The global inventory tags market was valued at US$ 4,995.36 million in 2020 and is projected to reach US$ 7,264.42 million by 2028; it is expected to grow at a CAGR of 5.0% during 2021–2028.
The US, Canada, and Mexico are among the major economies in North America.High spending power of population enables them to spend on expensive high-tech products that encourages technological advancements, which lead to intense competition among various businesses in this region.
North American countries are characterized by well-developed retail and manufacturing sectors and a relatively high density of retailers.The retail sector in North America is a huge adopter of the RFID technology that facilitates data transfer from tags attached to objects, using a wireless scanning system, thereby enabling automatic identification and tracking.
Further, according to the International Trade Administration (ITA), there were 19.8 million e-commerce users in Canada in 2018, and the count is estimated to rise up to 5.21 million by 2021. The retail e-commerce sales in Canada were valued at US$ 2.2 million in 2019 and US$ 47.9 million in 2020. Thus, in addition to the growing retail sector, escalation in e-commerce activities is contributing to the inventory tags market in North America.
According to American Hospital Association, the US healthcare sector consists of ~5,534 registered hospitals that cater ~35,158,934 patients.In this sector, inventory management effectively handle inventory, acting as a pre-requisite for several decision-making processes.
Hospitals in the region are highly inclined toward the implementation of the best practices in the hospital supply management system to allow efficient management of inventory.Inventory tags allow quick check-in and check-out of medical equipment.
A unique identification number on equipment makes it easier to locate them in storehouses. Also, the RFID technology allows scanning of several items at once. In August 2020, Vizinex RFID, a US-based company that designs and manufactures RFID tags, introduced new flexible inventory tags to serve a larger spectrum of industries.Its inventory tags are developed to adhere to flat metal surfaces.
Such developments by the key inventory tag providers are propelling the market growth in North America.
The US is one of the prominent markets for inventory tags due to the growing retail and e-commerce, and healthcare sectors.The huge increase in the number of confirmed cases and rising reported deaths has affected these industries.
The factory and business shutdowns across the US, Canada, and Mexico impact the adoption of the inventory tags.The retail sector has faced considerable shifts, consumer spending on groceries continue to increase.
However, spending on apparel and other accessories decreased substantially in 2020.
Moreover, in the Mid-2020, the retail and e-commerce sales have increased gradually, leads to slight growth in the market in North America.RFID technology is also highly used in the healthcare industry to track their assets.
To combat the virus, the region has started shipping vaccines and PPE kits within the region where RFID technology has made a comeback to track and authenticate test kits, PPE, and vaccines. Thus, this also leads to slight growth in the market. COVID-19 has had a severe impact on transportation and automotive, and trade activity.North America is home to a large number of manufacturing and technology companies.
Thus, the coronavirus outbreak’s impact was quite severe in 2020 and likely in 2021. The impact of COVID-19 is short-term; it is likely to decrease in the coming years.
Overall size of the inventory tags market has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the inventory tags mera market with respect to all the segments.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultant such as valuation experts, research analysts, and key opinion leaders, specializing in the inventory tags market. 3M Company; Alien Technology, LLC; Avery Products Corporation; Brady Worldwide Inc.; Camcode (Horizons Incorporated); Cenveo Corporation; Checkpoint Systems; Smartrac Technology GmbH (Avery Dennison Corporation); Tyco (Johnson Controls, Inc.); and Zebra Technologies Corporation are among the players profiled during this market study.
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