Wilmington, Delaware , Jan. 08, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “RFID Tags Market by Type (Active Tags and Passive Tags), Frequency (Low Frequency, High Frequency, and Ultra High Frequency), and Application (Agriculture, Animal Tracking, Commercial, Healthcare, Logistic and Supply Chain, Retail, Security and Control, Transportation, and Others): Global Opportunity Analysis and Industry Forecast, 2023–2032”. According to the report, the global RFID tags industry generated $5.89 billion in 2022, and is projected to reach $15.00 billion by 2032, registering a CAGR of 9.94% from 2023 to 2032.
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- 366– Pages
- 128 – Tables
- 80 – Charts
Prime determinants of growth
The RFID tags market is expected to witness notable growth owing to growing demand for inventory management and visibility, integration with IoT and big data analytics, and increase in adoption in retail. Moreover, personalization and customization of RFID tags is expected to provide lucrative opportunity for the growth of the market during the forecast period. On the contrary, high initial investment costs limit the growth of the RFID tags market.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $5.89 billion |
| Market Size in 2032 | $15.00 billion |
| CAGR | 9.94% |
| No. of Pages in Report | 366 |
| Segments covered | Type, Frequency, Application, and Region. |
| Drivers | Growing demand for inventory management and visibility Integration with IoT and big data analytics Increase in adoption in retail |
| Opportunities | Personalization and customization of RFID tags |
| Restraints | High initial investment costs |
The passive tags segment is anticipated to dominate in terms of revenue during the forecast period
Based on type, the passive tags segment accounted for more than three-fifths of the total revenue in the global RFID tags market in 2022, and it is expected to continue its dominant position throughout the forecast period due to its cost-effectiveness, versatility, and suitability for a wide range of applications. Passive RFID tags are more affordable to deploy in large quantities, making them a preferred choice for businesses looking to streamline operations without significant financial investment. However, the active tags segment is expected to experience the fastest CAGR of 12.77% from 2023 to 2032. The segment's remarkable growth is primarily attributed to its extended read range and real-time tracking capabilities, which are crucial for optimizing large-scale operations and enhancing supply chain efficiency in various industries.
The ultra-high frequency segment to rule the roost
By frequency, the ultra-high frequency segment held the major share in 2022, generating nearly half of the RFID tags market revenue share. Simultaneously, the same segment is projected to witness the fastest CAGR of 10.24% from 2023 to 2032. This dominance is due to its rapid data transmission capabilities and versatility, making it ideal for applications such as supply chain management, inventory control, and asset tracking, driving its widespread adoption across industries.
The security and access control segment is projected to retain the lion’s share by 2032
Based on application, the security and access control segment emerged as the market leader in the global RFID tags market in 2022, holding more than one-fifth of the market share due to its crucial role in enhancing security measures, access control, and inventory management across various industries, driven by the increasing demand for advanced RFID solutions and heightened concerns about data security. However, the logistics and supply chain segment is projected to witness the fastest CAGR of 14.07% from 2023 to 2032. This dominance can be attributed to the increasing adoption of RFID technology for enhancing efficiency, reducing errors, and enabling real-time data transmission in logistics and supply chain management, addressing the evolving demands of these industries.
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North America garnered the major share in 2022
Based on region, North America dominated the RFID tags industry revenue in 2022, representing over one-third of the global market share. This can be attributed to its robust infrastructure, early adoption and development of RFID technology, and increased demand for RFID-based tracking solutions across sectors like retail, healthcare, residential, and logistics, supported by the presence of key vendors such as Texas Instruments and Impinj, Inc. However, the Asia-Pacific region is projected to experience the fastest CAGR of 12.07% from 2023 to 2032, due to increasing awareness and adoption of Internet of Things technology, government and private investments, and the development of RFID technology in sectors like logistics and manufacturing, driving the growth of the RFID tags market in the region.
Leading Market Players: -
- Alien Technology Corporation
- Avery Dennison Corporation
- GAO RFID Incorporated
- HID Global Corporation (Assa Abloy)
- Honeywell International Inc.
- Identiv, Inc.
- Impinj, Inc.
- Invengo Information Technology Co. Ltd.
- NXP Semiconductors N.V.
- Zebra Technologies Corp.
