Market Research Future Insights
According
to market research future insights analysis, the global RFID tags
market is estimated to see a
CAGR of ~ 8.5%
from 2022 to 2030 and be worth more than ~USD 20.93 billion by 2030.
As the world transitions to real-time
location systems (RTLS), sensor networks, and the internet of things,
radiofrequency identification (RFID) devices are anticipated to become even
more important (IoT). Radiofrequency technologies are becoming more popular due
to automation, supply chain management, real-time intelligence, asset
monitoring and payments, NFC, and other significant trends. Government mandates
necessitating the use of RFID tags to monitor various industrial items, such as
data centers, livestock, and defense, are also proving to be essential
development factors for the industry. The market for RFID tags is expected to
grow in the next years due to advancements in UHF technology, integrating RF
devices with other communication technologies, emerging semi-passive and
printed tags, and other factors.
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Key Players
Some
of the key market players are Zebra
Technologies Corp., Omni-Id, Inc., GAO RFID Inc., Impinj, Inc., Alien
Technology, Confidex Ltd, Honeywell International, Invengo Information
Technology, NXP Semiconductors, HID Global Corporation, and SMARTRAC N.V.
Regional Analysis
North America had the greatest market
share in 2021 worldwide due to the extensive usage of RF tags in the retail and
healthcare industries. The North American region is forecasted to grow at a
rapid CAGR of 14.0% throughout the forecast period. The region has seen a
growth in high-volume shipping in recent years, particularly to the United
States, which has the highest tag demand. Key factors driving the adoption of
RFID tags in the US include the growing need to improve inventory management
and the rise in the distribution of packaged goods via e-commerce.
The Asia Pacific region accounted for a
sizeable percentage of the market in the forecast period. The demand for RFID
solutions in the region has been driven by the fast-expanding implementation
and research activity in the field of automation and a major expansion of
industry 4.0. Expanding these RFID technologies in manufacturing facilities to
increase productivity has contributed to the region's economy. The growing use
of electronic identity cards and RFID tags built into smart cards is driving
the growth of the region's RFID industry.
Market Segmentation
The
worldwide RFID tags market has
been categorized into working type, frequency band, and application.
Based
on working type, the market is categorized into active RFID tags and passive
RFID tags. In 2021, passive tags had a larger market share and increased at a
faster CAGR of 10.9%. Since passive tags are less expensive than active tags,
they account for a significant portion of this market. During the projected
period, the active sub-segment is anticipated to develop at the fastest rate.
The battery-powered nature of active RFID technology and the ability of RFID
readers to read it at higher frequencies are expected to drive the sub-segment
market over the forecasted period.
Based
on frequency band, the market is categorized into low frequency, high frequency,
ultra high frequency, and microwave frequency. The worldwide RFID market's
ultra-high frequency sub-segment is anticipated to develop at the fastest rate
and hold the major market share in 2021. RAIN, another name for ultra-high-frequency
RFID technology, has a far higher scan range than both low-frequency and high-frequency
RFID. In 2021, the high-frequency band also showed significant growth. The
transfer rates and read distances for high-frequency (HF) band tags are quite
variable.
Based
on the application, the market is categorized into logistics
& transportation, retail & consumer goods, automotive, government, healthcare
& medical, agriculture, farming & livestock, aerospace & defense,
and others. The worldwide RFID market's retail segment is expected to have the
biggest market share in 2021. The retail industry's growing need for RFID
technology to track products is anticipated to drive the sub-segment market
throughout the projected period.
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