Worldwide Inventory Tags Industry to 2028 - Growing Emphasis on Internet of Things Presents Opportunities

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Apr 27, 2021, 16:15 ET

DUBLIN, April 27, 2021 /PRNewswire/ -- The "Inventory Tags Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Technology; Label Type; Printing Technology; End-User, Geography" report has been added to ResearchAndMarkets.com's offering.

The global inventory tags market was valued at US$ 4,995.36 million in 2020 and is projected to reach US$ 7,264.42 million by 2028; it is expected to grow at a CAGR of 5.0% during 2021-2028.

The US, Canada, and Mexico are among the major economies in North America. High spending power of population enables them to spend on expensive high-tech products that encourages technological advancements, which lead to intense competition among various businesses in this region. North American countries are characterized by well-developed retail and manufacturing sectors and a relatively high density of retailers. The retail sector in North America is a huge adopter of the RFID technology that facilitates data transfer from tags attached to objects, using a wireless scanning system, thereby enabling automatic identification and tracking. Further, according to the International Trade Administration (ITA), there were 19.8 million e-commerce users in Canada in 2018, and the count is estimated to rise up to 5.21 million by 2021. The retail e-commerce sales in Canada were valued at US$ 2.2 million in 2019 and US$ 47.9 million in 2020. Thus, in addition to the growing retail sector, escalation in e-commerce activities is contributing to the inventory tags market in North America.

According to American Hospital Association, the US healthcare sector consists of ~5,534 registered hospitals that cater ~35,158,934 patients. In this sector, inventory management effectively handle inventory, acting as a pre-requisite for several decision-making processes. Hospitals in the region are highly inclined toward the implementation of the best practices in the hospital supply management system to allow efficient management of inventory. Inventory tags allow quick check-in and check-out of medical equipment. A unique identification number on equipment makes it easier to locate them in storehouses. Also, the RFID technology allows scanning of several items at once.

In August 2020, Vizinex RFID, a US-based company that designs and manufactures RFID tags, introduced new flexible inventory tags to serve a larger spectrum of industries. Its inventory tags are developed to adhere to flat metal surfaces. Such developments by the key inventory tag providers are propelling the market growth in North America.

The US is one of the prominent markets for inventory tags due to the growing retail and e-commerce, and healthcare sectors. The huge increase in the number of confirmed cases and rising reported deaths has affected these industries. The factory and business shutdowns across the US, Canada, and Mexico impact the adoption of the inventory tags. The retail sector has faced considerable shifts, consumer spending on groceries continue to increase. However, spending on apparel and other accessories decreased substantially in 2020.

Moreover, in the Mid-2020, the retail and e-commerce sales have increased gradually, leads to slight growth in the market in North America. RFID technology is also highly used in the healthcare industry to track their assets. To combat the virus, the region has started shipping vaccines and PPE kits within the region where RFID technology has made a comeback to track and authenticate test kits, PPE, and vaccines. Thus, this also leads to slight growth in the market.

COVID-19 has had a severe impact on transportation and automotive, and trade activity. North America is home to a large number of manufacturing and technology companies. Thus, the Coronavirus outbreak's impact was quite severe in 2020 and likely in 2021. The impact of COVID-19 is short-term; it is likely to decrease in the coming years.

Overall size of the inventory tags market has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the inventory tags mera market with respect to all the segments. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultant such as valuation experts, research analysts, and key opinion leaders, specializing in the inventory tags market. 3M Company; Alien Technology, LLC; Avery Products Corporation; Brady Worldwide Inc.; Camcode (Horizons Incorporated); Cenveo Corporation; Checkpoint Systems; Smartrac Technology GmbH (Avery Dennison Corporation); Tyco (Johnson Controls, Inc.); and Zebra Technologies Corporation are among the players profiled during this market study.

Reasons to Buy

Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global inventory tags market
Highlights key business priorities in order to assist companies to realign their business strategies
The key findings and recommendations highlight crucial progressive industry trends in the global inventory tags market, thereby allowing players across the value chain to develop effective long-term strategies
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution

Key Topics Covered:

1. Introduction
1.1 Study Scope
1.2 Report Guidance
1.3 Market Segmentation

2. Key Takeaways

3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research

4. Inventory Tags Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 North America
4.2.2 Europe
4.2.3 Asia Pacific
4.2.4 Middle East and Africa
4.2.5 South America
4.3 Ecosystem Analysis
4.4 Expert Opinion

5. Inventory Tags-Market Dynamics
5.1 Market Drivers
5.1.1 Growing Counterfeiting Activities
5.1.2 Surging Adoption of RFID Technology in Retail Sector
5.2 Market Restraints
5.2.1 Security Concerns Related to Inventory Tag Technology
5.3 Market Opportunities
5.3.1 Growing Emphasis on Internet of Things (IoT)
5.4 Future Trends
5.4.1 Growth Potential for Inventory Tag Technology in Automotive Sector
5.5 Impact Analysis of Drivers and Restraints

6. Inventory Tags Market - Global Analysis
6.1 Inventory Tags Market Global Overview
6.2 Inventory Tags Market - Revenue and Forecast To 2028 (US$ Million)
6.3 Market Positioning - Five Key Players

7. Inventory Tags Market Analysis - By Technology
7.1 Overview
7.2 Inventory tags Market, By Technology (2020 and 2028)
7.3 RFID
7.3.1 Overview
7.3.2 RFID: Inventory Tags Market - Revenue and Forecast to 2028 (US$ Million)
7.4 Barcode
7.4.1 Overview
7.4.2 Barcode: Inventory Tags Market - Revenue and Forecast to 2028 (US$ Million)
7.5 Other
7.5.1 Overview
7.5.2 Other: Inventory Tags Market - Revenue and Forecast to 2028 (US$ Million)

