9.8% CAGR, Global RFID Tags Market Size to Cross 19.68
LONDON, UK, July 06, 2021 (GLOBE NEWSWIRE) — Rising growth of E-commerce system and online retail sale, increasing penetration of IOT and rising growth of logistics and transportation sector are the significant factors driving the growth of the Global RFID Tags Market. Global RFID Tags Market is valued at USD 10.23 Billion in 2020 and expected to reach USD 19.68 Billion by 2027 with a CAGR of 9.8% over the forecast period
The COVID 19 has shown a negative impact on the global RFID tags industry due to the lockdown condition in disturbance in the supply chain, the demand for retail products is reduced. During COVID-19 pandemic, numerous organizations have faced a slowdown in tasks because of the lockdown and limitations on working standards from governments. The fall interest for costly retail items worldwide because of lockdown measures, alongside supply network interruptions, is relied upon to have hindered the development of the RFID market. However, utilizing RFID innovation with industrial automation arrangements, organizations can restore quicker than what was anticipated in the coming years.
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RFID utilized the electromagnetic fields to automatically identify and track tags attached to objects. An RFID system consists of a small radio transponder, a radio receiver and transmitter. When triggered by an electromagnetic cross-examination pulse from a close by RFID reader device, the tag transmits digital information, generally a recognizing stock number, back to the reader. There are two types of RFID tags which are; passive tags which are powered by energy from the RFID reader’s interrogating radio waves. And, active labels are fueled by a battery and consequently can be read at a more prominent range from the RFID reader, up to hundreds of meters. RFID tags are used in many industries like, in automobile industries during production can be used to track its progress through the assembly line, also in pharmaceuticals can be tracked through warehouses. RFID tags are also used in food industry in active and intelligent packaging; the RFID microchips in livestock’s and pets can be implanted. These are used in shops to expedite checkout and to prevent theft by customers and employees. These can attached to physical money, clothing, possessions and can be implanted in animals, people. RFID tags offers advantages over manual systems. The labels can be read whenever passed close to a reader, regardless of whether it is covered by different items. The tag can be perused inside the container, box or different holders. In 1945 Leon Theremin created a listening device for the Soviet Union which retransmitted occurrence radio waves with added audio data.
Rising Growth of E-Commerce System and Online Retail Sale, Increasing Penetration of IOT, Rising Growth of Logistics and Transportation Sector are the Major Factors Driving the Market Growth
Rising growth of e-commerce system and online retail sale is one of the major factors driving the growth of global RFID tags market. For instance; according to United Nations Conference on Trade and Development (UNCTAD) 2020, the online retail sale of U.S. was $598.0 billion in 2019 and it is increased to $791.7 billion in 2020. Similarly the online retail sale is increased in countries like Australia, Canada, China, Korea etc. The RFID tags are used in mostly in online retail sector. In addition, increasing penetration of IOT is another major driving factor for the growth of RFID tags market. For instance; according to Confederation of Indian Industry (CII) 2020, across the world, spending on software and hardware related to IOT is projected to grow rapidly from US$726 billion in 2019 to US$ 1.1 trillion in 2023. RFID technology as a key enabling technique of the internet of things (IoT0 sensing layer now finds applications in a wide spectrum of fields for data integration and management including human identification, logistics and retail, access control etc.
Furthermore, the increasing growth of logistics and transportation sector is also fostering the growth of RFID tags market. Moreover, increasing usage and adoption of RFID tags, rising adoption of security measures and growing automation in healthcare systems are some other factors supplementing the growth of global RFID tags market. However, high cost for installation and integration of RFID system may hamper the growth of global RFID tags market. In spite of that, the extensive use of RFID technology in retail, logistics, and supply chain applications and the new product launch & partnership can offer more opportunities for the further growth of the global RFID tags market.
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North America is Anticipated to Dominate the Global RFID Tags Market
Geographically; North America is expected to dominate the global RFID tags market over the forecast period due to increasing government initiatives, rising growth of e-commerce & retail industries and presence of major key players in this region. For instance; according to United Nations Conference on Trade and Development (UNCTAD) 2020, the e-commerce sale of U.S. in 2019 was $9580 billion and shares of total e-commerce were 45%. In addition, the presence of key players in this region are also supplementing the market growth. According to a news published in November 2017, Honeywell launched new passive RFID tag for high-security toll collection. In September 2020, Avery Dennison presented the AD-332u8 RAIN RFID trim that can dominate in high thickness, RFID proximity conditions, and furthermore utilized for inventory exactness and production network management. This is the market’s littlest item that meets ARC classification H specifications.
Asia Pacific is expected to show a faster growth in this market due to the rising industrial expansion, introduction of different types of RFID tags, rapid urbanization and rising population in this region. For instance; according to Asian Development Outlook 2019; the industrialization in Asia pacific was projected to 5.7% in 2019 and 5.6% in 2020. In addition, increasing number of product offering in this region is also fostering the market growth. For example; according to a news published in April 2021, Avery Dennison Smartrac introduced ultra-small RAIN RFID inlays in the market.
The global RFID tags market is divided into types, applications, form factor, and region & country level. Based on types, the RFID tags market is divided into passive tags, active tags and semi-passive tags. Based on applications, the market is divided into automotive, logistics, healthcare, transportation, retail and others. Based on form factor, the market is divided into card, fobs, label and hard tags.
- Active Tags
- Passive Tags
- Semi- passive tags
By Form Factor:
The regions covered in global RFID tags market report are North America, Europe, Asia-Pacific, and Rest of the World. Based on country level, the market of RFID tags is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Middle East Asia (UAE, Saudi Arabia, Egypt) GCC, Africa, etc.
Key Players of Global RFID Tags Market
Some major key players for global RFID tags market report cover prominent players like Avery Dennison, Zebra Technologies, Honeywell, NXP Semiconductors, Impinj, HID Global, GAO RFID, Invengo, Nedap, Identiv, Tageos, CoreRFID Ltd., RF code lnc, Smartrac N. V., Omni-ID Ltd., HID Global Corporation, Confidex Ltd. and others.
Full Companies list of RFID Industry: https://brandessenceresearch.com/semiconductor/rfid-tags-market
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