Global
RFID
tag market is anticipated to grow at a substantial CAGR
of 22.1% in the coming years due to increasing need for effectual supply chain
management on the global scale. RFID (radio-frequency identification) tags are
used for storing information on the tag attached to any object and it builds up
a tracking system that use smart barcodes to recognize products. They are
basically used for merchandise purpose, but can also be effectively used for
transport and also patients suffering from Alzheimer’s disorder.
RFID
tag market is driven by factors like increasing need for prevention of theft,
growing need for tracking shipment in the real-time scenario. Moreover,
increase in demand for RFID tags from transport, logistic & aerospace
industry and integration of big data platforms and IoT with RFID tags in
various devices boosts the market growth. Conversely, device interoperability
and significant cost of installation of RFID systems are hampering the market
growth.
RFID
tags are compatible with the current infrastructure which help organizations to
save cost of installing newer systems. This condition helps manufacturers to
reduce the price of RFID tags, which is one of the prevailing trends in the
market. Moreover, potential demand from the healthcare industry is building
greater opportunities in RFID tag market.
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Market
is categorized on the basis of type, application and geography. On the basis of
type, market is divided into active, passive and semi-passive. Owing to
comparative small size, cost effectiveness and durability, passive tags segment
is expected to lead the market in the coming years. Moreover, passive tags are
used in numerous applications like inventory management, access control, tool
tracking and supply chain management.
Based
on application, market is bifurcated into retail, healthcare, logistics &
transportation, automotive. Logistics & transportation segment leads the
market owing to its increased use for improving logistics services and
transport safety & security.
Geographically,
market is divided into North America, Latin America, Asia Pacific and Middle
East & Africa. North America is expected to dominate the market due to the
growing need for well-organized supply chain management. Asia-Pacific region is
also expected to lead in future due to increase in demand from retail and
manufacturing industries.
The
prominent players in RFID tag market comprise Alien Technology, LLC, HID Global
Corporation, Thin Film Electronics ASA, GAO RFID Inc., Impinj, Inc., Xerox Corporation,
Omni-ID, Invengo Information Technology Co., Ltd., Molex LLC., Zebra
Technologies Corporation.
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