RFID Tags Market To Witness Huge Growth and Revenue Acceleration by 2022-2030
According to Market Research Future (MRFR), the global RFID tags market is anticipated to grow at a CAGR of 13.67% from 2021-2027(forecast period). The study includes a succinct overview of the global situation, the economic situation, and the COVID-19 analysis of the overall market.
Advancement plays a crucial role in the development of the global RFID tags market. RFID (Radio Frequency Identification) uses an electromagnetic field to find tags attached to the items. The tags contain information stored electronically. This tag can be attached to items, animals, or even humans. In particular, RFID tags have been invented to replace barcodes in supply chains. RFID tags can be read wirelessly even without a line of sight; they are more robust and contain more detail than barcodes.
Market Dynamics
The use of RFID tags has increased across various industries due to their positive features, such as the prevention of theft and real-time shipment tricks. The growing need for a stable supply chain increases such tags in various industries, including transport and logistics. Advanced technologies such as IoT and Big Data play a critical role in moving the industry forward. The logistics and transport sector are expected to lead the market as an end-user due to a wide-ranging application to deal with theft and counterfeit related issues. The adoption of these tags has increased significantly in the aerospace and health sector due to its benefits such as enhanced visibility of the supply chain, improved maintenance monitoring, effective logistics, robust asset management, and utilization.
Moreover, retail stores are driving market growth by using these tags to improve inventory applicability and enhance the customer experience.
Market Segmentation
THE global RFID tags market has been segmented based on types and end-user.
Based on the type, the global RFID tags market has been segmented into passive, active, and semi-passive. Passive tags had the highest market share in 2016. Passive tags do not have an internal power source. They, therefore, depend on the power induced by the reader. Due to the lack of a battery, these tags are cost-effective, robust, and smaller than others. Passive tags are used to perform a variety of tasks, such as access control, inventory management, supply chain management, and tool monitoring. The popularity of passive RFID tags is, therefore, growing among end-users. It is expected to display the fastest growth in the forecast period. The active tag has an on-board battery and transmits its ID signal periodically. Batteries make the cost, size, and lifespan of active tags unworkable for retail trade. These tags are used to track containers and pallets, as well as large military assets. These tags are also used to track ocean containers and land, vehicles, logistics, and other high and wide value assets. The semi-passive tag has a small battery on board and is activated in the presence of an RFID reader.
Based on the end-user, the market has been segmented into healthcare, retail, automotive, logistics and transportation, and others. The logistics and transportation sector dominate the end-user segment of the market. RFID-based technologies are widely applied to improve transportation security and safety. The use of RFID tags in the healthcare sector is increasingly growing. This technology helps in patient tracking, asset management, parking, and medication authentication and control. In addition, growing concerns regarding counterfeit drugs and safety, a growing need to minimize operating costs in healthcare, and an increase in the incidence of cases of theft of medical devices are opening up the demand for RFID tags in the healthcare sector.
Regional Analysis
Based on the regions, the global RFID tags market has been segmented into North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW).
North America dominates the market for global RFID tags. Growing government initiatives to adopt RFID tags is a crucial driver of market growth in the region. In addition, high growth in the retail sector in the North American area is also a driving factor for the development of the industry. In addition, major RFID tag manufacturers such as Alien Technology and HID Global Corporation, among others, are present in the North American area. This also has a positive impact on the growth of the market. The United States accounted for the largest market share of the North American region.
The Asia Pacific region is expected to rise at the highest CAGR in the forecast period. The phenomenal growth of the packaging sector in the Asia Pacific region is a critical factor in the industry's growth. Growing industrial expansion and increasing urbanization of the population in developing countries will further boost the market. China, Indonesia, Japan, India, and Thailand are the main contributors to the Asia Pacific industry. China accounts for the country's largest share, mainly due to rapid growth in urbanization and industrial development.
The Middle East & Africa is another big market in terms of demand for RFID tags and is expected to contribute to market development during the forecast period.
Key Players
The prominent players in the RFID tags market include Alien Technology (U.S.), Confidex Ltd (Finland), HID Global Corporation (U.S.), Honeywell International Inc. (U.S.), Omni-ID Ltd (U.S.), Impinj, Inc. (U.S.), Invengo Information Technology Co. Ltd (China), Smartrac N.V. (Netherlands), The Tag Factory (India), Atmel Corporation (U.S.), NXP Semiconductors N.V. (Netherlands), RF Code Inc. (U.S.), GAO RFID Inc. (Canada), CoreRFID Ltd (U.K.) and Tageos (France).
Browse the Complete Report: https://www.marketresearchfuture.com/reports/rfid-tags-market-2008
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