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According to the new research report titled “Inventory Tags Market Forecast to 2028 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 7,264.42 million by 2028, registering a CAGR of 5.0% from 2021 to 2028.
Inventory is a crucial asset to any organization, and keeping its track and observing its use are essential business processes. Inventory tags assist enterprises in efficient inventory management by tracking products or packages as well as by counting inventory manually or automatically with a system of scanners. An inventory tag can be customized based on the requirements of various companies to offer them adequate inventory control. By using inventory tags, companies can ensure consistency across their operations as well as ensure efficient stocking, monitoring, and shipments. The tags reflect a barcode, inventory number, and names of companies handling inventory. The labels in inventory tags can be made from plastic, paper, and metal. There is a high adoption of metal labels as they are durable, reliable, and simple to implement. This type of inventory tags are mainly used to monitor and handle warehouse inventory. Government support across all the regions to demolish counterfeit products and technological developments are the significant factors driving the growth of the inventory tags market.
The radio-frequency identification (RFID) technology is a commonly used technology in retail operations and warehouse management, as RFID tag-based operations consume less time; thus, the retail industry has witnessed rapid growth in the last few years. The inventory tags market is growing at a substantial pace due to the growth in the retail sector. Growing concerns about forgery, surging inventory tags due to its rising demand in various verticals and increasing per capita disposable income in numerous developing countries are the key factors driving the growth of the global inventory tags market.
According to the latest situation report from the World Health Organization (WHO), the US, India, Brazil, Russia, 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 world. 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 it’s likely to have consequences till mid-2021. The factory shutdowns, travel bans, trade bans, and border lockdowns have adversely affected the inventory tags market.
Key Findings of Study:
The global inventory tags market is fragmented into five major regions—North America, Asia Pacific (APAC), Europe, the Middle East and Africa (MEA), and South America (SAM). The market in APAC is projected to experience a significant growth during the forecast period. Owing to increasing penetration of the internet, consumers in these countries are inclined toward online shopping, which is transforming several areas of e-commerce in APAC. The right technology would increase sales, mitigate out-of-stock and overstock, and optimize employee and customer satisfaction. Thus, these factors are propelling the growth of the inventory tags market in APAC.
Nevertheless, significant strategic initiatives by several industry players are observed in the market; for instance, in 2020, Sato Holdings Corporation announced its launch of ASETRA, RFID Asset Management System for manufacturers and logistics service providers. The package system that utilizes RAIN RFID tags, QR codes, and barcodes to streamline management of tools and returnable items. Moreover, in 2019, Cenveo announced that the US Bankruptcy Court for the Southern District of New York, White Plains has approved the Company's US$ 290 million debtor-inpossession financing to support and grow its business.
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