Inventory Tags Market to hit US$ 7,264.42 million, Globally, by 2028 at 5.0% CAGR: The Insight Partners

According to our latest market study on “Inventory Tags Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Technology, Label Type, Printing Technology, and End-User,” the market was valued at US$ 4,995.36 million in 2020 and is projected to reach US$ 7,264.42 million by 2028; it is expected to grow at a CAGR of 5.0% from 2021 to 2028.  

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Counterfeiting of products is a huge concern, which impacts all the verticals across the globe. As stated by the International Chamber of Commerce, counterfeiting has been growing significantly over the past few years and has resulted in illegal trading of goods worth ~US$ 917 billion a year. The growing cases of counterfeiting products result in loss of revenue and pose considerable threat to consumer health and safety, as well as harm foreign direct investment prospects. The retail and consumer electronics industries are the major targets of piracy, thereby negatively impacting various retail and pharmaceutical firms. The stringent laws pertaining to counterfeiting activities, the requirement for efficient use of the supply chain, and the availability of cost-efficient counterfeiting technologies have compelled various companies to opt for inventory tags. With this technology, one can determine its location, identify an individual item, and review its chain of custody. Collecting this data makes it easier to handle the supply chain and identify counterfeits.

Geographically, APAC held the largest share of the inventory tags market in 2020, followed by North America and Europe. Further, Asia Pacific is projected to witness the highest growth rate during the forecast period. The inventory tags market is segmented into technology, label type, printing technology, end user, and geography. Based on technology, the market is further segmented into barcodes, RFID, and others. The RFID segment represented the largest share of the overall market during the forecast period. Based on label type, the market is further segmented into plastics, paper, metal, and others. In 2020, the plastics segment accounted for a substantial share in the global inventory tags market. Based on printing technology, the market is segmented into digital printing, flexography printing, gravure printing, offset printing, and others. The offset printing segment represented the largest share of the overall market during the forecast period. Based on end-user, the market is segmented into retail, transportation & logistics, industrial, and others. The transportation & logistics segment represented the largest share of the overall market during the forecast period.

Impact of COVID-19 Pandemic on Inventory Tags Market

According to the latest situation report from the World Health Organization (WHO), the US, India, Brazil, Russia, the UK, France, Spain, and Italy are among the worst affected countries due to the COVID-19 outbreak. The outbreak first began in Wuhan (China) in December 2019, and since then, it has spread at a fast pace across the globe. The COVID-19 crisis affects the industries worldwide, and the global economy is adversely affected in 2020 and likely in 2021. Market players have experienced disruptions in their operations and is likely to have consequences till mid-2021. The factory shutdowns, travel bans, trade bans, and border lockdowns have adversely affected the inventory tags market.

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Rising Popularity of RFID Technology

The increasing disposable incomes in several emerging countries are augmenting the demand for retail products. The retail industry is fueled by a mounting set of suppliers selling various products online and changing buying behavior of consumers. The retail sector in India is one of the fastest-growing markets in the world due to economic growth. As per the Indian Brand Equity Foundation, the retail sector in the country has raised US$ 672 billion in 2017 and it is estimated to reach US$ 1,200 billion by the end of 2021. E-commerce is the fastest-growing segment of the retail industry in North America and Europe. As per the Centre for Retail Research Limited, in 2019, the combined e-commerce sales in the UK, France, France, the Netherlands, Italy, and Spain were US$ 313.53 billion. Besides, as per the Census Bureau of the Department of Commerce, the retail e-commerce sales in the US were US$ 160.3 billion in the first quarter of 2020, with an increase of 2.4% from the fourth quarter of 2019.

RFID tags are heavily adopted by the retail industry, especially for apparels. The apparel suppliers are increasingly leveraging big data analytics and digitalization with the help of RFID technology, which helps identify objects based on the caught data or track the location of the same.

RFID is also installed to increase visibility in inventory, which allows for much higher stock accuracy levels. Giants, such as H&M, Nike, and Zara, in the retail sector use this technology for inventory management to generate an effective supply chain, combat counterfeit items, and prevent out-of-stock situations. RFID deployments code and read products in their warehouses. When shipments reach store locations, RFID identifies which sizes and models to restock.

Inditex Group, the owner of retail brands such as Pull and Bear, Bershka, Massimo Dutti, Zara, Stradivarius, and Oysho, has given Tyco Retail Solutions a contract for RFID-based inventory intelligence. The Tyco solution has been installed in 700 Zara stores in 22 countries. Thus, the increasing deployment of RFID tags among major retailers is fueling the market growth.

Major key players covered in Inventory Tags Market report:

3M Company; Alien Technology, LLC; Avery Products Corporation; Brady Worldwide Inc.; CCL Industries Inc.; Cenveo; SATO Holdings Corporation; Honeywell International Inc.; Johnson Controls, Inc.; and Zebra Technologies Corporation are among a few major companies operating in the inventory tags market.

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Players operating in the inventory tags market are focusing on the development of advanced and efficient products.

In 2020, Sato Holdings Corporation announced the launch of ASETRA, RFID Asset Management System for manufacturers and logistics service providers. The package system that utilizes RAIN RFID tags, QR codes and barcodes to streamline management of tools and returnable items.

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