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Radio Frequency Identification (RFID) Tags Market – Oerview
The global RFID Tags market is expected to reach USD 7,982.2 million by 2027 and register a CAGR of 13.67% during the forecast period of 2021 to 2027.
Livestock management industry dynamics can play the prime role in the expansion of the RFID Tags Market. RFID or radio-frequency identification deploys electromagnetic field mechanism to detect tags attached to products. These RFID tags hold electronic information and are then attached to products, animals, and even human beings. Primarily, RFID tags were introduced to replace barcodes in the supply chain logistics. RFID tags supports wireless readability without line of sight, thus their higher robustness over barcodes can favor the RFID tags market.
The report published by MRFR on the global RFID tags market is based on primary research findings, following detailed analysis of quantitative and qualitative aspects of the market by different industry experts and opinion of reputed leaders to achieve deeper insight on the market performance. The report depicts a clear picture of the ongoing market scenario that includes projected market size and historical appreciations, in addition to technological advancements and macroeconomics. Governing factors of the RFID tags market are elaborated in the report. Information and strategies adopted by top-notch players are reported and discussed in the report.
Alien Technology, HID Global Corporation, Tageos, Honeywell International Inc., Impinj, Inc., CoreRFID Ltd, Omni-ID Ltd, GAO RFID Inc., Smartrac N.V., Invengo Information Technology Co. Ltd, Atmel Corporation, NXP Semiconductors N.V., RF Code Inc., Confidex Ltd, and The Tag Factory are key players of the global RFID tags market.
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Regional study of the RFID tags market across Europe, Asia Pacific, North America, and the Rest of the World (RoW), states that North America can head the worldwide RFID tags market. The launch of new government initiatives to boost RFID tags adoption can drive driving the growth of North America RFIG tags market. In addition, the expansion of the retail industry sector in the North America region can bolster the regional market surge. The presence of chief RFID tags manufacturers, such as HID Global Corporation and Alien Technology can prompt North America market rise.
In Asia Pacific, RFID market growth can be credited to the exponential growth of the packaging sector. Industrial expansion, urbanization of large population, and strong monetary backbone of China, Thailand. Indonesia, Japan, and India can contribute to Asia Pacific RFID tags market rise. China to head the regional market owing to fast paced urbanization and industrialization. The RFID market in Middle East and Africa can surge due to the high demand for RFID in the region.
The world RFID tags market is studied by types and application. The type-based segments of the market are semi-passive, passive, and active. The growth of the RFID tags accounted on high sales of passive tags. Passive tags have no internal power source. Hence, they depend on the power induced by the reader. Thus, the advantage of lack of a battery make these tags compact, cost-effective, and durable over others. Passive tags are deployed to perform different activities, such as inventory management, access control, tool tracking, and supply chain management. The rise in popularity of passive RFID tags can increase the market revenue in the assessment period.
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The high utility of RFID tags in the logistics and transportation sector can cause high revenue generation. The rise in need to improve transportation security and safety can boost the expansion of the RFID tags market. Retail, healthcare, and automotive are other sectors that largely exercise RFID tags. The textile sector can be contribute significantly to the rise of the RFID tags market due to high sales of apparels to side with evolving fashion trends, and definitely the rise of the e-commerce sector.
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