Inventory Tags Market- Global Industry Size, Outlook, Share, Demand, Manufacturers and 2028 Forecast

The global Inventory Tags 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% during 2021-2028.

The US, Canada, and Mexico are among the major economies in North America. High spending power of population enables them to spend on expensive high-tech products that encourages technological advancements, which lead to intense competition among various businesses in this region. North American countries are characterized by well-developed retail and manufacturing sectors and a relatively high density of retailers. The retail sector in North America is a huge adopter of the RFID technology that facilitates data transfer from tags attached to objects, using a wireless scanning system, thereby enabling automatic identification and tracking. Further, according to the International Trade Administration (ITA), there were 19.8 million e-commerce users in Canada in 2018, and the count is estimated to rise up to 5.21 million by 2021. The retail e-commerce sales in Canada were valued at US$ 2.2 million in 2019 and US$ 47.9 million in 2020. Thus, in addition to the growing retail sector, escalation in e-commerce activities is contributing to the inventory tags market in North America.

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Analysis of the Top Market Players:

1. 3M
2. Alien Technology, LLC
3. Brady Worldwide, Inc.
4. Camcode
5. CCL Industries Inc.
6. Cenveo
7. Honeywell International Inc.
8. Johnson Controls, Inc.
9. SATO Holdings Corporation
10. Zebra Technologies Corporation

In this report, the market has been segmented on the basis of:

Technology (Barcodes, RFID, Others)
Label Type (Plastics, Paper, Metal, Others)
Printing Technology (Digital Printing, Flexography Printing, Gravure Printing, Offset Printing, Others)
End-User (Retail, Transportation and Logistics, Industrial, Others), Geography
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According to American Hospital Association, the US healthcare sector consists of ~5,534 registered hospitals that cater ~35,158,934 patients. In this sector, inventory management effectively handle inventory, acting as a pre-requisite for several decision-making processes. Hospitals in the region are highly inclined toward the implementation of the best practices in the hospital supply management system to allow efficient management of inventory. Inventory tags allow quick check-in and check-out of medical equipment. A unique identification number on equipment makes it easier to locate them in storehouses. Also, the RFID technology allows scanning of several items at once.

In August 2020, Vizinex RFID, a US-based company that designs and manufactures RFID tags, introduced new flexible inventory tags to serve a larger spectrum of industries. Its inventory tags are developed to adhere to flat metal surfaces. Such developments by the key inventory tag providers are propelling the market growth in North America.

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