Inventory Tags Global Market Report 2024

The inventory tags market has grown steadily in recent years. It will grow from $5.55 billion in 2023 to $5.8 billion in 2024 at a compound annual growth rate (CAGR) of 4.5%. The expansion observed in the historical period can be attributed to the adoption of barcode technology, the development of RFID tags, the utilization of manual inventory management systems, the standardization of tagging systems, and the introduction of QR codes.

The inventory tags market is expected to see steady growth in the next few years. It will grow to $7.04 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. The anticipated growth in the forecast period can be attributed to the demand for real-time tracking, the optimization of supply chain processes, the integration of cloud-based solutions, and a heightened focus on security and anti-theft measures. Key trends expected in the forecast period encompass advancements in RFID technology, the implementation of security and anti-counterfeiting measures, initiatives focused on sustainability, improvements in durability and longevity of inventory tags, and an increased emphasis on data analytics for inventory management.

The anticipated increase in fraudulent products is set to drive the growth of the inventory tags market in the foreseeable future. Fraudulent products, deliberately misrepresented or falsely labeled goods or services, pose a significant challenge due to factors such as their low cost, weak regulations, corruption, and ineffective enforcement. To address this issue, inventory tags play a crucial role by providing a means to track products throughout the supply chain, thereby verifying their authenticity. An example of this challenge is highlighted in a report from Business Wire, revealing a 47% increase in counterfeit medical products in 2021 compared to 2020, particularly affecting vaccines, COVID-19 test kits, medicines, antibiotics, and sanitizers. Consequently, the rise of fraudulent products contributes to the growth of the inventory tags market.

The surge in e-commerce growth is expected to propel the expansion of the inventory tags market. E-commerce growth involves the buying and selling of goods and services over the internet, and inventory tags play a vital role in maintaining accurate stock information, optimizing operations, and enhancing overall supply chain efficiency in this context. As per data from the United States Census Bureau in November 2023, U.S. retail e-commerce sales reached $284.1 billion in the third quarter of the same year, reflecting a 2.3% increase from the previous quarter. This growth in e-commerce further drives the demand for inventory tags, supporting efficient supply chain management.

Technological advancements emerge as a prominent trend gaining momentum in the inventory tags market. Companies operating in this market are adopting new technologies to ensure they remain competitive. An illustration of this trend is the launch of the Popsicle RAIN RFID Flag Tag by SimplyRFiD in March 2023. This RFID tag, designed for use in various industries, including pharmaceuticals, electronics, and automotive, provides precise tracking and identification of products. Its unique design, featuring a transparent adhesive section and a non-adhesive RFID flag, makes it particularly suitable for labeling solid-surface products while maintaining visibility of product information.

Major companies in the inventory tags industry are pursuing strategic partnerships to gain a competitive edge and enhance real-time traceability and asset management visibility. Strategic partnerships involve leveraging each other's strengths and resources for mutual benefits. A notable example is the partnership between SATO Holdings Corporation and Xerafy in August 2021. SATO, a Japan-based company specializing in auto-identity (ID) technology products, collaborated with Xerafy, a Hong Kong-based RFID engineering specialist, to provide innovative metal skin RFID labels to global markets. These labels offer a cost-effective solution for tracking stock in various industries, including manufacturing, automotive, and healthcare.

In May 2022, HID Global, a U.S.-based secure identity products manufacturer, acquired Vizinex RFID for an undisclosed amount. This strategic acquisition expands HID Global's portfolio with high-performance passive RFID tags, strengthening its position in markets such as manufacturing, healthcare, and oil and gas. Vizinex RFID, based in the U.S., is a manufacturer of radio frequency identification (RFID) tags.

Major companies operating in the inventory tags market report are Avery Dennison Corporation, 3M Company, Zebra Technologies Corporation, Brady Corporation, Alien Technology Corporation, Cenveo Corporation, Checkpoint Systems Inc., Hewlett Packard Enterprise Company, Tyco International Ltd., Johnson Controls International plc, Ivaanshi Printpack Private Limited, G.M. Label Manufacturing Ltd., Arora Print Packers Pvt. Ltd., Globe Traders Pvt. Ltd., SATO Corporation, Honeywell International Inc., HID Global Corporation, Datalogic S.p.A., Intermec Inc., Invengo Technology Pte. Ltd., Smartrac N.V., FineLine Technologies Inc., William Frick & Company Inc., Metalcraft Technologies Inc., Nexqo Technology Co. Ltd., Confidex Ltd., MSM Solutions Ltd., NXP Semiconductors N.V., Omni-ID Ltd., Camcode Limited.

North America was the largest region in the inventory tags market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global inventory tags market during the forecast period. The regions covered in the inventory tags market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the inventory tags market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of inventory tags include plastic, paper, metal, and others. Plastic inventory tags are specifically made from plastic material, designed for durability, weather resistance, and longevity. They find application in industries such as manufacturing, warehousing, and transportation, where they are utilized for tracking and managing inventory items. Various printing technologies, including offset printing, digital printing, flexography printing, gravure printing, and others, are employed by industrial, commercial, retail, and other end-users for creating these tags.

The inventory tags market research report provides inventory tags market statistics, including the inventory tags industry global market size, regional shares, competitors with an inventory tags market share, detailed inventory tags market segments, market trends, and opportunities, and any further data you may need to thrive in the inventory tags industry. This inventory tags market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The inventory tags market consists of sales of barcode tags, radio frequency identification (RFID) tags, manual tags, magnetic tags, and color-coded tags. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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