South 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 South America is expected to grow from US$ 376.55 million in 2021 to US$ 592.05 million by 2028; it is estimated to grow at a CAGR of 6.7% from 2021 to 2028. In developing economies, the demand for passenger cars and commercial vehicles is snowballing exponentially. Mounting production of passenger cars and commercial vehicles is producing immense demand for inventory tags from auto manufacturers to offer visibility and real-time data of assets. With inventory tags, manufacturers can locate their shipment. The tag also helps decrease the downtime of assets and increase asset life. The automotive sector is continuously looking to automate and improve its manufacturing and logistics operations. This compels the industry players to collaborate with inventory tag providers. The inventory tag technology empowers auto manufacturers to increase their production efficiency by offering them the necessary control of manufacturing processes and allowing them to take anti-counterfeiting measures. It can also help track new vehicles in the finishing and shipping processes. Thus, the automotive sector is anticipated to showcase remarkable growth potential for inventory tag technology in the future.
In South America, Brazil recorded the highest number of COVID-19 confirmed cases, followed by Colombia, Argentina, and Peru. The governments of various countries in South America are taking several initiatives to protect people and control the virus spread in the region. Lockdowns, trade bans, and travel restrictions had a direct impact on the region’s economic growth as the region faced lower export revenues, both from the drop in commodity prices and reduction in export volumes. The sharp decline in the sales in the retail & e-commerce industry across the region due to lockdown directly impacted the growth of the inventory tags market. In addition, the online and retail distribution channels faced a negative impact due to supply chain disruptions. The sharp decline in business activities and product sales are expected to directly affect the growth rate of the market till mid-2021.
The South 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 South 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 South 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. 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 South 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.; and Camcode are among the leading companies in the market.
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