Asset tags are used as a barcode or a serial number to help keep track of the movements of the asset or the product. Technological boom has resulted in an ever increasing demand for various products that may be required to be transported over long distances or across continents. Asset tags are preferred to help keep the end user updated on the location of the asset or product and prevent any property crime. Attributed to their efficiency, assurance of better customer service and the increased sense of security that they provide, asset tags are used to label many products worldwide. Asset tags are also used to identify, maintain and repair fixed assets, such as, a road sign, building, tunnels, or any system attached to a building. The global asset tags market is anticipated to grow over the forecast period as an efficient, convenient and secure means of protecting and tracking an asset.
Global asset tags market: Dynamics
The demand for asset tags has experienced a steady growth in the past couple of decades. The global asset tags market is expected to be driven by the increasing demand to identify and keep track of the products. Asset tags eliminate the need to stand in long queues for product identification at retail stores. They can be scanned with lasers to identify the products quickly, which increases the convenience of the consumers. A rapid shift towards a fast paced lifestyle, fueled by meteoric growth in urbanization around the world means that consumers prefer to carry out their tasks in the minimum possible time. An increase in E-retail platforms and globalization ensures convenience in purchasing goods from difference places, creating a need to track the movement of the product though the distribution channel. Asset tags therefore, are expected to be preferred by most retail stores and manufacturers. OEMs manufacture goods in millions, increasing the need for quicker identification of products for maintenance and repair. All these factors are expected to give the global asset tags market a push. Despite all the favorable conditions for the growth of the global asset tags market, certain factors are expected to act as restraints. These include an increasing trend among consumers to sell their products after a finite period of usage. Many second-hand buyers hesitate to take products that come with asset tags.
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Global asset tags market: Segmentation
The global asset tags market is segmented as follows: –
On the basis of Raw Materials:
- Metal Asset Tags
- For flat surfaces
- For curved surfaces
- Plastic Asset Tags
On the basis of Label Type:
On the basis of size:
- 0.75″ x 1.5″
- 0.75″ x 2″
- 1.25″ x 2″
- 0.5″ x 1.25″
- 0.5″ x 1.75″
- 0.625″ x 1.75″
On the basis of End Use:
- Property ID tags
- School barcodes
- Anti-theft labels
Global asset tags market: Geographical and Competitive dynamics
The global asset tags market is segmented on the basis of region as: –
- North America
- Latin America
- Eastern Europe
- Western Europe
- Asia Pacific excluding Japan
- Middle East & Africa
North America, being a mature market, is expected to lead in the global asset tags market share, over the forecast period, while APEJ region is estimated to register the highest CAGR, owing to a larger consumer base, combined with higher number of retail stores than any other region. Western Europe is estimated to closely follow North America in terms of market share, but is expected to register lesser growth rate than most of the developing regions, owing to a mature consumer base and market. The Middle East and Japan markets are expected to grow over the forecast period, but are forecast to have a lesser growth rate than the APEJ region, owing to a greater number of emerging economies in APEJ. Latin America is also expected to register significant growth over the forecast period.
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Some of the major players in the global asset tags market include – Custom Labels, Alpha Signs, Brother International Corporation, Premier Holotech, Labels China, and AB&R
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This post was originally published on The Market Plan