According to The Insight Partners’ research, the globalInventory Tags Market was US$ 4,995.36 million in 2020 and is expected to grow at a CAGR of 5.0% during the forecast period to reach US$ 7,264.42 million by 2028. The increasing counterfeiting activities and the escalating adoption of RFID technology in the retail sector are the major factors driving the market expansion.
Furthermore, there has been a surging adoption of RFID technology in the retail sector due to the rising disposable incomes. The retail industry is fueled by a mounting set of suppliers selling various products online and changing consumers’ buying behavior. The retail sector in India is one of the fastest-growing markets in the world due to economic growth. As per the Indian Brand Equity Foundation, the retail sector in the country raised US$ 672 billion in 2017 and reached US$ 1,200 billion by the end of 2021. E-commerce is the fastest-growing segment of the retail industry in North America and Europe. Additionally, RFID tags are mainly adopted by the retail industry, especially for apparel which led to an increase in the global inventory tags market growth.
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Counterfeiting of products is a concern that impacts all the verticals worldwide. As stated by the International Chamber of Commerce, counterfeiting has been growing significantly over the past few years and has resulted in the illegal trading of goods worth US$ 917 billion a year. The growing cases of counterfeiting products result in loss of revenue and pose a considerable threat to consumer health and safety, and harm foreign direct investment prospects. The retail and consumer electronics industries are the piracy targets, negatively impacting many retail and pharmaceutical firms. The stringent laws about 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 which have propelled the market growth.
On the contrary, one aspect is anticipated to challenge the market, i.e., the security concerns related to inventory tag technology.
Based on technology, the global inventory tags market is divided into RFID, barcode and others. In 2020, the RFID segment led the market by capturing 52.3% share and market valued at US$ 2,614.9 million. Further, it is expected to amass US$ 3,958.7 million by 2028 and will grow at a CAGR of 5.6% during the forecast period.
As per printing technology, the global inventory tags market is segmented into offset printing, digital printing, flexography printing, gravure printing, and others. Among these, the offset printing segment led the market growth with a share of 38.0%, i.e., a market value of US$ 1,899.2 million in 2020. Further, it is projected to garner a CAGR of 5.5% during the forecast period to reach US$ 2,859.8 million by 2028.
By label type, the market is categorized as plastics, paper, metal, and others. The plastic segment held the market expansion by accounting for 40.0% share and a market value of US$ 1,996.6 million in 2020. Further, it is expected to hold a maximum market value of US$ 3,079.8 million by 2028 with a CAGR to record a stellar growth of 5.8% during 2021–2028.
By end-user scope, the market is fragmented into retail, transportation and logistics, industrial, and others. In 2020, the industrial segment led the market by capturing 44.8%, i.e., a market value of US$ 2,239.5 million in 2020. It is projected to hold its dominance by accounting market value of US$ 3,503.0 million by 2028 to record a stellar growth CAGR of 6.0% over the forecast period.
From the regional perspective, Asia Pacific dominated the market by capturing 29.7% in 2020, expected to hold a share of 35.1% by 2028. The region’s market value was US$ 1,481.48 million in 2020 and is anticipated to reach US$ 2,551.26 million by 2028 with a CAGR to record a growth rate of 7.3% over the forecast period.
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By end-user scope, the market is fragmented into retail, transportation and logistics, industrial, and others. In 2020, the industrial segment led the market by capturing 44.8%, i.e., a market value of US$ 2,239.5 million in 2020. It is projected to hold its dominance by accounting market value of US$ 3,503.0 million by 2028 to record a stellar growth CAGR of 6.0% over the forecast period.
From the regional perspective, Asia Pacific dominated the market by capturing 29.7% in 2020, expected to hold a share of 35.1% by 2028. The region’s market value was US$ 1,481.48 million in 2020 and is anticipated to reach US$ 2,551.26 million by 2028 with a CAGR to record a growth rate of 7.3% over the forecast period.
The chief players presented in the global inventory tags market report are 3M; Alien Technology, LLC; Brady Worldwide, Inc; CCL Industries Inc; Cenveo; Johnson Controls, Inc; Zebra Technologies Corporation; SATO Holdings Corporation; Honeywell International Inc; and Camcode.
- In April 2019, Allien Technology, LLC introduced a new Higgs-9, a next generation High-Memory RFID Tag which provides a base 96-bit EPC field and 688-bit User Memory field allowing superior write accuracy, memory retention, and read reliability.
- CCL Industries Inc launched its product – Impinj M730 and Impinj M750 in April 2019.
- In February 2021, Zebra Technologies expanded APAC headquarters with advanced facilities.
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