LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global inventory tags market predicts a CAGR of around 5% during the period 2017-2021.
The report has further categorized the global inventory tags market into different segments based on product (barcode tags, RFID tags, and others), by end-user (hospitals and ASCs), and by geography (the Americas, APAC, and EMEA). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global inventory tags market, according to Technavio heavy industry researchers:
- Growing demand for advanced inventory tracking and management solutions: a major market driver
- In 2016, the barcode-based tags were the most widely used inventory tagging solution across various industries
- The Americas dominated the global inventory tags market in 2016 and the market in this region is expected to grow at a CAGR of close to 5% through 2021
- 3M, AVERY DENNISON, Alien Technology, Brady, and Tyco Sensormatic are the major players
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Market growth analysis
The growth of the global inventory tags market is fueled by the growing demand for advanced inventory tracking and management solutions. The automation of inventory tracking and management is driving the demand for advanced inventory tags. These inventory tags can further simplify the counting and identification of inventory and considerably diminish the need for human intervention in the process. The advanced technologies that are used in inventory tags include radio frequency identification (RFID) tags and near field communication (NFC) tags. The adoption of technologically advanced, high-value inventory tags represents a significant opportunity for vendors to increase their profit margins in the inventory tags market.
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Geographical analysis
The market in the Americas is estimated to grow by USD 0.49 billion between 2016 and 2021. Highly organized industries and retail sectors are present in the US, and therefore, the market in the region is extremely concentrated. The US and Canada are the major hubs of large retail chains that have complex supply chains. These retail chain companies usually maintain huge inventories and utilize inventory tags for asset and product management across the entire value chain.
According to Anju Ajaykumar, a lead analyst at Technavio for research on tools and components, “In Latin America, the highest growth is expected from developing countries such as Brazil, Mexico, and Argentina. Most countries in Latin America are currently undergoing economic recession. This is because of the extremely low commodity prices, which is one of the most important trade resources for countries in the region. This led to the slow growth of industries and retail sectors till 2016. But, the commodity prices are expected to recover during the next five years. This should lead to an exponential economic and trade growth for these countries.”
Competitive vendor landscape
The global inventory tags market is highly fragmented as several large, medium, and small international, as well as regional players, are present in the market. Most players operating in the market are well-diversified companies that have several business units and product segments. The inventory tag business forms only a very small part of revenue for these companies. The barcode and QR-code based inventory tags are easily reproducible products, and therefore, the competition is particularly intense among these vendors. Several companies directly sell printers for such inventory tags so that the end-users can produce the required tags when they need them.
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