USD 5.16 billion
Global Inventory Tags Market Size, Share, Growth Analysis, By Type(Plastic, Paper), By Technology(RFID, Barcode), By End User(Industrial, Retail) - Industry Forecast 2024-2031
Report ID:
SQMIG15Q2012 |
Region:
Global |
Published Date: April, 2024
Pages:
157
|
Tables:
92 |
Figures:
68
Global Inventory Tags Market Insights
Global Inventory Tags Market size was valued at USD 5.16 billion in 2022 and is poised to grow from USD 5.42 billion in 2023 to USD 7.50 billion by 2031, growing at a CAGR of 4.8% in the forecast period (2024-2031).
The market for inventory tags has grown to offer a variety of options, such as RFID tags in addition to basic barcode tags. Barcode tags are inexpensive and often used, but RFID tags offer automation and real-time tracking. Additionally, there are specialty tags designed for types of organizations, such tamper-evident security tags or robust tags meant for outdoor use. The market for inventory tags is expected to grow because of several factors, including the rise in e-commerce, the growing need for effective inventory management, and the growing usage of automation technologies. The need for enhanced inventory tagging systems is growing as companies look for greater visibility into their supply chains and more effective operations.
Throughout the forecast period of 2023 to 2032, the sector with the biggest market share was digital printing. High-resolution and detailed printing are made possible by digital printing technology, enabling the production of inventory tags that are both aesthetically pleasing and useful. This is particularly valid for tags bearing barcodes, QR codes, or other identifying information. Digital printing is more affordable for small to medium print runs. Businesses that need fewer customized tags in smaller quantities may find digital printing to be more cost-effective than traditional printing processes, which may have greater initial expenses. As digital printing allows for on-demand printing, it reduces waste. Digital printing, as opposed to traditional printing techniques, which could call for enormous print runs, enables companies to produce only what they require now, cutting down on waste and needless inventory.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Barcode
Fastest Growth
RFID
Growth Rate
4.8% CAGR
Global Inventory Tags Market ($ Bn)
Country Share for North America (%)
Global Inventory Tags Market By Technology ($ Bn)
Global Inventory Tags Market ByTechnology (%)
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Global Inventory Tags Market Segmental Analysis
The global inventory tags market is segmented based on tag type, technology type, end user type and regional type. In terms of tag types, the market is segmented into plastic, paper and others. Based on technology type, the market is bifurcated into RFID, barcode and others. Based on end user type, the market is bifurcated into industrial, retail, transportation & logistics and others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Central & South America and Middle East & Africa. As technology can provide cutting-edge features like RFID tracking, real-time data collecting, and enhanced inventory management efficiency, it is the dominant market segment in the global inventory tags market.
Analysis by Technology
As per categorization by technology type, the market is classified into RFID, barcode and others. Among these, barcode earned the largest share and continues to dominate the market. Due to their extensive use and adaptability in improving inventory management procedures across a range of businesses. Barcodes encode data in a visual format that is simple for handheld devices to scan, making them an economical alternative for inventory tracking and management. Conversely, RFID tags provide sophisticated features including automated and wireless data collection, making it possible to track and monitor goods in real time along the whole supply chain. RFID tags are perfect for situations where barcode scanning might not be feasible as they can hold a lot of data and be read without being in direct line of sight. Industry demands for efficiency and automation in their supply chain operations are driving growing demand for barcode and RFID systems.
UHF tags are a good choice for applications that need high-speed, long-distance data capture, including asset tracking in large warehouses or logistics operations, as they have longer read ranges and faster data transfer rates than standard RFID tags. Near field communication (NFC) technology facilitates secure and efficient data exchange between devices. This technology can improve inventory visibility and control in retail settings and during product verification procedures. The need for UHF, NFC, and other developing inventory tagging technologies is anticipated to increase dramatically in the future as companies continue to look for more sophisticated and integrated inventory management solutions to improve efficiency, accuracy, and customer experience.
