Inventory Tags Market to Grow to $7.04 Billion by 2028, Fueled by Barcode Technology

The inventory tags market size 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 growth in the historic period can be attributed to barcode technology adoption, development of rfid tags, manual inventory management systems, standardization of tagging systems, introduction of qr codes.

The inventory tags market size 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 growth in the forecast period can be attributed to demand for real-time tracking, supply chain optimization, integration of cloud-based solutions, focus on security and anti-theft measures. Major trends in the forecast period include advancements in rfid, security and anti-counterfeiting measures, sustainability initiatives, enhanced durability and longevity, focus on data analytics.

Market Overview -
Inventory tags are labels or markings attached to items or containers and contain important information such as the item name, description, quantity, location, and other details that are needed to manage inventory effectively.

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Exploring The Inventory Tags Market Surge Driven By Fraudulent Products
The rise of fraudulent products is expected to propel the growth of the inventory tags market going forward. Fraudulent products are goods or services that refer to products deliberately misrepresented or falsely labeled to deceive consumers or gain an unfair advantage in the marketplace. This shift resulted from the cheap price of fraudulent products, weak laws, corruption, and ineffective enforcement. Inventory tags can help reduce fraudulent products by providing a way to track products through the supply chain and verify their authenticity. For instance, according to Business Wire, an India-based news magazine, in 2021 counterfeit medical products have raised by 47% as compared to 2020. This rise in counterfeited products is specifically observed for vaccines, COVID-19 test kits, medicines, antibiotics, and sanitizers. Therefore, the rise of fraudulent products is driving the growth of the inventory tags market.

Competitive Landscape -
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

The Role Of Technology In Shaping The Future Of Inventory Tags
Technological advancements are a key trend gaining popularity in the inventory tags market. Companies operating in the inventory tags market are adopting new technologies to sustain their position in the market. For instance, in March 2023, SimplyRFiD, the United States company specializing in RFID technology, launched Popsicle RAIN RFID Flag Tag. This RFID tag is suitable for use in various industries, including pharmaceuticals, electronics, and automotive, where precise tracking and identification of products are crucial. The Popsicle is designed with a transparent adhesive section and a non-adhesive RFID flag, making it an excellent choice for labeling solid-surface products while preserving the visibility of product information.

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Key Segments -
The inventory tags market covered in this report is segmented -
1) By Type: Plastic, Paper, Metal, Other Types
2) By Printing Technology: Offset Printing, Digital Printing, Flexography Printing, Gravure Printing, Other Printing Technologies
3) By End-Users: Industrial, Commercial, Retail, Other End-Users

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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