Asset Tags Market Size, Share, Industry, Forecast and Outlook (2024-2031)

Global Asset Tags Market is segmented By Type (2D Barcode Asset Tags, QR Asset Tags, RFID, Other), By Material (Plastic Asset, Metal Asset, Others), By Application (Property ID Tags, Bike Registration Tags, Inventory Tags, Tool Tracking Tags, Asset ID, Equipment ID Tags, Fixed Asset Tags, Other),and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030

Asset Tags Market Overview

Global Asset Tags Market reached USD 1.7 billion in 2022 and is expected to reach USD 2.6 billion by 2030, growing with a CAGR of 5.5% during the forecast period 2023-2030.

The asset tags market is experiencing significant growth globally, as it is becoming increasingly universal, with a wide range of assets, both large and small, being monitored. It includes assets that were traditionally not tracked, such as smaller items, laptops and even intangible assets like intellectual property. Smaller assets, in particular, are gaining attention in the tracking landscape, as they hold immense value and are susceptible to theft. 

The rise of asset tracking software has democratized this practice, making it accessible to organizations of all sizes, including schools and not-for-profits, driven by regulatory requirements and donor expectations. Also, RFID asset tags show promise for daily tracking needs, they have not yet achieved widespread adoption due to the associated costs and infrastructure requirements. Until a national standard and affordable reading equipment are established, RFID asset tags may remain limited to larger companies.

Asia-Pacific is experiencing significant growth in the asset tags market, driven by the continued expansion of the e-commerce industry. As per TECHWIRE Asia Article, the e-commerce sector in Asia-Pacific witnessed impressive growth, reaching USD 3,468.6 billion in 2022, representing a 12.53% increase over the previous year.

Asset Tags Market Scope and Summary

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Asset Tags Market Dynamics and Trends

Asset Tracking Solutions Soar with E-commerce Surge

The asset tags market is being significantly driven by the growing e-commerce sector globally. As per the Shopify report, the global e-commerce market is expected to reach USD 6.3 trillion in 2023. The growth of e-commerce continues to rise the demand for efficient inventory management order fulfillment and real-time tracking of assets within distribution centers and throughout the logistics network. 

The growth in e-commerce is creating an increased demand for asset tracking solutions to optimize inventory management order fulfillment and supply chain operations. As global e-commerce sales continue to rise, businesses are investing in asset tags to enhance their logistics and ensure efficient operations, driving the growth of the asset tags market.

Global Trade Growth Boosts Demand for Asset Tags

The asset tags market is witnessing global growth, driven by the expansion of international trade. According to the World Trade Organization (WTO) revised report for global trade growth in 2023, stated that there is an increased 1.7% from the previous estimate of 1%, which indicates a positive trajectory. The growth is significant, despite the concerns such as the ongoing war in Ukraine, high inflation, tighter monetary policies and financial uncertainties.

Furthermore, there are predictions that trade expansion will rebound to 3.2% in 2024, aligning with GDP growth. Also, North America is expected to lead in merchandise export growth in 2023, with other regions also contributing to the global trade landscape. The overall growth in international trade drives the demand for asset tags, as efficient asset tracking becomes increasingly vital in global supply chains.

Cost Barrier Hinders Asset Tag Adoption, Particularly for SMEs

The cost of implementation stands as a formidable barrier to the widespread adoption of asset tagging solutions. It encompasses various expenditures, including RFID readers, specialized software and the acquisition of the actual asset tags. The financial outlay can be especially daunting for small and medium-sized enterprises (SMEs) operating with limited budgets. SMEs may find it challenging to allocate resources for the purchase of technology and infrastructure required for asset tracking.

The initial investment, though promising long-term benefits in improved asset management and efficiency, can deter companies from embracing these solutions. Overcoming this restraint may involve exploring cost-effective options, seeking financial incentives or assessing the potential return on investment to justify the upfront expenses associated with implementing asset tagging systems.

Asset Tags Market Segment Analysis 

The global asset tags market is segmented based on type, material, application and region.

RFID Asset Tags Revolutionize Asset Management

RFID asset tags dominate the asset tag market with their effective convenience, remarkable efficiency, customizability and technological advantages. The tags offer a rapid and convenient method for tracking and managing assets across various industries. The programmable nature of RFID tags allows for data storage and transmission, enabling real-time updates on asset status and location. With read ranges of up to 30 feet, RFID asset tags streamline the tracking process, eliminating the need for line-of-sight scanning. It come in diverse styles to accommodate different asset types, promoting versatility. 

