Inventory Tags Market Size To Witness Huge Growth By 2031

The Global Inventory Tags report, published by Report Ocean, presents a comprehensive analysis of the product’s/service industry, examining both historical patterns and future prospects from 2023 to 2031. This report serves as a valuable reference for businesses seeking to formulate effective strategies for the coming years, offering insights into the performance of organizations and the overall market in the previous year.

Global Inventory Tags Market is valued approximately USD $ billion in 2021 and is anticipated to grow with a healthy growth rate of more than $ over the forecast period 2022-2029. Inventory Tags is a barcode or radio frequency identification enabled labels that are utilized for tracking of various products across different industries such as e-commerce, manufacturing, retail, and logistics & Transportation among others. These tags are attached with the outer packaging of the product to the purpose of performing manual inventory count as well as automated counting in an inventory management System (IMS). The growing expansion of global supply chain management market and increasing utilization of inventory tags across various industries as well as recent initiatives from leading market players are key factors accelerating the market growth.

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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.

According to Statista – In 2020, the global supply chain management market was estimated at USD 15.85 billion, and the market is projected to grow to USD 31 billion by 2026. Also, rising industrialization in emerging countries and growing expansion of e-commerce sector worldwide would create lucrative growth prospectus for the market over the forecast period. However, the high cost associated with RFID enabled Inventory Tags stifles market growth throughout the forecast period of 2022-2029.

The key regions considered for the Global Inventory Tags Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading region in terms of market share owing to rising digitization across different industries as well as growing expansion of logistics & transportation sector in the region. Whereas Asia Pacific is expected to grow significantly during the forecast period, owing to factors such as rising expansion of e-commerce industry as well as growing adoption of third-party logistics services in the region.

Major market players included in this report are:

Avery Dennison Corporation

Tyco International plc

3M Company

Alien Technology, LLC

Brady Worldwide, Inc.

Zebra Technologies Corporation

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Brady Corporation

Smartrac Technology GmbH

Checkpoint Systems, Inc.

Hewlett Packard Enterprise Development LP

Recent Developments in the Market:

In April 2019, Ohio, USA based Avery Dennison, a leader in branding labels & tags rolled out its latest range of On-Metal UHF RFID solutions. These tags are specially formulated to perform when placed on objects that contains metal, foil, and liquids.

In April 2021, Halen ski, Finland based Stora Enso launched a new recyclable RFID (Radio-frequency Identification) tag for microwave-safe use. This new RFID tag is intended for item-level ready-meal tagging and tracking.

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Technology

Barcodes

RFID

By Label Type

Plastic

Paper

Metal

By Printing Technology

Digital Printing

Flexography

Lithography

Screen Printing

Gravure

Others

By End Use

Industrial

Retail

Others

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By Region:

North America

U.S.

Canada

Europe

UK

Germany

France

Spain

Italy

ROE

Asia Pacific

China

India

Japan

Australia

South Korea

RoAPAC

Latin America

Brazil

Mexico

Rest of the World

Highlights of the Market Report:

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