RFID Tags Market Overview —
RFID Tags Market is projected to be worth USD 23.93 billion by 2030, registering a CAGR of 11.2% during the forecast period (2022-2030), The market was valued at USD 10.7 billion in 2021.
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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.
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.
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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.
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.
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
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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.
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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