Companies nowadays are increasingly accommodating authentication technologies in their product packaging in order to protect their products from theft, loss, or counterfeiting. Barcodes and RFIDs are the most used authentication technologies by the companies, especially those in the industrial sector. Enforcement of strict laws regarding counterfeiting activities, growing need for efficient use of supply chain, and availability of cost-efficient authentication technologies are propelling the growth of the global market for inventory tags.
Drivers & Restraints
The growth of the global market for inventory tags can be majorly attributed to the following factors:
- Increasing popularity of the benefits of authentication technologies
- Growing need for track & trace technologies
- Increasing awareness toward protection against theft, loss, and counterfeiting
- Growing adoption of real time tracking systems
- Integration of technologies
Apart from the aforementioned factors, growing demand from various end-users, increased demand for efficient supply chain management, and growing popularity of IoT are likely to fuel the market growth even further. However, higher cost of software and mechanical vulnerability are a couple of restraining factors that may hamper the growth of this market. Moreover, reflection and absorption of Rf signals by metallic and liquid objects and live tags even after deactivation are some of the challenges being faced by the leading companies in this market.
Market Predictions
The value of the worldwide inventory tags market which is estimated to be USD 4.08 Billion in 2016 is projected to reach USD 5.07 Billion by 2021, growing at a CAGR of 4.43% during the forecast period. Among regions, Asia-Pacific is the fastest-growing region for this market, owing to the rising population, disposable income, and demand for packaged food products.
Based on technology, barcodes are the most used and conventional technologies used in this market. This segment accounted for the largest share in 2015, and this trend is expected to persist over the coming years as well. The market for RFID technology is expected to grow at a high growth rate during the forecast period. Among printing technology, the market for digital printing held the largest market share and has also been projected to be the fastest-growing segment during the period under consideration.
The global market for inventory tags comprises manufacturers and vendors such as Avery Dennison Corporation (U.S.), Tyco International plc (Ireland), 3M Company (U.S.), Brady Corporation (U.S.), Zebra Technologies Corporation, Checkpoint Systems Inc., and Hewlett-Packard Company among others.
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Research Scope
The current trends of the global market for inventory tags has been studied and predicted on the basis of following segmentation:
- Printing Technology: Digital Printing, Flexography Printing, Gravure Printing, Screen Printing, Lithography Printing, Offset Printing, Letterpress Printing, Others (thermal printing and pad printing)
- Technology: Barcodes, RFID, Others (QR Codes and Normal Tags)
- Label Type: Plastic, Paper, Metal, Others (including glass labels, cloth labels, and thermal label type)
- End-Use Sector: Industrial, Retail, Others (including aerospace, marine, and gifts)
- Geography: North America, Europe, Asia-Pacific, RoW
Summary
The inventory tags market is majorly driven by the increasing awareness regarding the use of authentication technologies.
