Global RFID Tags Market – Overview
RFID or Radio Frequency Identification is an automatic identification method, relying on storing and remotely retrieving data using devices called RFID tags or transponders. RFID tag is a product that can be applied to or incorporated into an object, animal, or person for the purpose of identification using radio frequency waves. Some tags can be read from several meters away and beyond the line of sight of the reader.
RFID has become a force in the retail space, particularly in apparel and shoes, with the potential for excellent growth in this market. Meanwhile, there are plenty of other markets – healthcare and automotive. A growing number of companies recognize, RFID offering to ease product tracking, optimize the flow of commodities and inventory management, prevent product counterfeiting, improve their processes and realize gains in efficiency.
RFID tags carry unique product numbers. RFID technology has been in use for several years now; however, the recent growth in its applications across a wide set of industries, such as retail, transport, medical, and defense, among others, has spurred its adoption. The retail industry is at the forefront and has witnessed its technological reconnaissance with the use of RFID tags. An interesting fact of the retail sector is the way it has successfully passed on the benefits of the technology to other industries in the supply chain with the help of the mandates.
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According to a recent study report published by the Market Research Future, The global market of RFID Tags is booming and expected to gain prominence over the forecast period. The market is forecasted to demonstrate a stunning growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the estimated period (2017 – 2023).
NXP Semiconductors N.V (Netherlands), Alien Technology (US), 3M Company (U.S), ACTAtek Technology (U.S), Axcess International, Inc. (U.S), : Impinj Inc. (US), Ascendent ID (U.S), ), Checkpointt System Inc. (U.S), and Avery Dennison Corporations (US), among others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global RFID Tags market.
Although applications of RFID have become more widespread in recent years, radio frequency identification is not a new technology. Public awareness of RFID was heightened in recent years when the U.S. Department of Defense (DoD) and retail giant Wal-Mart required their suppliers to use RFID technology. RFID technology has several applications that extend beyond the retail sector. RFID tags are embedded in passports for security and personal identification and in ID cards to control access to buildings. Tags are also used for electronic payment for transportation and other payment systems, such as credit cards and smart cards.
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RFID Tags Market – Competitive Analysis
RFID Tags market appears to be competitive with the presence of several large and small players operating in the RFID Tags Market. These Key players compete based upon pricing, quality, Technology and reputation. RFID Tags market demonstrates a high growth potential which is likely to attract many entrants to the market resulting in to intensified competition further. Manufacturers operating in the RFID Tags market strive to respond to the growing demand for RFID Tags. Moreover, manufacturers mainly ensure to deliver the best quality products based on innovative technologies, and best practices.
RFID Tags Market – Segments:
Global RFID Tags Market is segmented in to 6 Key dynamics for an easy grasp and enhanced understanding.
Segmentation by Product Type: Tags, Reader, Software
Segmentation by Wafer size: 200mm, 300mm, 450mm
Segmentation by Components: Passive RFID, Active RFID and Others
Segmentation by Frequency: Low Frequency, High Frequency, Ultra-high Frequency and Active Ultra-High Frequency
Segmentation by End- Users: BFSI, Animal Tracking/Agriculture, Commercial, Transportation, Healthcare, Logistics and Supply Chain, Aerospace, Defense, Retail, Security and Access Control, Sports and Others
Segmentation by Regions: Comprises regions – North America, Europe, APAC and Rest of the World.
RFID Tags Market – Regional Analysis
The regional analysis of Radio-Frequency Identification (RFID) tags market is being studied for regions such as Asia Pacific, North America, Europe and Rest of the World. North America region accounts for the largest market share, followed by Europe and Asia Pacific region. The study reveals that Europe region is showing a rapid growth due to its storage and tracker solution by the Radio-Frequency Identification (RFID) tags. The market is expected to register substantial growth in the near future, attributed to increase in usage of security & access control applications, requirement of the accurate data unit, and growth in demand for effective store handling. However, factors such as high initial investment cost, damage of sensors, and device interoperability restrain the growth of the market.
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