Inventory Tags Market

Global Inventory Tags Market Size (2024 to 2029)

The global inventory tags market is predicted to reach USD 6.63 billion in 2024 and USD 8.24 billion by 2029, growing at a CAGR of 4.43% during the forecast period.

Inventory tags are labels affixed to various products to monitor employees as they count products and recognize the number, type, and color of items. They provide necessary information on finished goods, raw materials, and other items in inventory. An inventory tag is attached to inventory items to provide required information about finished goods, raw materials, and other items in inventory. Inventory labels play an essential role in inventory management, streamlining production, and maintaining and planning the supply of raw materials. Supply chain facilities rely entirely on inventory for the identification of product types, specifications, and quantities. The introduction of inventory labels has led end users to reduce their availability and lower the cost of unplanned purchases. Due to the introduction of various advanced technologies in inventory management, overall production has increased, which is beneficial for the accurate tracking of products in a huge manufacturing facility.

Global Inventory Tags Market Drivers:

The growing trend of online shopping and the growth of e-commerce businesses has led owners to configure warehouses to hold SKUs and process inventory data based on order flow, which is a factor responsible for the increased demand for inventory tags. Rising disposable income in developing countries has led to a high demand for retail products, which indirectly promotes the growth of the global inventory tags market. The wide application of inventory labels in logistics or supply chain management systems to monitor items in real-time and prevent counterfeit products is an important application supporting market growth. On the other hand, ignorance of the latest inventory technologies in developing regions is limiting the growth of the inventory label business.

RFID occupies a substantial share in the technology segment of the inventory tag market, which is likely to expand with a considerable growth rate in the coming years. Sectors that have a huge demand for RFID technology are the pharmaceutical, automotive, and healthcare industries. RFID can dramatically reduce the labor cost that businesses bear for warehouses, as labor costs account for around 50-80% of total costs in a distribution center. Processes that require a larger number of employees can be completed with a smaller number of employees.

The most common use of RFID technology and smart beacons is to track goods through the supply chain, track parts that are moved to a manufacturing production line, and track assets, security, and payment systems that allow customers to pay for items without using cash. Numerous distribution centers and warehouses have been set up to increase the efficiency of processes as part of improvement programs. It was recognized that approximately 60% of these centers in North America have invested in improving process efficiency, and these investments are supposed to drive the growth of these RFID inventory tags. This technology has generated demand for a printer capable of simultaneously printing text, barcodes, and graphics on the surface of the label, in addition to reading, programming, reading, and verifying the label embedded.

Impact of COVID-19 on the global inventory tags market:

The coronavirus pandemic has disrupted almost all business activities around the world. Due to global foreclosure, the corporate sector suffered a significant loss in terms of output, which had a major impact on the manufacturing, BFSI, and retail sectors. The shutdown hit manufacturing companies hard, as almost all factories closed. Many commodity manufacturing companies are also unable to continue production due to a lack of manpower amid the pandemic. Therefore, there has also been a slight decline in the market for inventory tags due to the unprecedented outbreak of COVID-19.

GLOBAL INVENTORY TAGS MARKET REPORT COVERAGE:

This research report on the global inventory tags market has been segmented and sub-segmented based on the materials, technology, printing methods, application, and region.

Global Inventory Tags Market - Material:

• Plastic       

• Vinyl          

• Paper        

• Metal        

The world market is classified into categories of plastic, vinyl, paper, and metal. At the same time, metallic-type labels are more durable. The types of metals used are stainless steel and aluminum.

Global Inventory Tags Market - By Technology:

• Barcodes 

• QR Codes

The global market is segmented into barcodes, QR codes, and radio frequency identification devices (RFID).

Global Inventory Tags Market - By Printing Methods:

• Digital Printing      

• Letter Printing       

• Flexography           

• Screen Printing      

• Thermal Transfer Printing 

The printing methods involved in the market are classified as digital printing, letter printing, flexography, screen printing, and thermal transfer printing.

Global Inventory Tags Market - By Application:

• Manufacturing      

• Retail         

• SMB           

• Logistics   

• Military Warehouses   

Inventory labels find applications in end users such as manufacturing, logistics, retail, SMB, and military warehouses.

Global Inventory Tags Market - By Region:

• North America

  • The United States

  • Canada

  • Rest of North America

• Europe

  • The United Kingdom

  • Spain

  • Germany

  • Italy

  • France

  • Rest of Europe

• The Asia Pacific

  • India

  • Japan

  • China

  • Australia

  • Singapore

  • Malaysia

  • South Korea

  • New Zealand

  • Southeast Asia

• Latin America

  • Brazil

  • Argentina

  • Mexico

  • Rest of LATAM

• The Middle East and Africa

  • Saudi Arabia

  • UAE

  • Lebanon

  • Jordan

  • Cyprus

Geographically, Europe dominates the global inventory tags market and is also expected to maintain its position in the future due to technological advances and the simultaneous implementation of developed products. Asia Pacific is expected to grow at a rapid pace due to the growth of industrialization warehouse units and the growth of the retail industry in India and China. Additionally, North America is experiencing significant growth due to the high use of barcodes in the food industry.

KEY MARKET PARTICIPANTS:

Some of the major players contributing to the development of the global inventory tags market with their services and innovations are Avery Dennison Corporation, Brady Corporation, Tyco International PLC, Smartrac NV, Hewlett-Packard Company, 3M Company, Zebra Technologies Corporation, Checkpoint Systems, Inc., Cenveo Inc., and Alien Technology Inc.

RECENT HAPPENINGS IN THE MARKET:

• In November 2018, Resource Label Group, LLC, a leading supplier of self-adhesive labels, shrink sleeves, and RFID / NFC technology for the packaging industry, acquired Best Label Company. The main objective of this acquisition is to improve its product portfolio while providing a high level of product quality and innovative packaging solutions to its customers.

• In April 2017, CCL Industries acquired two European online digital printing companies for its Avery unit. This launch would help the company expand its product portfolio and reap big profits from it.

• In April 2019, Alien Technology announced a new highly interconnected RFID reader + antenna solution that provides industry-leading RFID tag visibility. The joint venture of Alien Hydra and SensThys SensArray solution allows companies to monitor, manage, and protect their tagged inventory, decreasing the overall expenses of the solution.