Americas Tops the Global Inventory Tags Market | Technavio
18 November 2017 - 7:03PM
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.
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Technavio has published a new report on
the global inventory tags market from 2017-2021.(Graphic: Business
Wire)
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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Technavio ResearchJesse MaidaMedia & Marketing ExecutiveUS:
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