RFID Tags Market Size, Key Findings, Future Insights, Market Revenue and Forecast 2020-2030

 


Market Highlights

The global RFID tags market size is expected to register a CAGR of 13.67% during the forecast period and is expected to hit USD 7,982.2 million by 2027.

RFID tags have become a standard in several applications across industries. Specific tags and labels are used, which help in saving time and workforce for stock management. The growth of the e-commerce industry and the need for improvement in inventory management are factors contributing to the growth of the global RFID tags market. The study also indicates that there would be a significant demand for RFID tags in the retail and healthcare industries due to the need for high accuracy and reduction of human errors. Furthermore, the increasing use of packaged goods and e-commerce are the driving factors for the RFID tags market.

The global RFID tags market is a highly competitive business, with a large number of players spread across the globe, mainly in North America and Asia-Pacific. The technological advancements and ongoing research have boosted significantly over the past decade, with new machinery and solutions being introduced to streamline the market and cater to a wide range of end user industries. The RFID tags market is projected to grow at a significant rate over the next decade due to the factors mentioned below.

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Key Players

MRFR recognizes the following companies as the key players in the global RFID tags market— NXP Semiconductors N.V., Invengo Information Technology Co., Ltd, Honeywell International Inc, HID Global Corporation, Applied Wireless, Inc, OMNI-ID, CORERFID LTD, GAO RFID Inc, Caen RFID S.R.L, Alien Technology, LLC, Impinj, Inc, Avery Dennison Corporation, Zebra Technologies Corp, Tageos, and Identiv, Inc. among others.

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Segment Analysis

The global RFID tags market is mainly segmented into frequency, standard, and application. On the basis of frequency, the market has been sub-segmented into low frequency, high frequency, and ultra-high frequency. On the basis of standard, the RFID tags market has been segmented into ISO 14443, ISO 18000-3, ISO 18000-6, ISO 15693 and others. On the basis of application, the market has been segmented into transportation, agriculture, logistics, healthcare, aerospace, retail and others.

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Regional Analysis

The global RFID tags market has been segmented on the basis of region into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. The North American market is further divided into the US, Canada, and Mexico. The European market has been segmented into Germany, France, the UK, Italy, Russia, and the rest of Europe. The RFID tags market in Asia-Pacific has been segmented into China, India, Japan, South Korea, and the rest of Asia-Pacific. The Middle East & Africa RFID tags market includes the UAE, Saudi Arabia, South Africa, and Rest of Middle East & Africa. The South America FRID tags market includes Brazil, Argentina, and Rest of South America.

North America accounted for the largest market share of 30.8% in 2020, with a market value of USD  1,134.1 million; the market is expected to register a CAGR of 13.3% during the forecast period. Increasing demand for RFID solutions in the healthcare and retail sector in North America is envisaged to fuel the regional market's growth over the forecast period. Additionally, the rising popularity of smart industries utilizing RFID solutions in managing supply chain processes in North America is expected to influence the RFID printer market's growth in the region.

Asia-Pacific held the second largest share of the RFID tags market due to the developing transportation infrastructure in countries such as India, China, and Japan and manufacturers' approach to track and manage assets and the presence of major manufacturers operating in above-developing economies. Additionally, increasingly adopting RFID printer technologies with the entry of major & established players such as Honeywell and others drive the growth of the regional market. Asia-Pacific is expected to grow at a rate of 13.94% over the forecast period, 2021–2027.

 

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