RFID Tags Market expected to experience significant growth in the next five years. Radio-frequency identification (RFID) uses electromagnetic field to identify & track tags attached to objects. The tags contain electronically stored information. This tag can be attached to or implanted in products, animals or even human beings. The increasing demand for tags in keyless entry & asset tracking applications benefits this market in expansion. Continuously growing end use industries are also adding to the market growth.
Radio-frequency identification (RFID) tags market is expected to grow at a CAGR of 7.6% during the forecast period 2017-2023.
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We recognize the key players in the Global RFID tags market as 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), The Tag Factory (India), and Tageos (France). This report includes the product portfolios of the same.
On the basis of end-user, RFID tags market is segmented as Manufacturing Sector, Pharmaceutical, Healthcare, Retail, and Others. Adoption of RFID tags in healthcare sector is increasing rapidly. RFID technologies in healthcare help in patient tracking, surgery asset management, asset management, parking and medication authentication and control. Additionally, growing concern about drug counterfeit and safety, government initiatives, increasing need for reducing operational cost in healthcare and rise in incidence of medical device theft cases are driving the market for RFID tags in healthcare.
The RFID tags market is expected to grow at a CAGR of 7.6% during the forecast period.
RFID is the fastest growing technology
On the basis of type, RFID tags are segmented as Active, Passive and Semi-passive. An active tag has an on-board battery and periodically transmits its ID signal. Semi-passive tag has a small battery on board and is activated when in the presence of an RFID reader. A passive tag is smaller because it has no battery; instead, the tag uses the radio energy transmitted by the reader. Passive RFID tags segment dominates the market of RFID tags, by type. It is expected to show the fastest growth during the forecast period. Passive tags being cost effective, long life and smaller compared to active tags, are increasingly replacing barcodes in several applications.
On the basis of the regions, the global RFID tags market has been segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). North America dominates the global RFID tags market. Increasing government initiatives for the adoption of RFID tags is the major factor driving the growth of the market in the region. Additionally, high growth in the retail industry in North America region is also the factor driving the growth of the market. Furthermore, major RFID tags manufacturers such as Alien Technology and HID Global Corporation among others are present in the North America region. This also has a positive influence on the growth of the market. The U.S. accounted for the major market share of the North American region.
Asia Pacific region is anticipated to grow at the highest CAGR during the forecast period. The remarkable growth in the packaging sector in Asia Pacific region is the main factor pouring the growth of the market. Rising industrial expansion, as well as increasing, urbanize population in the developing countries provide the further boost the market. China, Indonesia, Japan, India, 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.
The Middle East & Africa is another major market in terms of demand for RFID tags and is expected to contribute significantly to market growth during the forecast period.
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Scope Of Report
This research report has provides the insights, on various levels of analyses such industry analysis, market share analysis leading market players and their profiles. This report also helps in studying the target segments by providing views on emerging & high-growth segments and market conclusion. Together the market data comprise and discuss with the basic assessments on the competitive scenarios & strategies, of the RFID tags market, including the high-growth regions, countries and their political, economic and technological environments. Furthermore the project report also provides the views over the historical market values as well as, pricing and cost analysis of the same.
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