Middle East and Africa 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 Middle East & Africa is expected to grow from US$ 592.39 million in 2021 to US$ 890.62 million by 2028; it is estimated to grow at a CAGR of 6.0% from 2021 to 2028. Rising adoption of smart devices and surging government investments on research and development (R&D) and installation of IoT in transportation, retail, and other industrial sectors are fueling the growth of IoT. The collection of data in real-time with IoT is a relatively new technology, which is immensely surging in various economies. IoT integrated RFID tags are being largely used to keep track of physical inventory and are now among the essential requirements for inventory management. By combining IoT and RFID in stores and warehouses, retailers can save significant logistic cost. With the thriving IoT technology in several countries, the majority of networked objects could be connected wirelessly through the RFID technology that effortlessly enables objects to communicate essential data, which can be used to identify objects at exact location and time details. The technology adds intelligence to the IoT ecosystem and streamlines new applications for connected resources. According to the RAIN Alliance, in 2015, the RFID connected ~20 billion products, tracking the identity and authenticity of items. In addition, the implementation of RFID increased by ~29% CAGR in 2015 in various industries, such as pharmaceutical, healthcare, retail, supply chain, and logistics. Further, as per the IWEC Foundation, there would be ~64 billion IoT devices by 2025, which is up from ~10 billion in 2018. Thus, being a crucial building block of the IoT, the RFID technology would allow new applications and business models to make them affordable and practical for users.
Among the Middle East & Africa countries, Iran and South Africa recorded the highest number of COVID-19 cases. Other major countries facing the economic impact of COVID-19 pandemic include Iraq, Israel, Morocco, Saudi Arabia, and the UAE. The region comprises many growing economies, such as the UAE and Saudi Arabia, that are prospective markets for inventory tags providers due to the huge presence of a diverse customer base for the retail & e-commerce industry. The COVID-19 pandemic had significant effects on global economies, but the region has been negatively impacted as there is already pressure on the economy of various oil-based countries due to falling oil prices. In addition, the factory lockdowns, business shutdowns, and travel bans aggravated the economic problems of the countries in the region. Hence, the estimated decline in Middle East & Africa’s economic condition and impact of COVID-19 on the growth of various industries in the region is expected to negatively impact the growth of the market till mid-2021.
The Middle East & Africa inventory tags market is segmented on the basis of technology, label type, printing technology, and end-user. 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. The traditional methods of record management are not in the practice in the industries today. The whole industrial process, from procuring raw materials to selling the finished goods, would depend largely on human decisions and some arbitrary calculations without much solid backing for the result, which would subsequently reduce the overall operation's efficiency. As the manufacturing industry is a backbone of any economy, development of the industry is essential for the overall development of economy. Developing countries rely heavily on many SMEs, and manufacturing-based SMEs have the highest adoptions of inventory tracking tools such as inventory tags. With inventory tags, one can get real-time visibility of the ongoing operations and then easily calculate the estimated time required to convert the material into finished good. The inventory tags are deployed at the industrial level to enhance the level of visibility and efficiency within the overall process. A few of the crucial areas where inventory tags are playing a significant role in industrial application are production line, materials management, inbound logistics, inventory control, equipment service and maintenance, quality control and staging, and shipping. RFID and barcode are two chief technologies deployed in manufacturing plants. Among these two, RFID technology dominates as RFID tags have endurance to heat, moisture, abrasives, solvents, and other conditions that weaken barcode performance in industrial surroundings. Therefore, the RFID technology helps standardize operations and eliminate human errors in industrial operations.
The Middle East & Africa 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 Middle East & Africa 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. 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 Middle East & Africa 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.; and Camcode are among the leading companies in the market.
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