The report provides a detailed analysis of these key players in the global RFID tags market. These players have adopted various strategies, such as product launches, acquisitions, partnerships, investments, geographical expansion, and product upgrade/development to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
Key Industry Developments: -
September 2023 - Avery Dennison introduced the AD Pure™ range, featuring completely PET plastic-free RFID inlays and tags, starting with AD Belt U9 Pure™ for various industries. This innovation significantly lowers carbon footprint and enhances recyclability. Additionally, the company launches the AD Pure 95™ line, which is 95% PET plastic-free, catering to environmentally conscious businesses across multiple sectors.
March 2023 - NXP Semiconductors has released the PN7642, a new single-chip solution combining a customizable microcontroller unit (MCU), NFC reader, and SESIP-Level 2 security. This innovation aims to enhance NFC transactions, making them faster and more secure, and is suitable for various applications including physical access, consumables authentication, and secure identity verification.
Report Review:
RFID tags, also referred to as Radio-Frequency Identification tags, are compact electronic devices containing a distinctive identifier. They employ radio waves to communicate information to an RFID reader or scanner, and their widespread applications involve tracking, as well as the identification of objects, animals, or individuals. These tags exist in different configurations, encompassing both passive and active types.
Technological advancements and the establishment of standardized practices are key drivers in the RFID tags market. Ongoing enhancements in RFID technology are leading to the creation of smaller, more efficient, and longer-range tags. These improvements broaden the potential applications for RFID tags, making them suitable for an extensive range of industries and use cases, from complex retail settings to extensive supply chain management. Simultaneously, efforts in standardization are of utmost importance. Standardizing RFID technologies ensures consistency and compatibility across diverse systems and geographic regions. This standardization simplifies implementation, augments the reliability, and scales up the applicability of RFID solutions. The combined impact of technological innovation and standardization significantly contributes to the increasing adoption and expansion of the RFID tags market.
However, the need for a highly skilled workforce is a constraint in the linear actuator market due to the demand for expertise in implementing and managing RFID systems. RFID technology is complex, involving intricate components and software. To ensure these systems function effectively and integrate seamlessly, companies require professionals with in-depth knowledge of this technology. As RFID adoption grows across industries, the challenge of finding and retaining skilled personnel can slow down the implementation and optimization of RFID solutions, thereby impacting market growth.
The creation of customized RFID tags designed for specific purposes, like high-temperature tags engineered for industrial settings, presents a noteworthy opportunity within the linear actuator market. These specialized tags facilitate improved tracking and monitoring under difficult conditions, creating fresh prospects for linear actuator applications. For instance, within a steel manufacturing plant, the implementation of high-temperature RFID tags enables real-time tracking of essential assets exposed to extreme heat, leading to enhanced operational efficiency and maintenance procedures, ultimately contributing to the advancement of the linear actuator market.
The RFID tags market is segmented on the basis of type, frequency, application, and region. By type, the market is bifurcated into active tags and passive tags. As per frequency, the market is divided into low frequency, high frequency, and ultra-high frequency. Depending on application, the RFID tags industry is fragmented into agriculture, animal tracking, commercial, healthcare, logistic and supply chain, retail, security and control, transportation, and others. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific) and LAMEA (Latin America, Middle East, and Africa).
Competitive analysis and profiles of the RFID tags market players that have been provided in the report include Alien Technology Corporation, Avery Dennison Corporation, GAO RFID Incorporated, HID Global Corporation (Assa Abloy), Honeywell International Inc., Identiv, Inc., Impinj, Inc., Invengo Information Technology Co. Ltd., NXP Semiconductors N.V., and Zebra Technologies Corp. The market players have adopted product launches, acquisitions, partnerships, investments, geographical expansion, and product upgrade/development strategies to expand their foothold in the RFID tags market.
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the small cell antenna market analysis from 2022 to 2032 to identify the prevailing small cell antenna market opportunity
- Market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the small cell antenna market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global small cell antenna market trends, key players, market segments, application areas, and market growth strategies.
RFID Tags Market Key Segments:
By Applications
- Security and Access Control
- Transportation
- Others
- Healthcare
- Logistics and Supply Chain
- Retail
- Agriculture
- Animal Tracking
- Commercial
By Type
- Active Tags
- Passive Tags
By Frequency
- Low Frequency
- High Frequency
- Ultra High Frequency
By Region
- North America (U.S., Canada, Mexico)
- Europe (Germany, UK, France, Spain, Italy, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
- LAMEA (Brazil, Saudi Arabia, UAE, South Africa, Rest of LAMEA)
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