Analysis by End User
Due to their heavy reliance on effective inventory management systems to streamline operations and raise customer satisfaction, tags dominate the industry. Inventory tags are essential for tracking and controlling raw materials, work-in-progress, and finished goods in manufacturing facilities and supply chains. This helps to minimize inventory errors and streamline production operations. Similarly, inventory tags are necessary in the retail industry to track goods from the warehouse to the point of sale, guarantee correct stock levels, lower the frequency of stockouts and overstocking, and enable prompt replacement.
Future demand is expected to rise in the logistics and other divisions of the global inventory tags market due to supply chain efficiency and visibility becoming more and more important to a variety of businesses. As they allow precise tracking and tracing of goods across the whole supply chain—from manufacturing to distribution to retail—inventory tags are essential to logistics. The use of cutting-edge inventory tagging technologies like RFID, UHF, and NFC is anticipated to soar as companies work to satisfy growing customer expectations for quick and transparent delivery processes. Furthermore, new industries realizing the benefits of inventory tags for asset tracking and inventory management include healthcare, automotive, and aerospace.
Global Inventory Tags Market By Technology (%), 2022 (%)
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Global Inventory Tags Market Regional Insights
North America is expected to lead the inventory tags market during the forecast period. Businesses in North America are using RFID technology more and more to manage their inventories. Real-time tracking is made possible with RFID tags, increasing the accuracy and efficiency of the supply chain. The need for precise inventory management and tracking has grown as e-commerce in North America continues to expand. Inventory tags play a crucial role in e-commerce businesses as they guarantee precise order fulfilment and prompt delivery. The demand for effective inventory management solutions is rising as the Asia Pacific region progressively becomes more urbanized and industrialized. Smart inventory tags are becoming more and more popular in a variety of industries due to this trend. The rapidly expanding e-commerce industry in Asia Pacific is driving the demand for inventory tags.
The European market for inventory tags is expected to grow steadily due to strict laws governing product traceability, growing use of RFID technology in the manufacturing and retail industries, and the existence of major companies providing cutting-edge inventory control systems. Furthermore, the region's emphasis on effective supply chain management and sustainability is anticipated to fuel market expansion. Rapid industrialization, an increase in e-commerce, and the use of cutting-edge technology in industries like logistics, healthcare, and automotive are all factors contributing to the market's potential for considerable growth in Latin America and the Middle East. The locations present significant prospects for industry participants to enter unexplored markets and use the increasing need for inventory tagging solutions to enhance operational effectiveness and satisfy changing customer preferences.
Global Inventory Tags Market By Geography, 2024-2031
- Largest
- Fastest
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Global Inventory Tags Market Dynamics
Drivers
Upward demand for RFID technology
- The application of radio-frequency identification, or RFID, technology for inventory management is one of the key factors driving the inventory tags market. Organisations can minimise stockouts, protect against theft or loss, and track inventory movement with accuracy thanks to the real-time tracking features that RFID tags offer.
Growing Awareness of Asset Management
- Businesses across a range of sectors are beginning to understand how important effective asset management is to maximising return on investment and minimising losses. The capacity of businesses to track the whereabouts, state, and utilisation of assets in real time—especially when those tags are combined with asset monitoring systems—drives the need for inventory tags.
Restraints
Compatibility Problems
- Compatibility issues with the existing inventory management systems could exist. If inventory tags are incompatible with the software or systems that are currently in use, businesses can be hesitant to deploy them. These concerns may include data breaches and illegal access.
Accuracy and Reliability Problems
- If a business cannot track inventory accurately or consistently or if it does not trust the data that inventory tags provide, it may be reluctant to adopt inventory tags. Implementing inventory tagging systems involves several complex and time-consuming steps, including altering workflows and training personnel.
