Inventory Tags Market is Booming Worldwide According to New Research Report

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.

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.

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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.

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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Inventory Tags Market Forecast to 2028 – COVID-19 Impact and Global Analysis By 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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