RFID Tags Market Overview
RFID Tags 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.
This RFID tags market research includes the Market Overview, COVID-19 analysis, Market Dynamics, Study Objectives, Segment Overview, Regional Analysis, Competitive Landscape, Recent Developments, Segmentation Table and FAQs. The market dynamics include the market drivers, restraints, opportunities, and challenges. The market is segmented into type, application, and region.
The COVID-19 pandemic has negatively affected the business sector. RFID manufacturing companies and suppliers are spread over various countries across Asia-Pacific, America, and many more. The RFID solutions produced are used in several industries for various applications. The COVID-19 affected the RFID companies along with business suppliers, partners and distributors also.
Due to lockdown measures, supply chain disruptions, worldwide demand for expensive retail products fall and is expected to slow down the RFID market growth. In developing regions, the government has mandated the RFID tagging on vehicles for tolling, but due to COVID, the slowdown in travel has restricted the deployment of RFID tags. As the lockdown measures are lifted in various countries, manufacturing facilities are re-opened. By increasing regulations, government initiatives for industries, and usage of RFID systems in manufacturing units are the factors that improve the productivity of the RFID market.
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.
RFID market trends have been divided into Asia-Pacific, Europe, North America, and the remaining world. North America leads the global RFID tags market analysis by increasing the government initiatives of adoption of RFID tags and high growth in the retail industry is the factor driving the market growth. Moreover, major RFID tag manufacturers like HID global corporation and Alien technology are present in this region.
During the forecast period, Asia-Pacific anticipated growing highest CAGR for its rising industrial expansion, and increase in urbanized population in developing countries. China accounts for the largest market share in this region for its fast growth in urbanization and industrial development. The Middle East & Africa accounts for the significant market growth during the forecast period.
The prominent and emerging leaders of the RFID tags market revenue research are the following:
Alien Technology (U.S) and Invengo Information Technology Co. Ltd is the top player among the others. All these major players used various strategies like new product launches, expansions, agreements, joint ventures, acquisitions, partnerships, and others to increase the demand for their products in the market.
By increasing the usage and adoption of the RFID tags in manufacturing and consumer goods, there is a chance to enhance the RFID tags market growth. RFID tags and sensor solutions combination in the manufacturing facility such as cameras, tanks, pipes, boilers, etc. that shows you the quality and output of the manufacturing process. Using RFID technology in plant asset management helps manufacturers.
Rising the usage of security measures and package protection is expected to increase the growth of the RFID tags market trends. The penetration of these RFID solutions increases the growth of the RFID market. It also identifies if more people gathered at a point.
Installation and integration of RFID systems are required for various functionalities in RFID tags, but this system consumes high costs. This system includes additional features like continuous accuracy checking of systems, training costs, IoT integration that make RFID solutions expensive. This expensive factor is expected to be a restraint of the market growth.
The widespread use of RFID technology in retail, logistics, and supply chain applications increases the growth of the RFID tags market. The new product launches and partnerships may offer lucrative growth opportunities to the RFID tags market players. To avoid COVID-19, contract-tracing solutions are provided in the various companies which are produced by RFID solutions.
The lack of awareness about RFID technology, its benefits in their business is the factor that acts as a barrier to the adoption of RFID solutions.
The global RFID tags market research has been segmented based on the type, application, and region.
Based on Type
Based on the type, the RFID market has been divided into passive, active, and semi-passive. Out of these, passive tags account for the largest market share in 2016. Passive tags rely on the power induced by the reader because it does not have an internal power source. Due to this, these tags are cost-effective, smaller, and durable compared to others. It performs tool tracking, access control, supply chain management, etc.
The active tag consists of the onboard battery and transmits an ID signal. These are used for tracking containers and pallets, and large military assets. Semi-passive contains a small battery on board.
Based on Region
The RFID market is segmented into North America, Asia-Pacific, Europe, and the Rest of the world based on the region. North America leads the global RFID tags market for its increasing adoption of RFID tags.
Based on Application
Based on the application, the RFID tags market is segmented by healthcare, automotive, logistics, transportation, retail, and others. Among these, the logistics and transportation sector dominates the RFID market for their widely used to improve transportation security and safety. The RFID tags in the healthcare sector are used for patient tracking, surgery asset management, medication authentication, and control. It is also used for reducing operational costs and a rise in the incidence of medical device theft cases in the healthcare sector.
RFID (Radio-Frequency Identification) is used to find the tags attached to the product by using an electromagnetic field. The tags contain electronically stored information that can be attached to the products, animals, or even human beings. RFID tags were created to replace the barcodes, improves transparency in the supply chain, enhance the effectiveness and efficiency of the supply chain. These tags can be read wirelessly, without a line of sight, more robust, and contain more information than barcodes.
RFID tags are attached to the movable assets in the industries like tools, manufacturing equipment, and process components to track them in a process. They not only track the parts but also helps to understand the lifecycle of manufacturing equipment.
Read this report carefully to get all the market and know about the future growth behavior of this market.
The RFID tags market research report is segmented into type, application, and region.
Passive, active, and semi-passive.
North America, Asia-Pacific, Europe, and the remaining World.
Healthcare, retail, automotive, logistics, transportation, and others
|Market Size||2027: USD 18.91 billion|
|CAGR||11.2% CAGR (2020-2027)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Types and End-User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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), RF Code Inc. (U.S), GAO RFID Inc. (Canada), CoreRFID Ltd (U.K) and, Tageos (France)|
|Key Market Opportunities||
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The RFID tags market is poised to strike 11.2% CAGR.
The segments of the RFID tags market on the basis of type are passive, semi-passive, and active.
The end-user segments are logistics and transportation, healthcare, automotive, retail, and others
APAC is presumed to growth at the highest rate.
The key players are Alien Technology (U.S.), HID Global Corporation (U.S.), Confidex Ltd (Finland), Honeywell international Inc. (U.S.), Impinj, Inc. (U.S.), Omni-ID Ltd (U.S.), Invengo Information Technology Co. Ltd (China), The Tag Factory (India), Smartrac N.V. (Netherlands), Atmel Corporation (U.S.), CoreRFID Ltd (U.K.), RF Code Inc. (U.S.), NXP Semiconductors N.V. (Netherlands), GAO RFID Inc. (Canada), and Tageos (France).