Asset Tags Market Forecasted Double-Digit Growth Rate Through 2024

Asset Tags Market Forecasted Double-Digit Growth Rate Through 2024
Asset Tags Market
Asset Tags Market

The asset tags are used as a serial number or as a barcode so that the movement of the products or assets can be tracked. Latest trends in the market have increased the demand for various products which need to be transported to various places and two different continents. In this scenario, the asset tags prove helpful to keep the consumer updated about the location of their asset.

The Redpine Signals have developed WiSeMote asset tags. This tag is available in the single band and dual band. The tags can also function in the Redpine RPX mode in which the Redpine provides the overall location services. The tags also contain the telemetry information and an emergency button that is helpful in configuring notifications and system alarms.

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The global asset tags market is fragmented into its raw materials, label type, size, and end-use. Based on the raw materials, the global market is segregated into metal asset tags and plastic asset tags. The metal asset tags are further sub-segmented according to its usage such as for curved surfaces and for flat surfaces. Based on the label type, the market is categorized into number and barcode. Based on the size, the market is divided into 0.625″ x 1.75″, 0.5″ x 1.75″, 0.5″ x 1.25″, 1.25″ x 2″, 0.75″ x 2″, 0.75″ x 1.5″, and others. Based on the end user, the market is bifurcated into property ID tags, hospitals, Anti-theft labels, school barcodes, churches, and others.

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The rise in the requirement for tracking and identifying the products has increased the demand for the asset tags. The introduction of the asset tags has got rid of the need to stand in the long queues in the retail stores in order to identify the products. With the help of the laser scanners, the products can be identified quickly thus becomes user-friendly. The asset tags are being preferred largely by the manufacturers and the retail stores as the growing globalization and e-retail platforms are making it necessary to keep track of the products from where they are being purchased and where they are being supplied. Millions of products are being manufactured by the OEMs which increases the requirement for speedy identification process of the products so that they can be repaired and maintained. There are factors that will limit the growth of the market which includes the selling of the products by the consumers after a certain period of usage and there are numerous second-hand buyers that do not prefer buying products that have asset tags.

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The region that is dominating the asset tags market in North America. There is a speedy market growth in Asia Pacific region owing to the factors such as the huge consumer base and the growing number of retail stores. Owing to a mature market and consumer base the market is showing a favorable growth in the Western European region. Owing to the increasing number of the emerging economies the Asia Pacific region will develop significantly in the asset tags market in the coming years.

The key market players that are involved in the asset tags market include Alpha Signs, Premier Holotech, AB&R, Redpine Signals, Custom Labels, Brother International Corporation, and Labels China.

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