8. Inventory tags Market - By Label Type
8.1 Overview
8.2 Inventory tags Market, by Label Type (2020 and 2028)
8.3 Plastics
8.3.1 Overview
8.3.2 Plastics: Inventory Tags Market - Revenue and Forecast to 2028 (US$ Million)
8.4 Paper
8.4.1 Overview
8.4.2 Paper: Inventory Tags Market - Revenue and Forecast to 2028 (US$ Million)
8.5 Metal
8.5.1 Overview
8.5.2 Metal: Inventory Tags Market - Revenue and Forecast to 2028 (US$ Million)
8.6 Others
8.6.1 Overview
8.6.2 Others: Inventory Tags Market - Revenue and Forecast to 2028 (US$ Million)

9. Inventory Tags Market - By Printing Technology
9.1 Overview
9.2 Inventory Tags Market, by Printing Technology (2020 and 2028)
9.3 Offset Printing
9.3.1 Overview
9.3.2 Offset Printing: Inventory Tags Market - Revenue and Forecast to 2028 (US$ Million)
9.4 Digital Printing
9.4.1 Overview
9.4.2 Digital Printing: Inventory Tags Market - Revenue and Forecast to 2028 (US$ Million)
9.5 Flexography Printing
9.5.1 Overview
9.5.2 Flexography Printing: Inventory Tags Market - Revenue and Forecast to 2028 (US$ Million)
9.6 Gravure Printing
9.6.1 Overview
9.6.2 Gravure Printing: Inventory Tags Market - Revenue and Forecast to 2028 (US$ Million)
9.7 Others
9.7.1 Overview
9.7.2 Others: Inventory Tags Market - Revenue and Forecast to 2028 (US$ Million)

10. Inventory tags Market - By End-User
10.1 Overview
10.2 Inventory tags Market, by End-User (2020 and 2028)
10.3 Retail
10.3.1 Overview
10.3.2 Retail: Inventory Tags Market - Revenue and Forecast to 2028 (US$ Million)
10.4 Logistics & Transportation
10.4.1 Overview
10.4.2 Logistics & Transportation: Inventory Tags Market - Revenue and Forecast to 2028 (US$ Million)
10.5 Industrial
10.5.1 Overview
10.5.2 Industrial: Inventory Tags Market - Revenue and Forecast to 2028 (US$ Million)
10.6 Others
10.6.1 Overview
10.6.2 Others: Inventory Tags Market - Revenue and Forecast to 2028 (US$ Million)

11. Inventory Tags Market - Geographic Analysis
11.1 Overview
11.2 North America: Inventory Tags Market
11.3 Europe: Inventory Tags Market
11.4 APAC: Inventory Tags Market
11.5 MEA: Inventory Tags Market
11.6 SAM: Inventory Tags Market

12. Impact of COVID-19 Pandemic on Inventory Tags Market
12.1 Overview
12.2 North America
12.3 Europe
12.4 Asia-Pacific
12.5 Middle East and Africa
12.6 South America

13. Industry Landscape
13.1 Overview
13.2 Market Initiative
13.3 New Product Development

14. Company Profiles
14.1 3M
14.1.1 Key Facts
14.1.2 Business Description
14.1.3 Products and Services
14.1.4 Financial Overview
14.1.5 SWOT Analysis
14.1.6 Key Developments
14.2 Alien Technology, LLC
14.2.1 Key Facts
14.2.2 Business Description
14.2.3 Products and Services
14.2.4 Financial Overview
14.2.5 SWOT Analysis
14.2.6 Key Developments
14.3 Brady Worldwide, Inc.
14.3.1 Key Facts
14.3.2 Business Description
14.3.3 Products and Services
14.3.4 Financial Overview
14.3.5 SWOT Analysis
14.3.6 Key Developments
14.4 CCL Industries Inc.
14.4.1 Key Facts
14.4.2 Business Description
14.4.3 Products and Services
14.4.4 Financial Overview
14.4.5 SWOT Analysis
14.4.6 Key Developments
14.5 Cenveo
14.5.1 Key Facts
14.5.2 Business Description
14.5.3 Products and Services
14.5.4 Financial Overview
14.5.5 SWOT Analysis
14.5.6 Key Developments
14.6 Johnson Controls, Inc.
14.6.1 Key Facts
14.6.2 Business Description
14.6.3 Products and Services
14.6.4 Financial Overview
14.6.5 SWOT Analysis
14.6.6 Key Developments
14.7 Zebra Technologies Corporation
14.7.1 Key Facts
14.7.2 Business Description
14.7.3 Products and Services
14.7.4 Financial Overview
14.7.5 SWOT Analysis
14.7.6 Key Developments
14.8 SATO Holdings Corporation
14.8.1 Key Facts
14.8.2 Business Description
14.8.3 Products and Services
14.8.4 Financial Overview
14.8.5 SWOT Analysis
14.8.6 Key Developments
14.9 Honeywell International Inc.
14.9.1 Key Facts
14.9.2 Business Description
14.9.3 Products and Services
14.9.4 Financial Overview
14.9.5 SWOT Analysis
14.9.6 Key Developments
14.10 Camcode
14.10.1 Key Facts
14.10.2 Business Description
14.10.3 Products and Services
14.10.4 Financial Overview
14.10.5 SWOT Analysis
14.10.6 Key Developments

15. Appendix

For more information about this report visit https://www.researchandmarkets.com/r/9nlt6b

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