Report Id: SNS/SEMI/2279 | July 2022 | Region: Global | 130 Pages
Report Scope & Overview:
RFID Tags Market size was valued at USD13.37Bn in 2021 and is expected to reach USD27.72 Bn by 2028, and grow at a CAGR of 10.98% over the forecast period 2022-2028.
RFID, or Radio Frequency Identification, is a technology that reads and gathers information contained on a tag affixed to an object, animal, or person. It's comparable to bar codes, but it doesn't have to be within range of an RFID reader. RFID is employed in a variety of industries, including construction, engineering, chemical industries, manufacturing, retail, logistics, and the public sector. RFID has several benefits, including increased productivity, enhanced data collection quality, greater regulatory compliance, improved security, and accurate and relevant management information.
RFID technology has been in use for some years; however, the recent increase in its uses across a wide range of industries, including retail, transportation, medical, and defense, has accelerated its acceptance. The retail business is at the forefront of technological advancement, as seen by the adoption of RFID tags. An intriguing element about the retail industry is how it has effectively passed on the benefits of technology to other businesses in the supply chain through mandates.
The recent statement by Walmart that it will increase its use of RFID is only one indication that RFID is becoming increasingly common. All of these steps position the acquiring business to expand its regional reach and enter new markets. It also suggests that the RFID industry is consolidating.
RFID technology are becoming increasingly important in industrial units to improve productivity.
The availability of low-cost RFID systems with excellent returns on investment.
Inventory management is becoming increasingly important.
Increasing government safety and security measures and legislation.
RFID system installation comes at a high initial cost.
Concerns about the security and privacy of data.
Demand for hybrid RFID systems is increasing.
RFID tag use is increasing for IoT and smart manufacturing.
RFID market possibilities are being created in developing areas.
Inadequate backup for big amounts of data.
Disruptions in the supply chain.
IMPACT OF COVID-19:
The COVID-19 epidemic has had a massive influence on people's lives all around the world. Every firm must fight on two fronts—health and economic—and must weather this period of forced recession. With the global economic crisis costing trillions of dollars, there is widespread concern that the recovery phase may last far into early next year. The introduction of COVID-19 has had a significant impact on the RFID market's growth rate in 2020. However, due to a spike in demand for real-time asset monitoring systems internationally, this industry has seen very rapid expansion. In contrast, the market was largely impacted by many barriers generated in the retail, manufacturing, and logistics industries as a result of the COVID-19 epidemic, such as the availability of competent experts to install RFID technology. As a result, there was less demand for the market.
While tags have the biggest market share, the middleware category is expected to earn a substantial share in the next years due to the desire for actionable intelligence in numerous application industries. The middleware market is also predicted to profit from the rise of real-time and on-device computing, serving as a link between the technology's current and future uses. In terms of overall revenue share, the tags category was the most dominating in 2021. Because of lower manufacturing costs across the value chains, tag and reader providers will profit from a higher cost-to-volume ratio over the projected period. The development of the reader segment is expected to be proportional to the growth of the tag segment, with portable readers dominating.
RF technology operates at the lower end of the electromagnetic spectrum, typically between 10 kHz and 100 MHz. The operational frequencies of RFID tags and interrogators are classified as low frequency (125-134 kHz), high frequency (13.5 MHz), and ultra-high frequency (433, 860-960 MHz). While high-frequency tags account for the majority of revenue, ultra-high frequency tags are predicted to achieve rapid market acceptance in the next years due to increased demand in inventory management, medicinal applications, and wireless device settings. In terms of volume, ultra-high frequency Devices have surpassed high-frequency tags; but, due to the high cost of high-frequency tags, they continue to produce significant income for manufacturers.
