Inventory Tags Market: Worldwide Key Industry Segments & Forecast, 2016-2024
Inventory Tags Market expected to show steady growth by 2024
sarsota, FL -- (SBWire) -- 10/03/2017 --A tag attached to inventory items to provide the required information about the finished products, raw materials, and others stored elements is called an inventory tag. The inventory tags play a vital role in inventory management, to streamline production, and to maintain and plan the procurement of the raw material. The supply chain facilities are totally dependent on the inventory for identification of product type, specification, and quantities. Implementation of inventory tags has led the end-users to reduce their operational time and decrease the cost of unplanned buying. Due to the introduction of various advanced technologies in inventory management, it has increased the overall production as well as it is beneficial for precise tracking of goods in an enormous manufacturing facility.
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The inventory tags are produced based on various factors such as materials, technology, and printing methods, and application. Further, based on the material used in manufacturing, the global market is classified as plastic, vinyl, paper, and metal. In which, the metal-type tags are more durable. Types of metals used are stainless steel and aluminum. Moreover, based on technology, the global market is segmented as the barcode, QR codes, and radio frequency identification device (RFID). The printing medium is classified as digital printing, letter pass printing, flexographic, screen printing, and thermal transfer printing. The end-users of the inventory tags are classified as manufacturing units, logistics, retail, SMEs, and military warehouses.
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Rising trend of online shopping and growing e-commerce companies has led the owners to set up the warehouse to maintain the SKUs and to process the data of the inventories based on the order flow; this is a factor responsible for boosting the demand for inventory tags. Increased disposable income in developing countries has led the high demand for retail products, which is indirectly fostering the growth of the inventory tags market. Wide application of inventory tags in logistics or supply chain management system to real-time monitor the item and to avoid fake products is major application upholding the market growth. On the other hand, unawareness of the latest inventory technologies in developing regions is restraining the inventory tags market growth.
Geographically, Europe is dominating the global inventory tags market and is also anticipated to retain its position in coming future owing to advancement in technologies and simultaneous implementation of the developed products. Asia-Pacific is expected to grow at a fast pace due to rising industrialization warehouse units and growing retail industry in India and China. Further, North America is making a significant growth due to high use of barcodes in the food industry.
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Some of the major players contributing to the development of the inventory tags market with their services and innovations are Avery Dennison Corporation, Brady Corporation, Tyco International PLC, Smartrac N.V, Hewlett-Packard Company, 3M Company, Zebra Technologies Corporation, Checkpoint Systems, Inc., Cenveo Inc., and Alien Technology Inc. With certain mergers and expansions in the market, one of the leading players Avery Dennison Corporation has made an announcement of acquiring Mactac from platinum equity at price of €200 million, which is the final procedure of the acquisition.
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