The Inventory Tags Market Growth impelled by surging adoption of RFID technology in retail sector and growing counterfeiting activities.
Pune, India, June 15, 2021 (GLOBE NEWSWIRE) — Inventory Tags Market: Key Insights
According to our new research study on “Inventory Tags Market to 2028 – Global Analysis and Forecast – by Technology, Label Type, Printing Technology, End-User”. The global Inventory Tags Market Size was valued at 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.
Inventory Tags Market: Competition Landscape and Key Developments
3M Company; Alien Technology, LLC; Avery Products Corporation; Brady Worldwide Inc.; Capcode (Horizons Incorporated); Cenveo Corporation; Checkpoint Systems; Smartrac Technology GmbH (Avery Dennison Corporation); Tyco (Johnson Controls, Inc.); and Zebra Technologies Corporation are the key players profiled in the report of the inventory tags market.
In 2020, Sato Holdings Corporation announced it has launched 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.
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In 2020, CCL Industries Inc. through its subsidiary, Checkpoint systems announced it will extend relationship with LPP, a Polish fashion retail group. Under the agreement Checkpoint systems will deploy large-scale RFID programme for LPP’s eCommerce platform and to over 1,700 outlets spanning 23 countries for improving merchandise availability, operational efficiency, and the consumer experience.
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 also ensure consistency across their operations as well as ensure efficient stocking, monitoring, and shipments. The tags reflect a barcode and an 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 is 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 global inventory tags market growth. 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.
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Counterfeiting of products is a huge concern, which impacts all the verticals across the globe. As stated by the International Chamber of Commerce, counterfeiting has been growing significantly over the past few years and has resulted in illegal trading of goods worth ~US$ 917 billion a year. The growing cases of counterfeiting products result in loss of revenue and pose considerable threat to consumer health and safety, as well as harm foreign direct investment prospects. The retail and consumer electronics industries are the major targets of piracy, thereby negatively impacting various retail and pharmaceutical firms. Some of the instances are given below:
- A few major brands of France, including Balenciaga, Bottega Veneta, Gucci, and Yves Saint Laurent, have filed a lawsuit in New York federal court against a Chinese seller for selling fake handbags and wallets worth over 2 million dollars via e-commerce platforms to the US consumers.
- In March 2019, Pune (India) Police raided Pramukh Enterprises, a retail store, for selling forged electronic goods of reputed companies. The police seized Hewlett Packard Enterprise (HPE) products, mainly counterfeit printer toners.
- In March 2020, in Malaysia, ~600 cases of online sales of counterfeit surgical masks were reported.
Inventory Tags Market: Segmental Overview
The inventory tags market is segmented based on technology, label type, printing technology, end-user, and geography. Based on technology, the market is segmented into barcodes, RFID, and others. Based on label type, the inventory tags market is segmented into plastic, paper, metal, and others. The market, based on printing technology, is segmented into digital printing, flexography printing, gravure printing, offset printing, and others. On the basis on end user, the inventory tags market is segmented into retail, transportation, and logistics, industrial, and others.
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The RFID segment led the inventory tags market, by technology. The Radio Frequency Identification (RFID) is used in keeping track and visibility of objects that are on the move. The RFID is a portable memory device on a chip that replaces the earlier called Universal Product Code (UPC) as it carries more dynamic information as compared to the earlier UPC. This memory chip can be easily embedded in any kind of object that is to be considered for tracking. Radio Frequency Communications is employed between a host computer and an RFID device consisting of the memory chip. An RFID system comprises of a tag that contains data, an antenna to communicate with the tag and a controller that is used to manage the communication between the antenna and the host computer.
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