gives the company manufacturing facilities in Malaysia, Germany, China, and the U.S.
- In 2020, Detego announced their new factory offerings, which guarantees that factory shipments are validated on a unit level to avoid shipping errors and allow complete traceability throughout the supply chain.
The Prominent Key Players Operating in the Inventory Tags Market Include:
- Alien Technology, LLC (U.S.)
- Impinj, Inc (U.S.)
- Zebra Technologies Corp (U.S.)
- Tageos (France)
- Identiv, Inc. (U.S.)
- Globeranger Corporation (U.S.)
- Motorola Mobility LLC (U.S.)
- RFID Global Solution (U.S.)
- Checkpoint Systems, Inc (U.S.)
- Henkel AG and Co. KgaA (Germany)
- 3M (U.S.)
- AVERY DENNISON CORPORATION (U.S.)
- Hewlett Packard Enterprise Development LP (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of inventory tags market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Inventory Tags Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
