The report “Inventory Tags Market by Technology (Barcodes, RFID), Label Type (Plastic, Paper, Metal), Printing technology (Digital Printing, Flexography, Lithography, Screen Printing, Gravure, Others), End-Use (Industrial, Retail, Others) – Global Forecast to 2021″, The inventory tags market size is projected to grow from USD 4.08 Billion in 2016 to reach USD 5.07 Billion by 2021, at an estimated CAGR of 4.43%.
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The inventory tags market is one of the fastest-growing sectors and serves most of the industries which include industrial, retail, and transportation & logistics sectors. Factors such as the increasing protection against theft, loss, and counterfeiting; scope for technology integration; identification of products without human intervention or need of line-of-sight; and adoptions of real time tracking systems drives the demand for these tags. Counterfeiting was earlier a problem specific to the developing countries of Africa and Asia. However, with the recent increase in parallel trading and internet pharmacies, the industry has also expanded in developed nations such as the U.S. and countries of Europe. MarketsandMarkets projects that the global inventory tags market size would grow from USD 4.08 billion in 2016 to USD 5.07 billion by 2021, at a CAGR of 4.43%. Factors such as high per-capita income, purchasing power, and brand awareness in developed countries such as the U.S. are projected to drive the inventory tags market.
The key players in the inventory tags market are Avery Dennison Corporation (U.S.), Tyco International Plc. (Ireland), 3M Company (U.S.), Brady Corporation (U.S.), and Zebra Technologies Corporation (U.S.). The other players in the market are Checkpoint systems Inc. (U.S.), Smartrac N.V. (The Netherlands), Cenveo Inc. (U.S.), Alien Technology Inc. (U.S.), and Hewlett-Packard Company (U.S.). These players have adopted various strategies to expand their global presence and increase their market share. Investments, agreements, contracts, expansions, acquisitions, new product launches, and technological developments are some of the major strategies adopted by the market players to achieve growth in the inventory tags market.
The growth of the inventory tags market was largely influenced by agreements, contracts, collaborations, joint ventures, and partnerships in the past five years. In 2014, Avery Dennison Corporation (U.S.) partnered with Ningbo Shenzhou Knitting Co., Ltd., (China) to accelerate innovations in embellishments and labels. In 2013, Marks & Spencer PLC (U.K.) signed a contract with Avery Dennison Corporation (U.S.) to expanded its RFID program to improve on-shelf availability at all of its stores.
In 2016, Checkpoint Systems Inc (U.S.) launched its product authentication technologies; it developed Micro RFID label for the health, beauty, and cosmetics sectors, over-the-counter medication, and mid-size cosmetics. In the same year it collaborated with Microsoft Corp (U.S.) to bring Checkpoint RFID Merchandise visibility solutions to the cloud, and enhance it using Microsoft analytical tools. In 2014, Brady Corporation a collaborated with Tego, Inc. (U.S.) for the development of smart RFID labels and solutions which will be used for smart asset tagging in aerospace applications. In the same year, Brady Corporation completed the divestiture of its European and Asian Die-Cut businesses to Boyd Corporation (U.S.).
RFID technology is expected to play a key role in the inventory tags market; this segment is projected to grow at the highest rate from 2016 to 2021.
The inventory tags market is segmented on the basis of technology into barcodes, radio-frequency identification (RFID), and others which include QR codes and normal tags. Barcodes is one of the most extensively used technologies in the inventory tags market. Barcodes helps companies to easily scan price and product details necessary for stock handling. RFID technologies have experienced tremendous demand in the recent past and this segment is projected to continue to grow at the highest rate during the forecast period. MarketsandMarkets projects that the global inventory tags market size would grow from USD 4.08 billion in 2016 to USD 5.07 billion by 2021, at a CAGR of 4.43% during the forecast period.
The increasing protection against theft, loss, and counterfeiting; scope for technology integration; identification of products without human intervention or need of line-of-sight; and adoptions of real time tracking systems have driven packaging companies to opt for inventory tags technologies, which enabled cost savings. Factors such as the increasing urban population, rapid industrialization, growing concern toward the public health, and laws & regulations have propelled the growth of the global inventory tags market. The increase in the GDP of a particular country would enable it to work with more advanced and effective packaging solutions, which will in turn increase the demand for inventory tags technologies.
The inventory tags market is segmented on the basis of printing technology, technology, label type, end-use sector, and region. On the basis of technology, the RFID segment is projected to grow at the highest rate since it is used extensively in the packaging industry as it reduces manual costs and improves visibility and planning. Digital printing was the most widely used printing technology among other technologies, in terms of both volume and value. Properties of digital printing such as high-quality and cost-effective solutions for manufacturing well-designed inventory tags with recycling options are driving the market for the digital printing technology.
In terms of label type, the market is segmented into plastic, paper, and metal. The plastic segment is projected to grow at the highest rate during the forecast period as it provides manufactures with tamper-resistant, clarity in visualizing information, ease of printing, and durability. On the basis of end-use sector, the market is segmented into industrial, retail, transportation & logistics, and others. The consumption of inventory tags in the industrial sector is projected to witness the highest growth, owing to the excessive usage of industrial tags for product identification and differentiation
Asia-Pacific is the emerging market for inventory tags. The major drivers for the growth of the inventory tags markets in the Asia-Pacific region include strong government support, efforts towards standardization, expanding application segments, convergence of technologies, and the rising awareness regarding the benefits of using inventory tracking technologies. Europe is projected to be the largest market for inventory tags during the forecast period, as the benefits associated with the use of inventory tags for the manufacturing industry drives the European inventory tags market.