Inventory Tags Global Market Report 2023

Major players in the inventory tags market are Avery Dennison Corporation, 3M Company, Zebra Technologies Corporation, Brady Corporation, Alien Technology Corporation, Cenveo Corporation, Checkpoint Systems Inc.

New York, Aug. 02, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Inventory Tags Global Market Report 2023" - https://www.reportlinker.com/p06479910/?utm_source=GNW , Brady Corporation, Hewlett-Packard Company, Tyco International Plc, Johnson Controls International Plc, Ivaanshi Printpack, G M LABEL MANUFACTURING, Arora Print, and Globe Traders.The global inventory tags market is expected to grow from $5.32 billion in 2022 to $5.55 billion in 2023 at a compound annual growth rate (CAGR) of 4.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The inventory tags market is expected to reach $6.64 billion in 2027 at a CAGR of 4.6%.The inventory tags market consists of sales of barcode tags, radio frequency identification (RFID) tags, manual tags, magnetic tags, and color-coded tags.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.The value of goods in this market includes related services sold by the creators of the goods.Inventory tags are labels or markings attached to items or containers and contain important information such as the item name, description, quantity, location, and other details that are needed to manage inventory effectively.North America was the largest region in the inventory tags market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.The main types of inventory tags are plastic, paper, metal, and others.Plastic inventory tags are a type of inventory tag that is made of plastic material, designed to be durable, weather-resistant, and long-lasting, and are used in industries such as manufacturing, warehousing, and transportation, where they are used to track and manage inventory items.The printing technologies including offset printing, digital printing, flexography printing, gravure printing, and others are used by industrial, commercial, retail, and other end-users.The rise of fraudulent products is expected to propel the growth of the inventory tags market going forward.Fraudulent products are goods or services that refer to products deliberately misrepresented or falsely labeled to deceive consumers or gain an unfair advantage in the marketplace.This shift resulted from the cheap price of fraudulent products, weak laws, corruption, and ineffective enforcement.Inventory tags can help reduce fraudulent products by providing a way to track products through the supply chain and verify their authenticity.For instance, according to Business Wire, an India-based news magazine, in 2021 counterfeit medical products have raised by 47% as compared to 2020.This rise in counterfeited products is specifically observed for vaccines, COVID-19 test kits, medicines, antibiotics, and sanitizers.Therefore, the rise of fraudulent products is driving the growth of the inventory tags market.Technological advancements are a key trend gaining popularity in the inventory tags market.Companies operating in the inventory tags market are adopting new technologies to sustain their position in the market.For instance, in October 2020, Sato Holding Corporation, a Japan-based auto-ID service provider, launched ASETRA, a radio frequency identification (RFID) asset management system.This system is specifically designed to simplify the management of special tools and returnable items for manufacturers and logistic services providers.AESTRA allows manufacturers and logistic services providers to store service information digitally like the age of tools, purchase date, and returnable items in RFID tags and helps in the management of the product cycle.In May 2022, HID Global, a US-based secure identity products manufacturer acquired Vizinex RFID for an undisclosed amount.This acquisition broadens, diversifies, and enriches HID Global portfolio by adding expand portfolio of high-performance passive RFID tags.This acquisition helped HID Global to strengthen its position in the manufacturing, healthcare or medical, and oil and gas markets. Vizinex RFID is a US-based radio frequency identification (RFID) tag manufacturer.The countries covered in the inventory tags market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.The inventory tags market research report is one of a series of new reports that provides inventory tags market statistics, including the inventory tags industry global market size, regional shares, competitors with an inventory tags market share, detailed inventory tags market segments, market trends, and opportunities, and any further data you may need to thrive in the inventory tags industry. This inventory tags market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.Read the full report: https://www.reportlinker.com/p06479910/?utm_source=GNWAbout ReportlinkerReportLinker is an award-winning market research solution. 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