Global RFID Tags Market Size Information by Types (Passive, Active and Semi-passive), by End-User (Healthcare, Retail, Automotive, Logistics and Transportation, and Others) and by Region – Forecast To 2023
RFID Tags Market Overview
The global RFID tags market is set to experience a strong 7.6% CAGR over the forecast period from 2017 to 2023, according to the latest research report from Market Research Future (MRFR). The global RFID tags market is mainly driven by the growing demand for accurate location reporting in a number of end use industries, including logistics and transportation, retail, and healthcare.
RFID tags are a modernized version of the barcode and can be attached to any object for the purpose of identification and/or tracking. The added functionality of RFID tags over barcodes has made them popular in a number of end-use industries, as barcodes do not provide tracking and location reporting services. The growing demand for Internet of Things technology is likely to make the incorporation of RFID tags easier across the industrial spectrum, leading to steady growth of the global RFID tags market over the forecast period.
The RFID Tags Market Size is segmented by types and application.
By type, the market is segmented into active, passive, and semi-passive. The passive RFID tags segment is estimated to have command on the market share in the years to come. Passive tags do not have source for internal power. Therefore they depend on power induced by a reader. It is because lack of a battery, passive tags are durable, cost-effective, and smaller in size as compared to others. They are used in accessing control, supply chain management, inventory management, and in tool tracking. The rowing prominence of passive RFID tags among its end-users is expected to escalate the growth of the RFID Tags Market Size in the review period. Active tag are used for tracing containers, pallets, and large military assets. The increase in ocean exploring activities and rise in number of sales of military assets are expected to surge the market.
By end user, the market is segmented into automotive, healthcare, retail, logistics, transportation, and others. The logistics and transportation segment is likely to dominate the market in the years to come. The RFID-based technologies are widely used to improve transportation safety and security. The utility of RFID tags in the healthcare industry is swelling. It is helping patients to tracking patients at long distance, in surgery asset management, and in the authentication of medication. In addition, the growing concern regarding drug counterfeit is also gaining traction for the RFID tag market, as these tags are being used extensively. The reduction in operation cost and increase in cases of medical device theft are factors that are likely to boost the market growth.
Confidex Ltd (Finland)
Alien Technology (U.S.)
Honeywell international Inc. (U.S.)
HID Global Corporation (U.S.)
Omni-ID Ltd (U.S.)
Impinj, Inc. (U.S.)
Smartrac N.V. (Netherlands)
Invengo Information Technology Co. Ltd (China)
Atmel Corporation (U.S.)
The Tag Factory (India)
RF Code Inc. (U.S.)
NXP Semiconductors N.V. (Netherlands)
CoreRFID Ltd (U.K.)
GAO RFID Inc. (Canada)
Tageos (France), and others
The RFID tag market in North America is expected to dominate in the years to come. The increase in governments’ initiatives to adopt RFID tags across different verticals in order to maintain a tight security is observed to be a major cause for the expansion of the market in North America. In addition, the burgeoning retail industry in the North America region is another factor that is expected to drive the market growth. The existence of major RFID tags producers in the region is anticipated to cast a positive influence on the market. The United States RFID Tags Market Size is expected to contribute majorly to the regional market expansion.
The Asia Pacific RFID market anticipated to thrive at a high CAGR across the review period. The surge in adoption these tags by the packaging sector is identified as the main factor that can prompt the market growth. Rising industrial expansion, as well as increasing, urbanize population in the developing countries provide the further boost the market.
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