South America Inventory Tags Market Drivers and Forecasts by 2028

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.

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.In the South America, Brazil has the highest number of COVID-19 confirmed cases, followed by other countries such as Colombia, Argentina, and Peru. The governments of various countries in South America are taking several initiatives to protect people and control COVID-19’s spread in the region through lockdowns, trade bans, and travel restrictions. These measures are expected to have a direct impact on the region’s economic growth as the region will face lower export revenues, both from the drop in commodity prices and reduction in export volumes. The sharp decline in the sales of the retail and e-commerce industry in the region due to lockdown measures is expected to directly impact the growth of the inventory tags market. In addition to this, the online as well as retail distribution channels will also face 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.
With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the South America inventory tags market. The South America inventory tags market is expected to grow at a good CAGR during the forecast period.

South America Inventory Tags Market Revenue and Forecast to 2028 (US$ Million)  

 

South America Inventory Tags Market Segmentation

South America Inventory Tags Market – By Technology

• RFID
• Barcodes
• Others

South America Inventory Tags Market – By Label Type

• Plastics
• Paper
• Metal
• Others

South America Inventory Tags Market – By Printing Technology

• Offset Printing
• Digital Printing
• Flexography Printing
• Gravure Printing
• Others

South America Inventory Tags Market – By End-user

• Retail
• Transportation and Logistics
• Industrial
• Others

South America Inventory Tags Market – By Country

• Brazil
• Argentina
• Rest of SAM

South America Inventory Tags Market – Companies Mentioned

• 3M
• Alien Technology, LLC
• Brady Worldwide, Inc.
• CCL Industries Inc.
• Johnson Controls, Inc.
• Zebra Technologies Corporation
• SATO Holdings Corporation
• Honeywell International Inc.
• Camcode

South America Inventory Tags Report Scope