The inventory tags market is segmented on the basis of technology into barcodes, radio-frequency identification (RFID), and others which include QR codes and normal tags. Barcodes is one of the most extensively used technologies in the inventory tags market. Barcodes helps companies to easily scan price and product details necessary for stock handling. RFID technologies have experienced tremendous demand in the recent past and this segment is projected to continue to grow at the highest rate during the forecast period. MarketsandMarkets projects that the global inventory tags market size would grow from USD 4.08 billion in 2016 to USD 5.07 billion by 2021, at a CAGR of 4.43% during the forecast period.
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The increasing protection against theft, loss, and counterfeiting; scope for technology integration; identification of products without human intervention or need of line-of-sight; and adoptions of real time tracking systems have driven packaging companies to opt for inventory tags technologies, which enabled cost savings. Factors such as the increasing urban population, rapid industrialization, growing concern toward the public health, and laws & regulations have propelled the growth of the global inventory tags market. The increase in the GDP of a particular country would enable it to work with more advanced and effective packaging solutions, which will in turn increase the demand for inventory tags technologies.
The inventory tags market is segmented on the basis of printing technology, technology, label type, end-use sector, and region. On the basis of technology, the RFID segment is projected to grow at the highest rate since it is used extensively in the packaging industry as it reduces manual costs and improves visibility and planning.
Digital printing was the most widely used printing technology among other technologies, in terms of both volume and value. Properties of digital printing such as high-quality and cost-effective solutions for manufacturing well-designed inventory tags with recycling options are driving the market for the digital printing technology.
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In terms of label type, the market is segmented into plastic, paper, and metal. The plastic segment is projected to grow at the highest rate during the forecast period as it provides manufactures with tamper-resistant, clarity in visualizing information, ease of printing, and durability. On the basis of end-use sector, the market is segmented into industrial, retail, transportation & logistics, and others. The consumption of inventory tags in the industrial sector is projected to witness the highest growth, owing to the excessive usage of industrial tags for product identification and differentiation
Asia-Pacific is the emerging market for inventory tags. The major drivers for the growth of the inventory tags markets in the Asia-Pacific region include strong government support, efforts towards standardization, expanding application segments, convergence of technologies, and the rising awareness regarding the benefits of using inventory tracking technologies. Europe is projected to be the largest market for inventory tags during the forecast period, as the benefits associated with the use of inventory tags for the manufacturing industry drives the European inventory tags market.
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