The RFID tags market is increasing rapidly and is expected to continue growing at the same pace over the forecast period. The global RFID tags market is estimated to grow at a CAGR of 7.6% during the estimated period (2017-2023). Advancement plays the major role in the growth of the global RFID tags market. RFID (Radio-frequency identification) uses an electromagnetic field to find the tags attached to products. The tags contain electronically stored information. This tag can be attached to the products, animals or even human beings. Primarily RFID tags were invented to replace the barcodes in supply chains. RFID tags can be read wirelessly and without line of sight, more robust and are contain more info than barcodes.
On the basis of the regions, the global RFID tags market has been segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). North America dominates the global RFID tags market. Increasing government initiatives for the adoption of RFID tags is the major factor driving the growth of the market in the region. Additionally, high growth in the retail industry in North America region is also the factor driving the growth of the market. Furthermore, major RFID tags manufacturers such as Alien Technology and HID Global Corporation among others are present in the North America region. This also has a positive influence on the growth of the market. The U.S. accounted for the major market share of the North American region.
Asia Pacific region is anticipated to grow at the highest CAGR during the forecast period. The remarkable growth in the packaging sector in Asia Pacific region is the main factor pouring the growth of the market. Rising industrial expansion, as well as increasing, urbanize population in the developing countries provide the further boost the market. China, Indonesia, Japan, India, and Thailand are the key contributor to Asia Pacific market. China accounts for the largest share of the region mainly due to fast growth in the urbanization and industrial development.
The Middle East & Africa is another major market in terms of demand for RFID tags and is expected to contribute significantly to market growth during the forecast period.
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Global RFID tags market has been segmented based on types, application, and region. On the basis of the type, the market has been segmented into the passive, active and semi-passive. The passive tags accounted for the largest market share in 2016. Passive tags do not have an internal power source. Therefore they rely on the power induced by the reader. Because of the lack of a battery, these tags are cost-effective, durable, and smaller as compared to others. Passive tags are used to perform many activities such as access control, inventory management, supply chain management, and tool tracking. Hence the popularity of passive RFID tags is increasing among end-users. It is expected to show the fastest growth during the forecast period.
An active tag has an onboard battery and periodically transmits its ID signal. Batteries make the cost, size, and lifespan of active tags impractical for the retail trade. These tags are used for tracing containers and pallets as well as large military assets. These tags are also used in tracking ocean containers and land, vehicles, logistics and other high and large value assets. A semi-passive tag has a small battery on board and is activated when in the presence of an RFID reader.
On the basis of the end user, the market has been segmented into healthcare, retail, automotive, logistics and transportation, and others. Logistics and transportation sector dominates the end-user segment of the market. RFID-based technologies are widely applied to improve transportation security and safety.
The use of RFID tags in the healthcare sector is swelling rapidly. This technology helps in patient tracking, surgery asset management, parking, and medication authentication and control. Additionally, rising concern about drug counterfeit and safety, increasing need for reducing operational cost in healthcare and rise in the incidence of medical device theft cases are pouring the market for RFID tags in the healthcare sector.
The RFID tags market is extremely fragmented and characterized by the presence of numerous large and small vendors. The key players in the market are largely focusing on product offerings and after-sales services to remain competitive in the market. Vendors of the RFID tags market are also focusing on durable and functional product portfolios, technological advancement, and value-added services. Furthermore, the major players also focus on partnership & collaboration, and merger & acquisition, to expand their business. For instance, Invengo, the global RFID technology provider, has announced the acquisition of the textile services and legacy RFID Tag business from French company Tagsys RFID.
The Global RFID tags market is expected to grow at a CAGR of 7.6% during the forecast period.
The prominent players in the RFID tags market include Alien Technology (U.S.), Confidex Ltd (Finland), HID Global Corporation (U.S.), Honeywell international Inc. (U.S.), Omni-ID Ltd (U.S.), Impinj, Inc. (U.S.), Invengo Information Technology Co. Ltd (China), Smartrac N.V. (Netherlands), The Tag Factory (India), Atmel Corporation (U.S.), NXP Semiconductors N.V. (Netherlands) , RF Code Inc. (U.S.), GAO RFID Inc. (Canada), CoreRFID Ltd (U.K.) and Tageos (France)
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