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Global Inventory Tags Market Competitive Landscape
Global corporations such as Avery Dennison Corporation, Zebra Technologies Corporation, Honeywell International Inc., and Alien Technology LLC control the competitive landscape of the Global Inventory Tags Market by sustained innovation, strategic alliances, and international expansion. To address the various needs of the market, these major manufacturers concentrate on creating sophisticated inventory tagging solutions that combine RFID, barcode, and NFC technology. Acquisitions, partnerships, and mergers are frequently used tactics to fortify market positions and obtain a competitive advantage.
Top Player’s Company Profiles
- 3M Company (U.S)
- Brady Corporation (U.S)
- Tyco International Plc. (Ireland)
- Cenveo Inc (US)
- Checkpoint Systems Inc. (U.S)
- Avery Dennison Corporation (U.S)
- Smartrac N.V. (The Netherlands)
- Hewlett-Packard Company (U.S)
- Alien Technology Inc. (U.S)
- Zebra Technologies Corporation (U.S)
- Checkpoint Systems, Inc (US)
- Honeywell International Inc (US)
Recent Developments
- In March 2023, With the introduction of Zebra Technologies Corporation's SmartLens for Retail Asset Visibility solution, merchants can now improve customer experience and operational efficiency by having real-time visibility of inventory movement thanks to RFID technology.
- In September 2023, The Granit 1990iX, the newest industrial-grade barcode scanner from Honeywell International Inc., was introduced to meet the demand for long-lasting inventory tagging solutions in industrial settings. It has cutting-edge imaging technology and a rugged construction to endure tough environments.
- In November 2023, Avery Dennison Corporation announced the release of the AD-440uHF RFID inlay, which is intended to meet the increasing demand for premium inventory tagging solutions by providing better performance in difficult situations.
Global Inventory Tags Key Market Trends
- Global Inventory Tags Market Evolving: The increasing demands of organizations to effectively manage and track their inventory have led to notable trends in the worldwide inventory tags market in recent years. Inventory tags, sometimes called asset tags or asset labels, are essential to supply chain management and logistics in various businesses. These patterns demonstrate the continuous efforts being made in the worldwide inventory tag industry to improve visibility, lower errors, and streamline operations.
- Driving Innovation in Inventory Tag Design: One new trend influencing inventory tag design and application is regulatory compliance. Strict laws governing product tracking and traceability apply to industries like pharmaceuticals, food and beverage. Inventory tags that abide by these rules assist organizations to meet compliance standards and improve the overall integrity of their supply chain by offering distinct identities and comprehensive information.
Global Inventory Tags Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the market for inventory tags is expanding because of the increased use of RFID technology, especially in inventory management, which allows businesses to follow inventory movement in real time, minimize stockouts, and discourage theft. Demand for inventory tags is rising as more companies realize how critical asset management is to their operations and how crucial it is to track and monitor assets in real time to maximize profits and reduce losses. Compatibility problems with current inventory management systems may make businesses reluctant to implement inventory tags. These problems can raise questions about data breaches and unauthorized access, as well as provide difficulties with accuracy, dependability, and the intricacy of implementation procedures.
The global inventory tags market is dominated by multinational companies that consistently innovate, such as Avery Dennison Corporation, Zebra Technologies Corporation, Honeywell International Inc., and Alien Technology LLC. These large manufacturers frequently use strategies like collaborations, mergers, and acquisitions to bolster their market positions and obtain a competitive advantage. Demands from organizations for more effective inventory management have led to significant developments in the global market for inventory tags, which are necessary for supply chain management in a variety of industries. Regulatory compliance requirements in industries like food and beverage and pharmaceuticals have prompted innovations in inventory tag design that are improving visibility, cutting down on errors, and streamlining operations. These innovations also guarantee that compliance standards are fulfilled and strengthen supply chain integrity by providing unique identification and extensive data provision.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 5.16 billion |
| Market size value in 2031 | USD 7.50 billion |
| Growth Rate | 4.8% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Inventory Tags Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Inventory Tags Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Inventory Tags Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Inventory Tags Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Inventory Tags Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Inventory Tags Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Inventory Tags Market Report Snapshots
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