An item-level tag is a label that is attached to a single or a variety of products, which helps in providing information or identification. On the similar lines, an inventory tag is a tag attached to several commodities and is implemented widely to identify items & products that assist in tracking and counting the physical stock or inventory. The inventory tags represent the hard copy tags used by various companies and retail shops. It contains a count of a group of a given product or item. Such inventory tags are easy to read and help in accomplishing the counting with more speed. Therefore, inventory tagging provides much advantages like automation, accuracy and cost-efficiency in retail sectors plus it helps in better visibility and monitoring of stock and inventories. The technology is much helpful as it deploys in determining the amount of inventory, availability of stock, increased time, reduced manual labor and increased accuracy.
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Tags Market at : https://www.millioninsights.com/industry-reports/inventory-tags-market
The driving factors propelling
the growth of global inventory tag market include augmenting benefits of
authentication technologies and the need for trace and track technologies,
which are into packaging. Additionally, growing economies, rise in disposable
income, urbanization, globalization and minimized trade barriers are the main
drivers of the inventory tag market. Moreover, stringent laws pertaining to
packaging and increasing importance for safety add to the growth of global
market. However, the lack of awareness of inventory tags technologies, and lack
of skilled personnel are some major hindrances the market experiences.
On the basis of printing
technology, the global inventory tag market is segmented into digital printing,
flexography printing, gravure printing, screen-printing, lithography printing,
offset printing, letterpress printing, thermal printing and pad printing.
Digital printing segment is projected to be the rapidly growing segment of the
inventory tags market for the forecast period. The segment accounts for higher
CAGR owing to its numerous benefits like cost-effectiveness, high-quality,
recycling options and multiple uses.
On the basis of technology, the
global inventory tag market is segmented into barcodes, RFID, QR codes and
normal tags. Barcode segment is estimated to be the largest market of the
inventory tags market for the forecast period owing to its frequent use in the
inventory tags market and the trend is estimated to continue for the forecast
period. On the basis of label type, the global inventory tag market is
segmented into plastic, paper, metal, glass labels, cloth labels & thermal
label type. On the basis of end-user sector, the global inventory tag market is
segmented into industrial, retail, aerospace and marine. Based on geographic
segmentation, the global inventory tag market spans North America, Europe,
Asia-Pacific excluding Japan, Japan, Middle East and Africa.
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North America dominates the
global inventory tag market owing to growing use of inventory tags in wholesale
and retail stores. Europe is projected to grow at a higher CAGR. Asia-Pacific
tends to play the pivot role in the global market owing to factors such as
government initiatives, efforts toward standardization, expansion of
applications and related segments, integration of technologies, growing
awareness about usage of inventory tracking technologies, heavy growth of
population in China and India with growth in disposable income is driving the
APAC market. Rapid industrialization and stringent rules pertaining to secure
packaging are some factors for growth of inventory tags market. The key
players in the global inventory tag market include Avery Dennison Corporation,
Tyco International plc, 3M Company, and Brady Corporation. Mergers and
acquisitions are the strategies followed by the key players for growth in the
inventory tag market.
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