Market Research Report
Inventory Tags Market - Growth, Trends, and Forecast (2020 - 2025)
|Published by||Mordor Intelligence LLP||Product code||922638|
|Published||Content info||132 Pages
Delivery time: 2-3 business days
|Inventory Tags Market - Growth, Trends, and Forecast (2020 - 2025)|
|Published: January 1, 2020||Content info: 132 Pages||
The inventory tags market is estimated to grow at a CAGR of 4.7% over the forecast period 2020 - 2025. Works towards normalization, growing application segments, increasing awareness for using inventory tags, augmented integration of advanced technologies to improve existing technology and mounting awareness among the general population are principal factors supposed to drive the growth of the global inventory tags market. Moreover, rising disposable incomes in developing economies are expected to augment demand for several retail products is another primary factor anticipated to propel the growth of the global inventory tags market.
Inventory tags are tags that are labeled to several goods to supervise workers while counting products and recognizing the number, type, and color of items. Inventory Tags are fastened to inventory items to give the requisite information about the finished products, raw materials, and other stored elements.
RFID Holds a Substantial Share in Technology Segment of the Inventory Tags Market
The most common use of RFID technology and smart labels are tracking goods in the supply chain, tracking parts moving to a manufacturing production line, tracing assets, security, and payment systems that let clienteles pay for items without using cash. Many distribution centers and warehouses have been putting to increase the efficiency of the processes, as a part of improvement programs.
It has been acknowledged that about 60% of such centers in North America have been investing in improving process efficiency, and such investments are expected to drive growth for such RFID-based Inventory Tags. RFID technology has generated demand for a printer capable of concurrently printing text, bar codes, and graphics on the surface of the Tag in addition to reading, programming, reading and verifying the RF tag embedded in the label.
APAC is Growing wit the Fastest Pace in Inventory Tags Market
APAC is the fastest-growing market for inventory tags globally. Inventory Tags are one of the fastest-growing market segments in China. An increase in demand for tags partly originates from traditional industrial products. According to the China National Light Industry Council (CNLIC), around 80% of light industrial products need packaging and labels. Transportation & Logistics tags are also a fast-growing segment in China's industrial supply chain.
In the future, the retailers are expected to adopt multilateral cooperation, synchronizing data from local government traceability platforms and suppliers to provide customers with safe and high-quality products, as a result, a meaningful part of the growth of inventory tags Market is expected to be generated by the Retail and Food and Beverage Applications.
In addition, the demand for inventory tags in Japan is mostly concentrated in the retail, manufacturing, healthcare, and pharmaceutical sectors. The recent government regulations and initiatives have expedited the adoption of Smart Tags in the country. In 2017, the Japanese Ministry of Economy, Trade & Industry announced the introduction of 100 billion electronic tags for products sold in convenience stores leading to the large-scale adoption of inventory tags in the retail and distribution industry.
Also, India is one of the top pharmaceutical manufacturers in the world. Although most of the production is distributed for domestic consumption, a considerable amount of drugs are exported to countries like the United States. To meet with the safety and security regulations of the importing countries, most of the pharmaceutical exporters in India use smart Tagging and labeling techniques.
The inventory tags market is moderately competitive and consists of several local, regional and international players. In terms of market share, few of these major players currently dominate the market. Principal players have a well-diversified geographic presence and resources. The companies are leveraging strategic collaborative initiatives to attain substantial market share.