Expansion of Retail Chains to Induce Massive Demand in Global Rfid Tags Market Size
Rfid Tags Market Size is estimated to grow at a CAGR of 7.6% during the estimated period
The use of these tags for monitoring and tracking of assets can drive the market growth. The expansion of the logistics industry and safe transport of goods and commodities can support the trend. Establishment of warehouses and presence of logistic delivery providers are likely to facilitate market growth.The global Rfid Tags Market Size is estimated to grow at a CAGR of 7.6% during the estimated period.
On the basis of the regions, the global Rfid Tags Market Size has been segmented into Asia Pacific (APAC), North America, Europe, and Rest-of-the-World (RoW).
North America currently dominates the global Rfid Tags Market Size. Increasing government initiatives for the adoption of RFID tags for security purposes and its advantage over bar codes can fuel its demand in the region. In addition, the high growth in the retail industry in North America region is also the factor driving the growth of the market. Furthermore, presence of major RFID tags manufacturers such as Alien Technology and HID Global Corporation can also influence the market.
APAC is anticipated to grow at the highest CAGR during the forecast period. The remarkable growth in the packaging sector in the region is the main factor driving the growth of the market. Rising industrial expansion, the swelling urban population in developing countries, and use of logistic firms can provide further boost the market. India, China, Japan, Indonesia, and Thailand are the key contributor to Asia Pacific market. China accounts for the largest share of the region mainly due to fast growth in the urbanization and industrial development.
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 Size.
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The global Rfid Tags Market Size has been segmented by type and application.
On the basis of type, the market has been segmented into the passive, active, and semi-passive. The passive tags accounted for the largest market share in 2016. The tags do not have an internal power source and rely on the power induced by the reader. These tags are cost-effective, durable, and smaller as compared to others. The applications of these tags are tool tracking, access control, inventory management, and supply chain management. It is expected to show the fastest growth during the forecast period. On the other hand, active tags can also capture a large market share owing to their need for tracking containers, pallets and large military assets. These tags are also used in large value assets.
On the basis of application, the market has been segmented into automotive, logistics and transportation, retail, healthcare, and others. Logistics and transportation sector dominates the end-user segment of the market. RFID-based technologies are widely applied to improve transportation security and safety
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The use of RFID tags in the healthcare sector is swelling rapidly owing to the use of active tags for monitoring and tracking patients in old-age and retirement homes. Surgery asset management, parking, and medication authentication and control are other applications which can drive the demand for RFID tags in the healthcare sector. The global Rfid Tags Market Size can find lucrative opportunities in the sector due to efforts of lowering identity fraud and claims mismanagement.
RFID tags or transponders are devices used in identifying assets. The tags contain information which is transmitted over radio waves to a database for cross-checking. The tags are deployed on assets for tracking and inventory management purposes. The global Rfid Tags Market Size report by Market Research Future (MRFR) contains drivers, challenges, opportunities, and trends for the period of 2017 to 2023 (forecast period). The impact of the COVID-19 pandemic on the industry is analyzed and is included in the report.
The use of advanced technology for management of livestock and their transport can drive the demand for RFID tags. Livestock farming among farmers and the unmet demands of protein among health enthusiasts and gym rats can drive the market demand exponentially.
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