Global RFID Tags Market Information by Types (Passive, Active and Semi-passive), by End-User (Healthcare, Retail, Automotive, Logistics and Transportation, and Others) and by Region – Forecast To 2023
The global RFID tags market is set to experience a strong 7.6% CAGR over the forecast period from 2017 to 2023, according to the latest research report from Market Research Future (MRFR). The global RFID tags market is mainly driven by the growing demand for accurate location reporting in a number of end use industries, including logistics and transportation, retail, and healthcare.
RFID tags are a modernized version of the barcode and can be attached to any object for the purpose of identification and/or tracking. The added functionality of RFID tags over barcodes has made them popular in a number of end-use industries, as barcodes do not provide tracking and location reporting services. The growing demand for Internet of Things technology is likely to make the incorporation of RFID tags easier across the industrial spectrum, leading to steady growth of the global RFID tags market over the forecast period.
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The growing logistics and transportation industry is likely to be one of the major drivers for the global RFID tags market over the forecast period. The growing demand for long-distance shipping of packaged items has led to the need for accurate tracking, which has led to a growing demand for RFID technology. This is likely to remain an important driver for the global RFID tags market over the forecast period, as the use of RFID tags also improves the safety of the vehicle and driver in question.
Leading players in the global RFID tags market include Tageos, CoreRFID Ltd., GAO RFID Inc., RF Code Inc., NXP Semiconductors N.V., Atmel Corporation, The Tag Factory, Smartrac N.V., Invengo Information Technology Co. Ltd., Impinj Inc., Omni-ID Ltd., Honeywell International Inc., HID Global Corporation, Confidex Ltd., and Alien Technology.
Players in the global RFID tags market are likely to concentrate on product development and advancement over the forecast period, as the demand for extra functionality in RFID tags is increasing. Mergers and acquisitions with relatively smaller, emergent players in the market are also likely to be a popular strategy for players in the global RFID tags market.
In May 2019, Stora Enso launched smart cabinets that can be used as a replacement for vending machines in public institutions and other buildings. The system uses RFID tags for wireless payment, allowing consumers to buy small products on the go.
In April 2019, Axzon launched a new product range of RFID tags with increased functionality over the previous generation. The passive RFID tags provided by Axzon can be connected to up to four sensors, making them highly valuable in a number of industrial applications.
The global RFID tags market is segmented on the basis of type, application, and region.
By type, the global RFID tags market is segmented into passive, active, and semi-passive RFID tags. Passive tags accounted for the largest share in the global RFID tags market in 2016 and are likely to remain a leading market segment due to their low cost and uncomplicated operating mechanism. Passive RFID tags lack a power source of their own, leading to significantly lower costs than active RFID tags.
By application, the global RFID tags market is segmented into healthcare, retail, automotive, logistics and transportation, and others. The logistics and transportation segment is expected to be the leading revenue generator over the forecast period due to the growing demand for security in the transportation sector. The healthcare sector is also likely to emerge as a key consumer of RFID tags due to the growing use of RFID tags in patient identification and other healthcare processes.
North America is likely to remain the dominant regional market for RFID tags over the forecast period due to the strong development of the RFID technology in the region and the growing demand for advanced RFID tags from the region’s end users. Many leading players in the global RFID tags market are situated in North America, giving the region an advantage in terms of quick and widespread distribution of advances in RFID tags.
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