Inventory Tags Global Market Report 2022: Augmented Integration of Advanced Technologies Boosts Adoption - ResearchAndMarkets.com

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Nov 25, 2022 05:45 am
DUBLIN -- 

The "Inventory Tags Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" report has been added to ResearchAndMarkets.com's offering.

The inventory tags market is estimated to grow at a CAGR of 4.7% over the forecast period 2021-2026. Works towards normalization, growing application segments, increasing awareness of using inventory tags, augmented integration of advanced technologies to improve existing technology and mounting knowledge among the general population are major factors that drive the growth of the global inventory tags market.

Moreover, rising disposable incomes in developing economies are expected to augment demand for several retail products. This is another primary factor anticipated to propel the growth of the global inventory tags market.

Key Highlights

  • Inventory tags connected products help secure identification and tracking, reduce human error, and hence assist in effective supply chain management. Inventory tags provide detailed information about products that can later be used and even let the stock be tracked, making warehousing and logistics opting just in time for their inventories.
  • When inventory levels are chronically inaccurate, it is next to impossible to manage replenishment schedules, leading to stockouts. It also leads to poor customer experience as customers must either wait longer to receive their orders or face canceled orders once the error is realized. The average U.S. retail operation has an inventory accuracy of only 63 %. American businesses have yet to get on for the proper inventory management for preventing leading to errors, lost opportunity, and increased costs. Inventory, along with accounts receivable and accounts payable, has tied up USD 1.1 trillion in cash equivalent to 7% of the U.S. GDP (source REL). This caters to the market penetration for the inventory tags in the region.

Key Market Trends

RFID Holds a Substantial Share in Technology Segment of the Inventory Tags Market

  • Sectors showing extraordinary growth potential for RFID technology are the automotive, pharmaceuticals, and healthcare industries. RFID can significantly reduce the labor cost borne by companies for warehouses, as labor costs amount to about 50-80% of the total charges in a distribution center. Processes that require a higher number of employees can be completed with a smaller number of employees.
  • The most common use of RFID technology and smart labels are tracking goods in the supply chain, monitoring parts moving to a manufacturing production line, tracing assets, security, and payment systems that let clients pay for items without using cash. Many distribution centers and warehouses are putting to increase the efficiency of the processes, as a part of improvement programs.

APAC is Growing wit the Fastest Pace in Inventory Tags Market

  • Asia-Pacific is one of the fastest-growing markets for inventory tags, including regions such as China, India, and others. The increase in demand for tags partly originates from traditional industrial products. According to the China National Light Industry Council (CNLIC), approx 80% of light industrial products need packaging and tags. Transportation & Logistics tags are also the fast-growing segments in China's industrial supply chain.
  • The degree of traceability that integrates RFID with consumer-scannable codes like QR can provide is expected to be an all-important link to the supply chain to prevent counterfeiting and loss of goods transporting products across the vast geography of China. Baoshen, a leading Chinese packaging company, with the annual capacity of producing 1 billion RFID tags recently introduced a new Eprint line of RFID products focused on anti-counterfeit solutions for fast-moving consumer goods, online sales, and pharmaceutical drugs.

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS

4.1 Market Overview

4.2 Market Drivers

4.2.1 Real-Time Tracking

4.2.2 Provides Protection Against Loss, Theft, and Counterfeiting

4.2.3 Remote Identification of Products

4.3 Market Restraints

4.3.1 High Cost Associated with Software and Equipment Integration

4.4 Industry Attractiveness - Porter's Five Forces Analysis

4.4.1 Threat of New Entrants

4.4.2 Bargaining Power of Buyers/Consumers

4.4.3 Bargaining Power of Suppliers

4.4.4 Threat of Substitute Products

4.4.5 Intensity of Competitive Rivalry

4.5 Assessment of COVID-19 on the Industry

5 MARKET SEGMENTATION

6 COMPETITIVE LANDSCAPE

7 INVESTMENT ANALYSIS

8 MARKET OPPORTUNITIES AND FUTURE TRENDS

Companies Mentioned

  • Avery Dennison Corporation
  • 3M Company
  • Zebra Technologies Corporation
  • Alien Technology, LLC
  • Brady Worldwide, Inc.
  • Tyco International Plc
  • Smartrac N.V.
  • Johnson Controls International Plc
  • Cenveo Corporation
  • Checkpoint Systems, Inc.
  • Hewlett Packard Enterprise Development LP

For more information about this report visit https://www.researchandmarkets.com/r/m5sg6u

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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