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Inventory Tags Global Market Outlook, Critical Insights, Trends Analysis, Key Players And Forecast To 2033
Inventory Tags Global Market
According to The Business Research Company's, 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.
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Market Drivers and Trends:
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.
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.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
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
Inventory Tags Market 2024 Key Insights:
• The inventory tags market size will grow to $7.04 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%.
• Exploring The Inventory Tags Market Surge Driven By Fraudulent Products
• The Role Of Technology In Shaping The Future Of Inventory Tags
• North America was the largest region in the inventory tags market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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