North America Inventory Tags Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Technology (Barcodes, RFID, and Others), Label Type (Plastics, Paper, Metal, and Others), Printing Technology (Digital Printing, Flexography Printing, Gravure

North America Inventory Tags Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Technology (Barcodes, RFID, and Others), Label Type (Plastics, Paper, Metal, and Others), Printing Technology (Digital Printing, Flexography Printing, Gravure Printing, Offset Printing, and Others), and End-user (Retail, Transportation and Logistics, Industrial, and Others)

The inventory tags market in North America is expected to grow from US$ 1,421.22 million in 2021 to US$ 1,655.56 million by 2028; it is estimated to grow at a CAGR of 2.2% from 2021 to 2028. The increasing disposable incomes in several emerging countries augment the demand for retail products. The retail industry is fueled by a mounting set of suppliers selling various products online and changing buying behavior of consumers. E-commerce is the fastest-growing segment of the retail industry in North America. As per the Census Bureau of the Department of Commerce, the retail e-commerce sales in the US were US$ 160.3 billion in the first quarter of 2020, with an increase of 2.4% from the fourth quarter of 2019. RFID tags are heavily adopted by the retail industry, especially for apparels. The apparel suppliers are increasingly leveraging big data analytics and digitalization with the help of RFID technology, which helps identify objects based on the caught data or track the location of the same. RFID is also installed to increase visibility in inventory, which allows for much higher stock accuracy levels. Giants in the retail sector, such as H&M, Nike, and Zara, use this technology for inventory management to generate an effective supply chain, combat counterfeit items, and prevent out-of-stock situations. RFID deployments code and read products in the warehouses. When shipments reach store locations, RFID identifies which sizes and models to restock. Inditex Group, the owner of Pull and Bear, Bershka, Massimo Dutti, Zara, Stradivarius, and Oysho, has given Tyco Retail Solutions a contract for RFID-based inventory intelligence. The Tyco solution has been installed in 700 Zara stores across 22 countries. Thus, the increasing deployment of RFID tags among major retailers is fueling the market growth.

North America is one of the most important regions for the adoption and growth of new technologies due to favorable government policies to boost innovation, the presence of a huge industrial base, and high purchasing power, especially in developed countries such as the US and Canada. Hence, any impact on the growth of industries affects the region's economic growth negatively. The US is one of the prominent markets for inventory tags due to the growing retail & e-commerce and healthcare sectors. The rapidly increasing number of COVID-19 confirmed cases and rising reported deaths have adversely affected these industries. The factory and business shutdowns across the US, Canada, and Mexico negatively impacted the adoption of the inventory tags. The retail sector has faced considerable shifts, and consumer spending on groceries continue to increase. RFID technology is highly used in the healthcare industry to track their assets. To combat the outbreak, North America has started shipping vaccines and PPE kits within the region where RFID technology is used to track and authenticate test kits, PPE, and vaccines. Thus, this leads to a slight growth in the market. COVID-19 pandemic has had a severe impact on transportation, automotive, and trade activities. North America is home to many manufacturing and technology companies. Thus, the COVID-19 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.

The North America inventory tags market is segmented on the basis of technology, label type, printing technology, and end-user. Based on technology, the market is segmented into RFID, barcodes, and others. In 2020, RFID segment held the largest share in the market. The Radio Frequency Identification (RFID) is used in keeping track and visibility of objects that are on the move. The RFID is a portable memory device on a chip that replaces the earlier called Universal Product Code (UPC) as it carries more dynamic information as compared to the earlier UPC. This memory chip can be easily embedded in any kind of object that is to be considered for tracking. Radio Frequency Communications is employed between a host computer and an RFID device consisting of the memory chip. An RFID system comprises of a tag that contains data, an antenna to communicate with the tag and a controller that is used to manage the communication between the antenna and the host computer. Industrial, healthcare, retail, and defense are the various end-user’s sector where RFID finds its applications. In the commercial and military sector where supply chain management becomes extremely critical, an RFID can be used to maintain complete track of the object being transported. Constraints related to the data manipulation of RFID supply chain systems and problems in the integration of RFID with the existing supply chain backend systems have hindered the rapid adoptions of this technology. An RFID consists of numerous parts and several location sensing points which becomes complicated to extract and store the data in desired form post reading them. However, with many potential advantages associated with this technology such as enhanced visibility of the product in the supply chain is expected to provide a thrust to the adoptions of RFID for the purpose of inventory tracking.

The North America inventory tags market size 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 North America inventory tags market with respect to all the market segments. Also, multiple primary interviews have been conducted with industry participants 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 consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the North America inventory tags market. 3M; Alien Technology, LLC; Brady Worldwide, Inc.; CCL Industries Inc.; Johnson Controls, Inc.; Zebra Technologies Corporation; SATO Holdings Corporation; Honeywell International Inc.; Camcode; and Cenveo Corporation are among the leading companies in the market.

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