Home Press Releases RFID Technology Drives Growth in the Inventory Tags Market

RFID Technology Drives Growth in the Inventory Tags Market

by Press Room


 


(EMAILWIRE.COM, May 09, 2023 ) Inventory tags are used to track and identify products, equipment, and other assets in various industries, such as retail, healthcare, logistics, and manufacturing. The market for inventory tags is expected to grow due to the increasing adoption of radio-frequency identification (RFID) technology, which allows for real-time tracking and inventory management. The growth is driven by the rising demand for inventory and asset management in various industries, as well as the increasing need for supply chain visibility and efficiency.

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”, The inventory tags market size is projected to grow from USD 4.08 Billion in 2016 to reach USD 5.07 Billion by upcoming years, at an estimated CAGR of 4.43%.

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Browse 236 market data tables and 46 figures spread through 237 pages and in-depth TOC on “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”

The inventory tags market is projected to witness significant growth in the future with the increasing popularity of the benefits of authentication technologies and the need for track & trace technologies, which are embedded in packaging. Developing markets such as China, Brazil, and India are emerging as growth frontiers for the inventory tags market. Growing economies, globalization, and reduced trade barriers act as the main drivers for increased opportunities in these countries.

Browse in-depth TOC on “Inventory Tags Market”

236 – Market Data Tables

46 – Figures

237 – Pages

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Barcodes is projected to be the largest market segment of the inventory tags market during the forecast period

Track & trace and authentication technologies such as barcodes and RFID are some of the technologies used by companies to track their inventory. Barcode technologies are the most conventional and prominent technologies used in the inventory tags market. This segment dominated the inventory tags market in 2015, and this trend is projected to continue through 2021. In current economic conditions, retailers and manufacturers recognize that additional investments in loss prevention is necessary to combat the increasing level of inventory loss due to theft and counterfeiting. Logistics & transportation companies also benefit by using track & trace technologies as they can locate the package at any point during the delivery process. Track & trace technologies such as RFIDs and barcodes help in identifying the product as well as help in tracing the product across the supply chain.

Digital printing is projected to be the fastest-growing segment of the inventory tags market during the forecast period

The inventory tags market, by printing technology, is classified into nine segments, namely, digital printing, flexographic printing, gravure printing, thermal printing, screen printing, lithography, offset, and letterpress. The digital printing segment accounted for the largest market share in 2015 with its numerous benefits such as high-quality, cost-effective solution for manufacturing well-designed inventory tags with recycling options. Digital printing also uses ink-jet printing to print images.

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Asia-Pacific to play a key role in the inventory tags market

Factors such as strong government support, efforts towards standardization, expanding application segments, convergence of technologies, rising awareness of using inventory tracking technologies, increasing urbanized population in China and India along with the growth in the disposable income in these countries are driving the growth of the Asia-Pacific inventory tags market. Rapid industrialization and imposition of strict laws pertaining to secure packaging are also major factors contributing to the growth of the inventory tags market.

The scope of the report covers detailed information regarding the major factors influencing the inventory tags market such as drivers, restraints, challenges, and opportunities. A detailed analysis of the key industry players has been conducted to provide insights into their business overview, products & services, key strategies, new product launches, mergers & acquisitions, partnerships, agreements, joint ventures, and recent developments associated with the inventory tags market.

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