Global RFID Tags Market is projected to reach USD 9.5 billion by 2030, at a CAGR of 13.6% during the forecast period 2023-2030.
Sep 18, 2023
The global RFID tags market is likely to witness significant revenue growth. The increasing applications and demand from burgeoning pharmaceutical & healthcare industries worldwide would drive the market growth. Market Research Future (MRFR) states that the RFID tags market value is poised to escalate from USD 3.9 BN in 2022 to USD 9.5 BN by 2030, growing at a 13.6% CAGR throughout the assessment period (2023-2030).
Moreover, transportation, logistics, and retail sectors worldwide create vast market demand. Advances in RFID and related printing technologies, alongside the integration leading to digital transformation in industrial set-ups, substantiate the RFID tags market revenues. With rapid industrialization and business growth, tracking various assets across the supply chain has become more important than ever.
Fortunately, there are various tools available that aid in inventory management. Radiofrequency identification or RFID tags are small in size and are often used to track and identify objects. Each tag has a unique identification number, allowing information retrieval on a scanning device. Furthermore, rapid growth in consumer goods and packaging industries provides a considerable impetus to the RFID tags market revenues.
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Global RFID Tags Market – Segments
The market forecast is segmented into frequencies, standards, applications, and regions. The frequency segment is sub-segmented into low, high, and ultra-high frequencies. The standard segment is sub-segmented into ISO 14443, ISO 18000-3, ISO 18000-6, ISO 15693, and others. The application segment is sub-segmented into transportation, logistics, healthcare, aerospace, retail, and agriculture. By region, the RFID tags market is segmented into Europe, North America, Asia-Pacific, and the rest of the world.
RFID Tags Market – Regional Analysis
North America holds the largest RFID tag market share globally with its huge distribution and logistics markets. Besides, the rise in retail manufacturing, transportation, logistics, and healthcare substantiates the RFID tags market size. The increasing use of RFID tags in supply chain monitoring for real-time asset tracking boosts the region’s market shares. The increasing need to improve inventory management drives market growth.
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RFID Tags Market – Competitive Analysis
This market appears competitive and fragmented, with numerous large and small-scale players. Key strategic initiatives traced from the recent market developments include agreement & partnership, product launch, acquisition, and expansion. Companies invest substantially in innovations, new product development, and expanding their global footprints.
Leading RFID tags market players are Invengo Information Technology Co., Ltd., NXP Semiconductors N.V., Honeywell International Inc., Applied Wireless, Inc., HID Global Corporation, OMNI-ID, CORERFID LTD, Caen RFID SRL, GAO RFID Inc., Alien Technology, LLC, Avery Dennison Corporation, Impinj, Inc., Zebra Technologies Corp, Identiv, Inc., and Tageos, among others.
Industry/ Innovation/ Related News:
Sep. 05, 2023 — Ada Intelligent Equipment Company (China), a leading RFID technology provider, announced that it is marketing a flexible converter that simultaneously supports multiple types of label production. Ada offers RFID-related equipment used to incorporate RFID inlays into printed labels.
The company’s products are designed to deliver flexibility to label printers for companies looking to incorporate RFID functionality into their products for various customers and applications. The Chinese UHF RFID label-converting equipment provider is also opening an office in Texas to serve the North American market. As RFID tags are increasingly used in inventory and logistics management in North America, Ada expects significant support from the region.
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