Global Inventory Tag Market Size to Reach USD 8.34 Billion in 2032 | Emergen Research

Vancouver, Sept. 26, 2023 (GLOBE NEWSWIRE) -- The global inventory tag market size was USD 5.20 Billion in 2022 and is expected to register a steady revenue CAGR of 4.6 % during the forecast period, according to latest analysis by Emergen Research. Rising adoption of inventory tags for asset monitoring and tracking is a key factor driving market revenue growth. Inventory tags are considered ideal solutions for tracking inventory and managing logistics, leading to a notable rise in procurement by various end-use industries such as manufacturing, automotive, aviation, and retail.

This trend is aimed at enhancing inventory management, optimizing storage, and improving the efficiency of order fulfillment processes. In addition, significant developments in RFID  and Internet of Things (IoT) inventory tags for real-time inventory tracking is another key factor driving revenue growth of the market. Manufacturing, distribution, and warehousing organizations are increasingly using digital inventory tagging systems to improve material handling efficiency and cost management of purchased commodities. RFID, IoT, and related components improve asset monitoring and logistics systems by automating the transmission of relevant data and giving real-time information on critical physical assets. However, expense of implementation and complexity associated with incorporating inventory tags into items are key factors, which could restrain market revenue growth.

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However, cost of implementation and complexities regarding incorporation inventory tag in products are key factors, which could restrain market revenue. Implementations of inventory tag in products is significantly less in small and mid-sized companies. Manufactures avoid paying extra cost on products labeling, which directly affects margin of products. Also, advanced scanning devices are required for RFID and QR scanning. Inventory tags, especially RFID tags and readers, might necessitate regular maintenance and calibration, contributing to the overall expenses and intricacies associated with these systems.

Scope of Research

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Major Companies and Competitive Landscape

The global inventory tag market is consolidated, with few players accounting for the majority of market revenue. Major players are deploying various strategies, entering mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing new solutions and services. Some major players included in the global inventory tag market report are:

• 3M Company
• Avery Dennison Corporation
• Alien Technology, LLC
• Brady Worldwide, Inc.
• CCL Industries Inc.
• Zebra Technologies Corp. 
• SATO Holdings Corporation
• Newell Brands
• Teklynx Newco SAS
• HID Global Corporation
• SupplyPro, Inc.
• SimplyRFID
• SES-imagotag

Strategic Development

• On 2 October 2022, Avery Dennison Corporation, launched AD Minidose U9 RAIN RFID inlay inventory tag for pharmaceutical applications. Avery Dennison Smartrac plays a pivotal role by offering automated medication tracking and diversion detection solutions to hospital pharmacies across the U.S. Avery Dennison Smartrac has been a supplier of RFID tags for the Kit Check application since its inception. Kit Check's RFID-enabled inventory management solution assists hospitals in streamlining restocking processes, automating to reduce unnecessary spending on medications and enhance patient safety.

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Some Key Highlights From the Report

• The plastics segment is expected to account for largest share in the global inventory tag market over the forecast period. This is due to increasing use of plastic inventory tags for various warehouse applications such as inventory management, identification, inspections, safety, and other features. Plastic labels are very resistant to extreme weather conditions, such as wetness, humidity, and temperature variations, making these suitable for usage indoors and outdoors.
• The inventory management is expected to register steadily fast revenue growth rate in the global inventory tag market over the forecast period. This is because inventory tags play a critical role in maintaining efficient inventory management applications by monitoring and tracking physical assets in real time. Inventory tags also allow organizations to obtain complete visibility throughout the inventory process. Furthermore, inventory tags contain specific inventory information that aids in effective supply chain management. 
• The North America market accounted for largest revenue share in the global inventory tag market in 2022. This is due to rapid adoption of inventory tags in retail product manufacturing in this region. Inventory tags are required in produced items and product labelling must adhere to Fair Packaging and Labelling Act (FPLA) and Uniform Packaging and Labelling Regulation (UPLR). Inventory tags are being purchased in large quantities by manufacturers and exporters to meet regulatory requirements. Furthermore, the ongoing rise of e-commerce in the U.S. is also expected to drive market revenue growth during the forecast period.
• On 12 August 2021, SATO partners with Xerafy to introduce innovative metal skin RFID labels to the global automotive, manufacturing, and healthcare verticals. The Xerafy Metal Skin RFID labels offer real-time traceability and asset management visibility, and these can be effortlessly printed using SATO RFID-enabled printers such as CT4-LX and CLNX Plus series. In addition, these labels are versatile and can be applied to both metallic and non-metallic surfaces

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Emergen Research has segmented the global inventory tag market on the basis of label type, print type, technology, application, end-use, and region.

• Label Type Outlook (Revenue, USD Billion; 2019-2032)

• • Plastic
  • Paper
  • Metal
  • Other

• Print Type Outlook (Revenue, USD Billion; 2019-2032)

• • Dot matrix printing
  • Thermal printing
  • Laser printing
  • Screen printing
  • Inkjet printing
  • Dot matrix printing
  • Flexographic printing
  • Others

• Technology Outlook (Revenue, USD Billion; 2019-2032)

• • Barcode
  • Radio-Frequency Identification (RFID)
  • (Near Field Communication (NFC)
  • QR codes
  • Internet of Things (IoT)
  • Others

• Application Outlook (Revenue, USD Billion; 2019-2032)

• • Inventory management
  • Material Requirements Planning (MRP)
  • Fleet management
  • Asset tracking
  • Production and quality control
  • Maintenance and compliance
  • Others

• End-use Outlook (Revenue, USD Billion; 2019-2032)

• • Retail
  • Manufacturing
  • Warehousing and distribution
  • Automotive
  • Aviation and aerospace
  • Healthcare and pharmaceuticals
  • Others
• Regional Outlook (Revenue, USD Billion; 2019–2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. UK
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of Middle East & Africa

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