Global Tagging Machines - Market Overview
Tagging machines and tagging products such as Radio Frequency Identification (RFID) tags are used for identification and tracking of products and play a significant role in the packaging industry. Demand for tagging machines has increased substantially over the past three to four years, as RFIDs are used across various industries for identification and tracking. The market for tagging machines is at a nascent stage currently, but is expected to witness significant growth over forecast period, 2016–2024. Awareness regarding electronic tagging is growing globally owing to rapid growth of industries such as textiles, pharmaceuticals, FMCG, cosmetics, etc. RFID technology is used in tags, thereby enabling identification of the specifications of a tagged product using a reader device. Identification and tracking measures help to eradicate issues pertaining to counterfeiting and robbery of products such as apparel, electronic goods, expensive perfumes, consumables, DVDs, CDs etc. to name a few.
Global Tagging Machines - Market Dynamics
Demand from the retail clothing market is significantly high owing to rapid growth of this sector globally, and this trend is expected to continue over the forecast period. In addition, increasing growth in the textile industry is further driving demand for tagging machines. Moreover, increasing per capita disposable income in developing countries is a key factor driving growth of the global tagging machines market. This is attributed to an increasing number of consumers purchasing premium products such as branded apparel and perfumes, and other products that retailers use RFID tags to track or identify in malls and stores etc. Rapid industrialization and stringent norms regarding secure and safe packaging are other factors fueling demand for tagging machines globally. Growth of the tagging machines market is moderately hampered by high installation cost and lack of awareness regarding this emerging technology.
Global Tagging Machines - Market Segmentation
The global tagging machines market is segmented on the basis of product type, material type, technology type, and end user type.
Segmentation on the basis of product type:
- Fully automatic
Segmentation on the basis of material type:
Segmentation on the basis of technology type:
- QR code
Segmentation on the basis of end user type:
- Garments manufacturers
- Footwear manufacturers
- Pharmaceutical manufacturers
- Cosmetics manufacturers
Global Tagging Machines – Regional Overview
The tagging machines market in Asia Pacific excluding Japan is expected to account for highest revenue growth as compared to markets in other regions. Markets in India and China are projected to remain dominant in terms of revenue due to relatively large retail industry and technological advancements in these developing economies. Furthermore, growth of the market in Asia Pacific is expected to be driven by increasing disposable income and spending power among consumers in countries in the region. North America is expected to be the second dominant region, accounting for two-thirds of the revenue contributed by the Asia Pacific excluding Japan market to the global market. The market in Europe is expected to witness above average growth, with Germany, France, and the U.K. ranking high in terms of demand for tagging machines. The market in the Middle East & Africa region is expected to witness a significant increase in revenue contribution from sales in GCC countries, South Africa, and Egypt.
Global Tagging Machines – Key players
Some of the key players in the tagging machines market are Smartrac N.V., Checkpoint Systems, Inc., which is a division of CCL Industries Inc., The M&R Companies, Sundbirsta, which is a subsidiary of Danieli & C.Officine Meccaniche SpA., DuPont, Metalcraft, Inc., ZIH Corp., MDM Inc., and Pannier Corporation. These key players are focused on entering into markets in developing economies and increasing respective market shares.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.