RFID Tags Market

Report Scope & Overview:

RFID Tags Market size was valued at USD 14.83 Bn in 2022 and is expected to reach USD 34.14 Bn by 2030, and grow at a CAGR of 10.98% over the forecast period 2023-2030.

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.

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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.

MARKET DYNAMICS:

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.

• Inventory management is becoming increasingly important.

• Increasing government safety and security measures and legislation.

RESTRAINTS:

• RFID system installation comes at a high initial cost.

• Concerns about the security and privacy of data.

OPPORTUNITY:

• 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.

CHALLENGES:

• 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.

MARKET ESTIMATION:

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

• RFID Tags

• RFID Readers

• Middleware

On The Basis of Frequency

• Low Frequency

• High Frequency

• Ultra-high frequency

On The Basis of Application

• Retail

• Financial Services

• Healthcare

• Industrial

• Government

• Transport & Logistics

• Others

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REGIONAL ANALYSIS:

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.

REGIONAL COVERAGE:

• North America

  • USA

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • The 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

KEY PLAYERS:

The major key players are Avery Dennison, Data Logic, GEO RFID, HID Global, Honeywell, Identiv, Invengo, Impinj, NXP Semiconductor, Zebra Technologies & Other Players