Global RFID tag market is anticipated to grow at a substantial CAGR of 22.1% in the coming years due to increasing need for effectual supply chain management on the global scale. RFID (radio-frequency identification) tags are used for storing information on the tag attached to any object and it builds up a tracking system that use smart barcodes to recognize products. They are basically used for merchandise purpose, but can also be effectively used for transport and also patients suffering from Alzheimer’s disorder.
RFID tag market is driven by factors like increasing need for prevention of theft, growing need for tracking shipment in the real-time scenario. Moreover, increase in demand for RFID tags from transport, logistic & aerospace industry and integration of big data platforms and IoT with RFID tags in various devices boosts the market growth. Conversely, device interoperability and significant cost of installation of RFID systems are hampering the market growth.
RFID tags are compatible with the current infrastructure which help organizations to save cost of installing newer systems. This condition helps manufacturers to reduce the price of RFID tags, which is one of the prevailing trends in the market. Moreover, potential demand from the healthcare industry is building greater opportunities in RFID tag market.
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Market is categorized on the basis of type, application and geography. On the basis of type, market is divided into active, passive and semi-passive. Owing to comparative small size, cost effectiveness and durability, passive tags segment is expected to lead the market in the coming years. Moreover, passive tags are used in numerous applications like inventory management, access control, tool tracking and supply chain management.
Based on application, market is bifurcated into retail, healthcare, logistics & transportation, automotive. Logistics & transportation segment leads the market owing to its increased use for improving logistics services and transport safety & security.
Geographically, market is divided into North America, Latin America, Asia Pacific and Middle East & Africa. North America is expected to dominate the market due to the growing need for well-organized supply chain management. Asia-Pacific region is also expected to lead in future due to increase in demand from retail and manufacturing industries.
The prominent players in RFID tag market comprise Alien Technology, LLC, HID Global Corporation, Thin Film Electronics ASA, GAO RFID Inc., Impinj, Inc., Xerox Corporation, Omni-ID, Invengo Information Technology Co., Ltd., Molex LLC., Zebra Technologies Corporation.
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• North America
• Asia Pacific
• Middle East and Africa
• South America
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Key Questions Answered in this Report
• What will the market size be in 2022?
• What are the key factors driving the global RFID tag market?
• What are the challenges to market growth?
• Who are the key players in the RFID tag market?
• What are the market opportunities and threats faced by the key players?
Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/technology
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