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Tag Ties Market witness positive growth riding on evolution of IoT
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Tag ties are smart solutions used to secure goods in transit across the supply chain. Tag ties are preferred due to the high assurance of product safety during transit. The global tag ties market is in for revolutionary changes as most of the key manufacturers are integrated to smart ad intelligent packaging technologies with their products. Therefore, it is anticipated that smart tag ties will account for a significant share of the total market in the years to come. Key players operating in the global tag ties market are focusing on production of robust alternatives to non-smart tag ties. Introduction of RFID-enabled tag ties is expected to be one of the key developments that have the potential to intensity market competition.
RFID tag ties are not new to the market, however, there has been a general lack of fully integrated tag ties in the market. This is one of the demerits that some key players are looking to remove with their advanced offerings. The most modern in the product offerings – RFID-enabled tag ties, are one of the ideal solutions for inventory and asset control of critical equipment. The outlook for growth of the global tag ties market is expected to be positive during the forecast period.
Global Tag Ties Market: Dynamics
The global tag ties market is expected to be driven by growth in smart and intelligent packaging technologies across the globe. One of the key technologies expected to influence the market is RFID. Variants compatible with NFC technology are also known to be under development. The preference for tag ties is expected to increase over time as companies push for tamper evident packaging solutions. In addition, the advent of smart and intelligent packaging solutions will bring about a revolution in the way companies manage their assets across the supply chain. Tag ties are used for a wide range of applications.
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Tag Ties Market: Regional Outlook
The Asia Pacific tag ties market is expected to spearhead growth of the market. This is attributed to the increase in trade volumes mainly driven by countries in the region such as China and India. Governments in both of these countries have introduced growth planes which aim to double the trade volume by 2025. This is expected to create significant demand for efficient tracking solutions like tag ties in the market. The North America and Europe tag ties market is expected to be driven by the sheer volume of trade in these regions. In additions, growth in number of automated warehouses and distribution centers is expected to drive demand for tag ties in these regions.
Tag Ties Market: Key Trends
It has been observed that manufacturers operating in the global tag ties market are more inclined towards integrating their products with IoT solutions.
- For instance, Smartrac N.V. recently introduced their RFID cable tag ties to enhance asset tagging efficiency for their end users across the supply chain
In addition, manufacturers of tag ties are also in the process of integrating Near Field Communication (NFC) technology with their products to optimize performance.
Tag Ties Market: Manufacturers
Some of the manufacturers operating in the global tag ties market are as follows –
- Demi Qian Fujian Heroncore Smart Technology Co., Ltd.
- Smartrac N.V.
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