According to Market Research Future (MRFR), the global RFID tags market is anticipated to grow at a CAGR of 7.6% from 2017-2023 (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 market for RFID tags. 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.
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Market Segmentation
THE global RFID tags market has been segmented based on types and end-user.
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.
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Key Players
Table Of Content
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.1 Definition
2.2.2 Research Objective
2.2.3 Assumptions
2.2.4 Limitations
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
3 Market Landscape
3.1 Porter’s Five Forces Analysis
3.1.1 Threat Of New Entrants
3.1.2 Bargaining Power Of Buyers
Continued…
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