Future Market Insights
The expansion of online retail format and the increased use of the internet for tracking of logistics has created the need for linking online transactions and physical products. A smart tag is one such technology which has been widely providing the solutions to link this gap. Commonly used smart tags are QR code, Electronic article surveillance (EAS) and RFID tags. A smart tag has an advantage of having the wide range of application over traditional bar codes. QR codes are not need to be aligned in particular direction. Electronic article surveillance are used to prevent thefts from the stores whereas RFID tags have multiple application of giving the information about the product. The penetration of the smart phones has widened the customer base for the smart tag packaging market. A smart tag is playing an important role in supply chain management by enabling the manufacturers and suppliers to keep track of logistics and optimally maintain the inventory level. Smart tags being a responsive form of packaging can play a vital role in future by making the transactions more efficient and faster thus benefiting both customer and seller.
Smart Tag Packaging Market: Market Dynamics
The smart tag packaging market is related to the responsive packaging market. Packaging market is estimated to be over US$ 800 Mn and is expected to grow at a CAGR of 4% over the forecast period. With the increase in the geographic spread of customer base, companies are now using more shipping services and to keep a track and account of the goods smart tag is playing an important role. With the increasing penetration of the e-commerce market in the APEJ region, online transaction is expected to increase while positively influencing the smart tag packaging market. Changing consumer lifestyle and increasing installation of modern retail outlets have boosted the growth in smart tag packaging market. The current trend of consuming the products in smaller quantity has increased the number of goods being packed and is expected to propel smart tag market over the forecast period. However, the lack of industrial standards and mechanical susceptibilities can limit the growth of smart tag market. The cost associated with the Smart tag is another factor resisting the proliferation of smart tag market. The application of the smart tag to keep the track and optimally maintain the inventory level hence protecting the production process can provide new opportunities for the smart tag market.
Smart Tag Packaging Market: Market Segmentation
Smart tag packaging market can be segmented by the type of material used and by the end use sector.
Based on the type of smart tags, the smart tag packaging market is segmented into:
Electronic Article Surveillance (EAS)
Based on the end use sector, smart tag packaging market is segmented into:
FMCG (fast moving consumer goods)
Smart Tag Packaging Market: Regional Outlook
Regionally global smart tag packaging market is segmented into
Asia-Pacific excluding Japan (APEJ)
Middle East & Africa (MEA
North America being the biggest organized region is expected to lead the smart tag packaging market over the forecast period. Eastern and Western Europe is expected to follow the North American market owing to its well-established retail sector in the region. Smart tag packaging market in APEJ region is expected to grow rapidly over the forecast period attributed to the changing lifestyle of the consumers in the region and presence of densely populated areas in the region. While Japan and MEA region are expected to witness moderate growth rate for smart tag packaging market.
Smart Tag Packaging Market: Key Players:
Some key players of Smart tag packaging market are Smart Label Solutions, LLC, Shenzhen Jianhe Smartcard Technology Co., Ltd., Shenzhen Zdcard Tech Co., Ltd., Shenzhen Top tags Technology Co., Ltd., Chengdu Mind Golden Card System Co., Ltd., Zhejiang Laxcen Information Technology Inc. Limited, Alien Technology, Inc. (U.S.), Muehlbauer Holding AG, Thin Film Electronics ASA, Zebra Technologies.
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