RFID Tags Market Global Industry Analysis, Development, Opportunities, Future Growth and Business Prospects by Forecast To 2027
New York, June 30, 2021 (GLOBE NEWSWIRE) -- 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:
- 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)
Browse In-depth Market Research Report (129 pages) on RFID Tags
https://www.marketresearchfuture.com/reports/rfid-tags-market-2008
Industry News
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.
High Cost
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.
Growth Prospects
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.
Regional Analysis
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.
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Market Segmentation
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.
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)
About Market Research Future:
Market Research Future (MRFR) is a global market research
company that takes pride in its services, offering a complete and accurate
analysis with regard to diverse markets and consumers worldwide. Market
Research Future has the distinguished objective of providing the optimal
quality research and granular research to clients. Our market research studies
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important questions.
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