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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