Inventory Tags Market Research Report- Forecast till 2022
Market Research Future discloses that the global Inventory tags market 2020 is all set to scale a robust value and would gain traction at a CAGR of 4% over the forecast period (2016 to 2022). The concept of inventory tags has gained rapid traction over the years, and it is projected that its various forms can drive highly lucrative opportunities to enter the market in the next few years and capitalizing to a great extent.
Top Market Drivers and Challenges
The substantial growth of the inventory tags market across the globe has been due to the rising apprehensions for efficient tracking of enterprise assets and the need for managing an efficient supply chain of products. The beneficiary of tags attached to inventory items for providing information about raw materials, finished products, and other elements regarding the product has been boosting the market with gaining positive aspects.
The other factors in favor of the market’s growth are stated to be the considerable adoption of real time tracking system. Various types of materials are being used for inventory tags such as metal, plastics, and more have also been crucial factors leading the market to achieve the desired growth in the forecast period. Emphasizing more on the factor, metal type inventory tags are largely used for its extremely durable functionality. This has simultaneously hyped the demand for it, which resulted in a considerable rise in the market’s growth.
Additionally, more factors working in favor of the market directs towards continuously growing demand from end-use industries. It is considered as the key driving factor for pushing the market to gain more valuation in the growth period. In fact, the benefits offered by inventory tags that come with cost-efficient and precise tracking of inventory goods, control over inventory flow is also a boosting factor for the demand of these tags, thus influencing the global inventory tags market to a large extent.
On the contrary, the factor of high initial cost & lack of skilled labor is posing as a hindrance towards the growth of the global inventory tags market.
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Technologies, Materials, End-Use are the segments under the segmental analysis of the global inventory tags market that are explained as—
Depending on the technologies segment, the market includes barcodes, RFID, and QR codes.
Depending on the materials segment, the market includes metal, plastic and paper.
Depending on end-user segment, the market includes industrial, retail, logistics, and others.
North America, Europe, APAC, and Rest of the World (ROW) are the key regions mentioned in the study of the global inventory tags market to understand the dynamics regionally.
The most profitable market for the global inventory tags market belongs to the European region that also leads to the highest share among other regions. The given factors to the rise are advancement in technologies and the simultaneous implementation of the developed products.
The region of Asia-Pacific is considered to be the fastest-growing region for inventory tags market with the rising awareness of using inventory tags, rapid growth in industrialization as well as the growing retail industry. These are the factors that are continuously driving the market in the APAC region. The prime countries such as China and India are expected to witness the highest growth over the forecast period due to rapid industrialization and surge in industrial trade.
The most recognizable key players in the global inventory tags market are listed as Tyco International Plc. (Ireland), Avery Dennison Corporation (U.S), Smartrac N.V. (The Netherlands), Brady Corporation (U.S), 3M Company (U.S), Alien Technology Inc. (U.S), Zebra Technologies Corporation (U.S), Checkpoint Systems Inc. (U.S), Hewlett-Packard Company (U.S), and Cenveo Inc. (U.S).
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Global Inventory Tags Market Information by Technology (Barcodes, RFID & QR Codes), by Materials (Metal, Plastic, and Paper), by End-User (Industrial, Retail, Logistic and Others) and by Region – Forecast to 2022
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