Report : 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)
RFID segment to dominate the North America Inventory Tags Market during 2020–2028
According to a new market research study on “North America Inventory Tags Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Technology, Label Type, Printing Technology, and End-user,” is expected to reach US$ 1,655.56 million by 2028 from US$ 1,421.22 million in 2021. The market is estimated to grow at a CAGR of 2.2% from 2021 to 2028. The report provides trends prevailing in the North America inventory tags market along with the drivers and restraints pertaining to the market growth. Raising counterfeiting activities, boosting adoption of RFID technology in retail sector, and surging emphasis on internet of things (IoT) are the major factor driving the growth of the North America inventory tags market. However, security issues related to inventory tag technology hinders the growth of North America inventory tags market.
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 is expected to affect the region's economic growth negatively. 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. 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 many 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.
The North America inventory tags market is segmented on the basis of technology, label type, printing technology, end-user and country. Based on technology, the market is segmented into RFID, barcodes, and others. In 2020, RFID segment held the largest share in the market, it is also expected to be the fastest growing segment during the forecast period. Based on label type, the market is segmented into plastics, paper, metal, and others. In 2020, plastics segment held the largest share in the market, and it is also expected to be the fastest growing segment during the forecast period. Based on printing technology, the market is segmented into offset printing, digital printing, flexography printing, gravure printing, and others. In 2020, offset printing segment held the largest share in the market, and digital printing is expected to be the fastest growing segment during the forecast period. Based on end-user, the market is segmented into retail, transportation and logistics, industrial, and others. In 2020, industrial segment held the largest share in the market, it is also expected to be the fastest growing segment during the forecast period. Similarly, based on country the market is segmented into the US, Canada, and Mexico. In 2020, the US held the largest share in the market, and Mexico is expected to be the fastest growing country during the forecast period.
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 North America inventory tags market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, Cenveo announced that the U.S. Bankruptcy Court for the Southern District of New York, White Plains has approved the Company's US $ 290 million debtor-inpossession financing to support and grow its business.
North America Inventory Tags Market, By Country, 2020 and 2028 (%)
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