The inventory tags market is one of the fastest-growing sectors and serves most of the industries which include industrial, retail, and transportation & logistics sectors. Factors such as the increasing protection against theft, loss, and counterfeiting; scope for technology integration; identification of products without human intervention or need of line-of-sight; and adoptions of real time tracking systems drives the demand for these tags. Counterfeiting was earlier a problem specific to the developing countries of Africa and Asia. However, with the recent increase in parallel trading and internet pharmacies, the industry has also expanded in developed nations such as the U.S. and countries of Europe.
MarketsandMarkets projects that the global inventory tags market size would grow from USD 4.08 billion in 2016 to USD 5.07 billion by 2021, at a CAGR of 4.43%. Factors such as high per-capita income, purchasing power, and brand awareness in developed countries such as the U.S. are projected to drive the inventory tags market.
The key players in the inventory tags market are Avery Dennison Corporation (U.S.), Tyco International Plc. (Ireland), 3M Company (U.S.), Brady Corporation (U.S.), and Zebra Technologies Corporation (U.S.). The other players in the market are Checkpoint systems Inc. (U.S.), Smartrac N.V. (The Netherlands), Cenveo Inc. (U.S.), Alien Technology Inc. (U.S.), and Hewlett-Packard Company (U.S.).
These players have adopted various strategies to expand their global presence and increase their market share. Investments, agreements, contracts, expansions, acquisitions, new product launches, and technological developments are some of the major strategies adopted by the market players to achieve growth in the inventory tags market.
The growth of the inventory tags market was largely influenced by agreements, contracts, collaborations, joint ventures, and partnerships in the past five years. In 2014, Avery Dennison Corporation (U.S.) partnered with Ningbo Shenzhou Knitting Co., Ltd., (China) to accelerate innovations in embellishments and labels. In 2013, Marks & Spencer PLC (U.K.) signed a contract with Avery Dennison Corporation (U.S.) to expanded its RFID program to improve on-shelf availability at all of its stores.
In 2016, Checkpoint Systems Inc (U.S.) launched its product authentication technologies; it developed Micro RFID label for the health, beauty, and cosmetics sectors, over-the-counter medication, and mid-size cosmetics. In the same year it collaborated with Microsoft Corp (U.S.) to bring Checkpoint RFID Merchandise visibility solutions to the cloud, and enhance it using Microsoft analytical tools.
In 2014, Brady Corporation a collaborated with Tego, Inc. (U.S.) for the development of smart RFID labels and solutions which will be used for smart asset tagging in aerospace applications. In the same year, Brady Corporation completed the divestiture of its European and Asian Die-Cut businesses to Boyd Corporation (U.S.).
The report “Inventory Tags Market by Technology (Barcodes, RFID), Label Type (Plastic, Paper, Metal), Printing technology (Digital Printing, Flexography, Lithography, Screen Printing, Gravure, Others), End-Use (Industrial, Retail, Others) – Global Forecast to 2021”, The inventory tags market size is projected to grow from USD 4.08 Billion in 2016 to reach USD 5.07 Billion by 2021, at an estimated CAGR of 4.43%.
Browse 236 market data tables and 46 figures spread through 237 pages and in-depth TOC on “Inventory Tags Market”
