The global asset tags market garnered a market value of USD 1,865.6 million in 2023 and is expected to register a CAGR of 5.60% and is expected to accumulate a market value of USD 3,217.1 million in the forecast period 2023 to 2033.
Growth of the market can be attributed to the increase in the logistics industry and the ease of adding tags due to advancements in technology. The market for asset tags registered a CAGR of 3.30% in the historical period 2018 to 2022.
| Data Points | Key Statistics |
|---|---|
| Estimated Base Year Value (2022) | USD 1,766.7 million |
| Expected Market Value (2023) | USD 1,865.6 million |
| Anticipated Forecast Value (2033) | USD 3,217.1 million |
| Projected Growth Rate (2023 to 2033) | 5.60% CAGR |
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 road signs, buildings, 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.
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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 different places, creating a need to track the movement of the product through 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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North America, as a mature market, is supposed to be leading the global asset tags market size during the forecast period, owing to a wider customer base and a greater number of retail stores than any other region.
Furthermore, the logistical support industry's strong presence, the expansion of 5G networks, and the penetration of e-commerce sales are all increasingly influencing the market growth.
As a result of the aforementioned factors, North America is anticipated to have a 23% market share for asset tags during the forecast period 2022 to 2032.
Europe is a hotspot of technological advancement. The wide integration of artificial intelligence, the Internet of Things, and cloud services have made asset tagging easier. Moreover, the automotive industry in Germany largely contributes to the growth of the asset tags market in Europe.
The use of asset tags is increasing in end-user industries present in Spain. This, in turn, is bolstering the demand for asset tags. Thus, owing to the reasons above, Europe is expected to hold a market share of 29% in 2022.
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Countries in Asia Pacific, such as China, Thailand, India, and Singapore, are providing numerous growth prospects for the asset tags market. The region's market is anticipated to grow during the forecast years due to rising technological advancements.
Furthermore, the growing adoption of IoT and AI in various end-user industries is expected to spur the studied market forward. Furthermore, small and medium-sized businesses are continuing to invest in increasing the adoption of advanced technological solutions for their business operations.
Established companies are also innovating to provide asset tag solutions to a wide range of end-user industries. As a result, the growing prevalence of advanced technologies is expected to create numerous growth opportunities for the APAC asset tags market.
Due to the rapid growth of the logistics industry in the region, India is expected to become the fastest-growing country in the asset tag market. Furthermore, a strong logistics sector can help India achieve its goal of becoming a manufacturing powerhouse through government initiatives such as 'Make in India.'
However, the slow adoption of new technologies hampered the logistics sector's development. In this case, asset tag solutions are likely to solve such concerns by tracking the transported merchandise and obtaining data insights. This will accelerate the growth of India's asset tags market.
Manufacturers are adopting various marketing strategies such as new product launches, geographical expansion, mergers and acquisitions, partnerships, and collaboration to identify the interest of potential buyers and create a larger customer base.
For instance,
Some major global asset tag market players include Custom Labels, Alpha Signs, Brother International Corporation, Premier Holotech, Labels China, and AB&R.
Recent Developments
| Report Attribute | Details |
|---|---|
| Market Value in 2023 | USD 1,865.6 million |
| Market Value in 2033 | USD 3,217.1 million |
| Growth Rate | CAGR of 5.60% from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD million and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Raw Material Label Type Size End Use Region |
| Regions Covered | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Key Countries Profiled | USA, Canada, Brazil, Mexico, Germany, UK, France, Spain, Italy, China, Japan, South Korea, Malaysia, Singapore, Australia, New Zealand, GCC, South Africa, Israel |
| Key Companies Profiled | Custom Labels; Alpha Signs; Brother International Corporation; Premier Holotech; Labels China; AB&R |
| Customization | Available Upon Request |
The asset tags market is valued at USD 1,865.6 million in 2023.
The global asset tags market size to reach USD 3,217.1 million by 2033.
The asset tags market is forecast to register a CAGR of 5.60% through 2033.
The asset tags market recorded a CAGR of 3.30% from 2018 to 2022.
Key asset tags market players are Custom Labels, Alpha Signs, Brother International Corporation, Premier Holotech, Labels China, and AB&R.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Raw Materials 5.1. Metal Asset Tags 5.2. For flat surfaces 5.3. For curved surfaces 5.4. Plastic Asset Tags 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Label Type 6.1. Barcode 6.2. Number 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Size 7.1. 0.75" x 1.5" 7.2. 0.75" x 2" 7.3. 1.25" x 2" 7.4. 0.5" x 1.25" 7.5. 0.5" x 1.75" 7.6. 0.625" x 1.75" 7.7. Others 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End Use 8.1. Property ID tags 8.2. School barcodes 8.3. Hospitals 8.4. Churches 8.5. Anti-theft labels 8.6. Others 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 9.1. North America 9.2. Latin America 9.3. Western Europe 9.4. Eastern Europe 9.5. South Asia and Pacific 9.6. East Asia 9.7. Middle East and Africa 10. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 17. Key Countries Market Analysis 18. Market Structure Analysis 19. Competition Analysis 19.1. Custom Labels 19.2. Alpha Signs 19.3. Brother International Corporation 19.4. Premier Holotech 19.5. Labels China 19.6. AB&R 19.7. Zebra 19.8. Brady Corporation 19.9. Molex, LLC 19.10. MyAssetTag 19.11. Metalcraft 19.12. MPI Label Systems 19.13. Seagull Scientific 19.14. RMS Omega 20. Assumptions & Acronyms Used 21. Research Methodology
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Asset Tags Market
