Dublin, March 18, 2021 (GLOBE NEWSWIRE) -- The "Inventory Tags Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The inventory tags market is estimated to grow at a CAGR of 4.7% over the forecast period 2021-2026.
Works towards normalization, growing application segments, increasing awareness of using inventory tags, augmented integration of advanced technologies to improve existing technology and mounting knowledge among the general population are major factors that drive the growth of the global inventory tags market. Moreover, rising disposable incomes in developing economies are expected to augment demand for several retail products. This is another primary factor anticipated to propel the growth of the global inventory tags market.
Inventory tags connected products help secure identification and tracking, reduce human error, and hence assist in effective supply chain management. Inventory tags provide detailed information about products that can later be used and even let the stock be tracked, making warehousing and logistics opting just in time for their inventories.
When inventory levels are chronically inaccurate, it is next to impossible to manage replenishment schedules, leading to stockouts. It also leads to poor customer experience as customers must either wait longer to receive their orders or face canceled orders once the error is realized. The average U.S. retail operation has an inventory accuracy of only 63 %. American businesses have yet to get on for the proper inventory management for preventing leading to errors, lost opportunity, and increased costs. Inventory, along with accounts receivable and accounts payable, has tied up USD 1.1 trillion in cash equivalent to 7% of the U.S. GDP (source REL). This caters to the market penetration for the inventory tags in the region.
Furthermore, inventory tags are used by the hospitals to create smart cabinets where all medications or other products that are being brought into a hospital are being put. These smart cabinets sync with the hospitals' inventory management systems, making it easier for authorized personnel to locate products when required. These smart cabinets can have huge budget ramifications. After implementing an RFID tracking system, Adventist Health White Memorial in Los Angeles was able to reduce its manual inventory counting time by 67% and reduced costs by USD 120,000 per year by using products before expiration.
Furthermore, the impact of Covid-19 disrupted the supply chain distribution in significant industries., which has directly impacted the sales of inventory tags. In order to contain the spread of the virus, Governments in various countries imposed curfews and quarantines across the country from the end of January 2020 onwards. This also affected the economy, as many production sites closed in order to reduce possible contact between individuals.
The inventory tags market is moderately competitive and consists of a significant number of global and regional players. These players account for a considerable share in the market and focusing on expanding their customer base across the globe. These vendors are focusing on the research and development investment in introducing new solutions, strategic alliances, and other organic & inorganic growth strategies to earn a competitive edge over the forecast period.
Key Topics Covered:
1.1 Study Deliverables and Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Real-Time Tracking
4.2.2 Provides Protection Against Loss, Theft, and Counterfeiting
4.2.3 Remote Identification of Products
4.3 Market Restraints
4.3.1 High Cost Associated with Software and Equipment Integration
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
4.5 Assessment of COVID-19 on the Industry
5 MARKET SEGMENTATION
5.1.3 Other Technologies
5.2.4 Other Types
5.3 End-user Industry
5.3.3 Transportation & Logistics
5.3.4 Other End-user Industries
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Avery Dennison Corporation
6.1.2 3M Company
6.1.3 Zebra Technologies Corporation
6.1.4 Alien Technology, LLC
6.1.5 Brady Worldwide, Inc.
6.1.6 Tyco International Plc
6.1.7 Smartrac N.V.
6.1.8 Johnson Controls International Plc
6.1.9 Cenveo Corporation
6.1.10 Checkpoint Systems, Inc.
6.1.11 Hewlett Packard Enterprise Development LP
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/xbni70
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