Many industries employ radio frequency identification technology for a variety of purposes, including inventory monitoring and control, retail item tagging, supply chain, animal tracking, and access control, to mention a few. The retail industry is the most likely to use RFID tags, followed by the industrial sector. In the following years, the retail industry in North America is expected to increase at an increasing CAGR. While the government sector is likely to develop significantly in the future years, the healthcare industry is also predicted to see widespread use of the technology. As RF-identification technology spreads, several difficulties such as interference, privacy and security concerns, and accuracy may pose hurdles to its expansion, and the industry is doing substantial research and development.
KEY MARKET SEGMENTS:
On The Basis of Product
On The Basis of Frequency
On The Basis of Application
Transport & Logistics
During the projection period, North America dominates the radio-frequency identification tags market in terms of revenue and market share. This is owing to the region's increasing need for radio-frequency identification tags. Because of the expansion of the retail business and expanding government initiatives for the deployment of RFID tags in this area, North America leads the market for radio-frequency identification tags. Because of increasing urbanization, population growth, and expanding industrial expansion in this area, Asia-Pacific is expected to be the fastest developing region throughout the projected period.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
The major key players are Avery Dennison, Data Logic, GEO RFID, HID Global, Honeywell, Identiv, Invengo, Impinj, NXP Semiconductor, Zebra Technologies
|Market Size in 2021||US$ 13.37 Billion|
|Market Size by 2028||US$ 27.72 Billion|
|CAGR||CAGR of 10.98% From 2022 to 2028|
|Report Scope & Coverage||Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook|
|Key Segments||• by Product (RFID Tags, RFID Readers, Middleware)
• by Frequency (Low Frequency, High Frequency, and Ultra-high frequency)
• by Application (Retail, Financial Services, Healthcare, Industrial, Government, Transport & Logistics, Others)
|Regional Analysis/Coverage||North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
|Company Profiles||Avery Dennison, Data Logic, GEO RFID, HID Global, Honeywell, Identiv, Invengo, Impinj, NXP Semiconductor, Zebra Technologies|
|Key Drivers||• RFID technology are becoming increasingly important in industrial units to improve productivity.
• The availability of low-cost RFID systems with excellent returns on investment.
|Restraints||• RFID system installation comes at a high initial cost.
• Concerns about the security and privacy of data.
Frequently Asked Questions (FAQ) :
Ans: - The estimated market size for the RFID Tags market for the year 2028 is USD 27.72 Bn.
Ans: - RFID technology is becoming increasingly important in industrial units to improve productivity and the availability of low-cost RFID systems with excellent returns on investment.
Ans: -The segments covered in the RFID Tags Market report for study are On the Basis of Product, Frequency, and Application.
Ans: - During the projection period, North America dominates the radio-frequency identification tags market in terms of revenue and market share.
Ans: - The major key players are Avery Dennison, Data Logic, GEO RFID, HID Global, Honeywell, Identiv, Invengo, Impinj, NXP Semiconductor, Zebra Technologies.
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID 19 Impact Analysis
4.2 Impact of the Ukraine- Russia war
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. RFID Tags Market Segmentation, by Product
8.1 RFID Tags
8.2 RFID Readers
9. RFID Tags Market Segmentation, by Frequency
9.1 Low Frequency
9.2 High Frequency
9.3 Ultra-high frequency
10. RFID Tags Market Segmentation, by Application
10.2 Financial Services
10.6 Transport & Logistics
11. Regional Analysis
11.2 North America
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4.2 South Korea
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.3 South Africa
11.6 Latin America
11.6.3 Rest of Latin America
12. Company Profiles
12.1 Avery Dennison
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 Data Logic
12.3 GEO RFID
12.4 HID Global
12.9 NXP Semiconductor
12.10 Zebra Technologies
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share analysis
13.3 Recent Developments
An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.
Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.
The 5 steps process:
Step 1: Secondary Research:
Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.
Step 2: Primary Research
When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data. This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.
We at SNS Insider have divided Primary Research into 2 parts.
Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.
This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.
Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.
Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.
Step 3: Data Bank Validation
Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.
Step 4: QA/QC Process
After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.
Step 5: Final QC/QA Process:
This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.