RFID Tags Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “RFID Tags Market Research Report, Types, End-User and Region – Forecast till 2027” , The market is projected to be worth USD 18.91 billion by 2027, registering a CAGR of 11.2% during the forecast period (2021 – 2027), The market was valued at USD 8.5 billion in 2020.
Increasing Adoption of RFID tags
There is an opportunity to boost RFID tag market by increasing RFID tag usage and adoption in manufacturing and consumer goods. RFID tags and sensor solutions are combined in the manufacturing facility, such as cameras, tanks, pipes, boilers, and so on, to demonstrate the quality and output of the manufacturing process. RFID technology used in plant asset management benefits manufacturers.
The increasing use of security measures and package protection is projected to fuel the expansion of RFID tag market trends. The adoption of various RFID solutions boosts the RFID market’s growth. It also identifies if more people gathered at a point.
Increasing Use of RFID Tags Amid COVID-19 Crisis
The COVID-19 pandemic has had a negative impact on the business sector. RFID manufacturing firms and suppliers can be found in a variety of countries around the Asia Pacific, America, and many more. RFID solutions are used in a wide range of industries for a variety of applications. The COVID-19 has an impact on RFID companies as well as business suppliers, partners, and distributors.
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Due to lockdown measures and supply chain disruptions, global demand for expensive retail products is falling, which is likely to impede RFID market growth. The government has enforced RFID tagging on vehicles for tolling in emerging regions, however, due to COVID, the delay in travel has limited the deployment of RFID tags. Manufacturing facilities are reopening as lockdown measures are lifted in various countries. Increased regulations, government initiatives for industries, and the use of RFID systems in production units are factors that boost the RFID market’s productivity. Moreover, to avoid COVID-19, contract-tracing solutions are provided in the various companies which are produced by RFID solutions.
List of the Key Companies Profiled in the RFID Tags Market Research Report are:
Browse In-depth Market Research Report (129 pages) on RFID Tags
In March 2020, Avery Dennison began the acquisition of Smartrac’s Transponder business for USD 276 million, subject to customary adjustments.
In April 2020, RF Code and Chatsworth Products announced a collaboration to deliver integrated wire-free monitoring and management for eConnect power distribution units.
In June 2020, NXP semiconductors introduced the MIFARE DESFire EV3 IC, which includes increased security, next-generation performance, and seamless integration of mobile services to enable security and connectivity in smart city services. It is backward-compatible, has a high operating distance, and a faster transaction speed.
In September 2020, Avery Dennison developed the AD-332u8 RAIN RFID inlay, which excels in high density, RFID proximity circumstances and can also be utilized for inventory accuracy and supply chain management. This is the smallest product on the market that satisfies ARC category H specifications.
Installation and integration of RFID systems are necessary for various RFID tag functionalities, yet this system is expensive. This system incorporates extra features such as constant accuracy checking of systems, training fees, and IoT connectivity, which drive up the cost of RFID solutions. This costly component is projected to be a market growth limitation.
The growing usage of RFID technology in retail, logistics, and supply chain applications drives the RFID tag industry forward. New product launches and alliances may provide RFID tag market participants with lucrative growth chances.
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By Type, Passive Tags to Lead the Global Market
In 2016, passive tags held the biggest market share. Since passive tags lack an internal power source, they rely on the power generated by the reader. As a result, these tags are less expensive, smaller, and more durable than others. It handles tool tracking, access control, supply chain management, and other tasks.
By Application, Healthcare Segment to Lead the Global Market
RFID tags are utilized in the healthcare industry for patient tracking, surgery asset management, medication authentication and control. It is also utilized for reducing operational costs and a rise in the incidence of medical device theft cases in the healthcare sector.
North America to Lead the Global Market
North America leads the worldwide RFID tags market due to increased government initiatives for RFID tag adoption, as well as substantial growth in the retail industry, which is a factor driving market expansion. Furthermore, significant RFID tag manufacturers such as HID global corporation and Alien technology have a presence in this region.
APAC to Grow at the Fastest Rate
The Asia Pacific is expected to grow at the fastest rate due to rising industrial expansion and an increase in urbanized population in developing countries. Because of its rapid urbanization and industrial expansion, China holds the greatest market share in this region.
Segmentation of Market covered in the research:
Information by Types (Passive, Active and Semi-passive), by End-User (Healthcare, Retail, Automotive, Logistics and Transportation, and Others) and by Region (North America, Europe, Asia-Pacific, and Rest of the World)
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