According to Publisher, the Global RFID Tags market accounted for $4.91 billion in 2017 and is expected to reach $18.2 billion by 2026 growing at a CAGR of 15.7% during the forecast period.
Some of the key factors such as rising demand for RFID tags in the aerospace industry, and the increasing number of these tag applications within retail stores are driving the market growth. However, lack of a battery power as compared to others act as the restraining factor for the market growth.
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Some of the key players in this market include Honeywell International, NXP Semiconductors, Alien Technology, AMS AG, Atmel Corp, Confidex Ltd, GAO RFID Inc., HID Global Corporation, Impinj, inc., Invengo Information Technology Co. Ltd., Omni-Id, Inc., RF Code, SMARTRAC N.V. and Zebra Technologies Corp.
Radio-frequency identification (RFID) technology has completely across several sectors owing to the fact that they prevent theft of certain materials, track shipments in real time, and implement advanced technology at low cost. It is a type of wireless communication technology that uses radio waves to track and identify objects, with reduced costs, increased asset traceability and visibility, and improved reliability.
By Type, Passive Tags segment is likely to grow during the forecast period as they do not have an internal power source and rely on the power induced by the reader. Because of the lack of a battery, these tags are cost-effective, durable, and smaller and so are used to perform many activities such as access control, inventory management, supply chain management, and tool tracking due to which these tags are increasing among end-users.
By geography, Asia Pacific is estimated to have a lucrative growth mainly due to the rising demand for these tags in this region. They are installed by the organizations as a piece of their security so as to prevent the risk of danger and loss. Organizations are continuously adopting automated product identification systems for their supply chain management system in order to improve the efficiency of their inventory allocation.
Product Types Covered:
– Other Product Types
Frequency Bands Covered:
– Active Ultra-High
– Ultra High
Form Factors Covered:
– Paper Tickets
– Key Fob
– Other Form Factors
Wafer Sizes Covered:
– Other Wafer Sizes
– Other Materials
End Users Covered:
– Surveillance and Security
– Consumer Goods
– House ware
– Banking, Financial services, and Insurance (BFSI)
– Security & Access Control
– Logistic & Supply Chain
– Other End Users
– North America
o Rest of Europe
– Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
– South America
o Rest of South America
– Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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