In July 2023, MachineQ introduced a range of new active RFID asset tracking tags designed for indoor positioning, expanding on its hybrid Bluetooth Low Energy (BLE) and LoRaWAN real-time location system (RTLS) combo-solution launched the previous year. The new RFID tags, including Nano RT, Nano LP, Dura ET, Dura PT and Dura AC, provide real-time location data with sub-room level accuracy while offering extended battery life. It cater to diverse scenarios, from tracking small, handheld assets to enduring harsh environmental conditions. MachineQ's primary target industries for these tags are life sciences, food services and hospitality, with a focus on pharmaceutical asset tracking.

Asset Tags Market Geographical Penetration

Logistics Boom Fuels Asia-Pacific Asset Tags Market Growth

The Asia-Pacific market, particularly China, is poised to dominate the asset tags market due to its robust and continuously growing logistics sector. In March 2023, China's logistics market index surged by 5.4% compared to February, reaching a benchmark of 55.5%, as reported by the China Federation of Logistics and Purchasing. The increase reflects the rising demand for logistics services in the region.

The consistent growth in the logistics sector is generating a higher demand for asset tracking and management solutions, including asset tags. As logistics companies in Asia-Pacific expand their operations and anticipate further development, they are increasingly adopting advanced technologies like asset tags to optimize their supply chain and enhance efficiency. The region's commitment to logistics excellence positions it as a major contributor to the asset tracking and management industry.

Asset Tags Market Companies

The major global players in the market include Brady Corporation, Avery Dennison, Zebra Technologies, Honeywell, Label Source, Seton Nameplate, Asset Panda, William Frick & Company, TagMaster and Dura-ID Solutions.

COVID-19 Impact on Asset Tags Market

The COVID-19 pandemic had a profound impact on the asset tags market, as it disrupted global supply chains and logistics, creating both challenges and opportunities for the industry. Supply chain disruptions caused delays and interruptions in the production and distribution of asset tracking solutions, including tags and associated technology. 

However, the pandemic also underscored the critical importance of effective asset tracking. Many businesses, especially in essential industries like healthcare and logistics, experienced an increased demand for real-time visibility into their assets' locations and statuses. Asset tags equipped with technologies like RFID and GPS became valuable tools for remote asset management, enabling companies to monitor assets even in the face of restricted physical access.

Russia-Ukraine War Impact Analysis

The Russia-Ukraine war, had substantial repercussions for the asset tags market, particularly in the domain of logistics and supply chain management. The conflict's influence on the asset tags market was twofold. It triggered an escalated demand for asset tracking solutions as businesses operating in Ukraine and adjacent regions faced heightened risks to their assets. The demand surge was driven by the need for enhanced security and visibility in an environment characterized by uncertainty. Asset tags equipped with advanced tracking technologies, such as GPS and RFID, became pivotal tools for organizations to monitor the real-time status and whereabouts of their assets amid geopolitical instability.

Furthermore, the war disrupted global supply chains, causing delays and interruptions in the production and distribution of various goods, including the components and equipment essential for asset-tracking solutions. The disruptions had ramifications for the availability, cost and delivery timelines of asset tags and related technologies.

Key Developments

• In April 2023, Cognosos, a prominent provider of real-time asset location solutions (RTLS), introduced its fourth-generation finished vehicle logistics (FVL) tags, the RT-270. The advanced tags incorporate 900MHz, low-energy Bluetooth (BLE) and an ultra-bright LED light, significantly enhancing efficiency, productivity and safety for automotive original equipment manufacturers (OEMs) and shippers in vehicle processing centers (VPCs).
• In April 2023, MASS Group, a leading provider of inventory and asset tracking solutions, has introduced a new "Find Tag" functionality for its Traceability Made Easy® (TME®) Mobile software, enhancing real-time asset and inventory tracking capabilities. The feature enables users to efficiently locate multiple RFID tags simultaneously, streamlining asset management. With the "Find Tag" functionality, users can select an item in TME® Mobile, click the Find Tag button and activate the RFID mobile reader's trigger.
• In November 2022, SATO Europe introduced its RAIN RFID-based asset management solution called ASETRA in Europe. The comprehensive system includes RFID tags, RFID printers and desktop reader/writers, providing an easy-to-deploy solution for accurately tracking and managing assets across the supply chain.

Why Purchase the Report?

• To visualize the global asset tags market segmentation based on type, material, application and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development. 
• Excel data sheet with numerous data points of asset tags market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global asset tags market report would provide approximately 61 tables, 63 figures and 184 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies