Inventory Tags Market Size, Share, and Industry Analysis By Material (Plastic, Paper, Metal, and Others), By Technology (Barcode, QR Code, RFID, and Others), By Application (Industrial, Retail, Logistics & Transportation, and Others), and Regional Forecast, 2024-2032

An inventory tag is a specialized physical label designed to be attached to items in an inventory system to identify and track them through various storage, distribution, and transportation phases. With the introduction of several advanced technologies in inventory management, inventory tags emerge as a cost-efficient way to track goods and control the inventory flow. The rise in utilization of inventory tags among several end-user industries, such as healthcare, manufacturing, logistics, and retail, drives market growth.

• According to GS1 India, a global standards organization using barcodes can reduce logistical errors by up to 41% in a warehouse setting. Adopting barcode systems has transformed inventory management and tracking, offering organizations an efficient way to locate products within their warehouse.

Rapid modernization and technological developments are enhancing the global inventory tags market growth. The rise in concerns regarding counterfeiting products and goods is also a prime factor for market development. Moreover, the growing trend of the online shopping e-commerce industry has increased the need for inventory tags to maintain the stock data in every industry. Inventory tags are significant for streamlining warehouse operations, ensuring precise order fulfillment and decreasing shipping errors,  boosting product demand in various industrial applications.

The lack of knowledge and awareness regarding advanced technologies such as barcodes, RFID, NFC, and others is a significant factor hampering the market growth. Moreover, the upfront costs associated with the production of inventory tags limit its growth, especially for start-ups and companies with little funding. Companies may be reluctant to spend money on inventory tags, restraining the market growth.

The COVID-19 pandemic impacted several industries globally. However, the significant growth in the e-commerce sector boosted the demand for inventory tags. The growing demand for effective inventory management systems also aided the market growth during the period.

SEGMENTATION

KEY INSIGHTS

The report covers the following key insights:

• Recent Advancements in the Inventory Tags Market


• Key Industry Trends


• Regulatory Landscape for the Inventory Tags Market


• Key Industry Developments (Mergers, Acquisitions, and Partnerships)


• Impact of COVID-19 on the Market

ANALYSIS BY MATERIAL

Based on material, the market is segmented into plastic, paper, metal, and others.

The paper segment dominates the global market. The rising demand for inventory management systems around several end-use industries is aiding segmental growth. The flexibility, lightness, and relatively low cost offered by the paper material boosts its utilization in producing RFID tags, driving the segment’s growth.

ANALYSIS BY TECHNOLOGY

Based on technology, the market is segmented into barcodes, QR codes, RFID, and others.

The barcodes segment dominates the market. These are the most common type of inventory tags and they utilize a series of black and white bars to signify a product code. Barcode tags are gaining massive traction as they can be scanned by handheld and fixed scanners to quickly and accurately track inventory levels.

ANALYSIS BY APPLICATION

Based on application, the market is segmented into industrial, retail, logistics & transportation, and others. The industrial segment accounts for the largest market share. Hospitals and healthcare providers use inventory tags to track medical supplies and equipment. The tags are also utilized by several industries, such as oil & gas, the military, and others, for counting, identification, and traceability of stock items, further propelling segmental growth.

REGIONAL ANALYSIS

The inventory tags market has been studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

North America dominates the inventory tags market owing to a rise in the utilization of inventory tags in retail and wholesale stores. The presence of leading market players in the U.S. also contributes to the market growth in North America.

The Asia Pacific is expected to be the second-leading region due to rapid urbanization and industrialization. In addition, the rapid growth in industrial trade, specifically in the advancing countries, will contribute to regional growth.

The expanding environmental concerns and rising demand for eco-friendly and sustainable packaging materials in inventory tags and labeling solutions are cushioning the growth of the European inventory tags market.

The escalating demand for barcodes and RFID tags due to the continuous digitalization of supply chains will foster market growth in Latin America and the Middle East & African regions.

KEY PLAYERS COVERED

The report includes the profiles of key players such as 3M, Avery Dennison Corporation, Brady Corporation, Identiv Inc., SML Group, Zebra Technologies Corporation, Checkpoint Systems, Inc., Metal Marker Manufacturing, Alien Technology Inc., and Camcode.

KEY INDUSTRY DEVELOPMENTS

• In October 2023, Avery Dennison Smartrac introduced a new line of sustainable RFID tags and inlays, especially for the healthcare, retail, and logistics industries. The new Pure Line introduced by the company includes tags and inlays made with 100% or 95% plastic-free material and utilized for several applications such as inventory and logistics, supply chain, apparel, and home essentials.


• In April 2023, MASS Group, a leading inventory and asset tracking solutions provider, introduced a new "Find Tag" functionality for its Traceability Made Easy Mobile version of its existing software. The new feature allows customers to easily access and locate multiple RFID tags at a time, further simplifying the process of finding assets and inventory in real-time.


• In May 2022, Avery Dennison Corporation announced the launch of a Dual-frequency (DF) range of RFID inlays that provide combined NFC (HF) and RAIN RFID (UHF) functionality for item-level tagging in a significantly cheaper and easier way. Dual-frequency capabilities provide robust all-in-one solutions for inventory management and product authentication.