LONDON, Jan. 06, 2023 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the Radio-frequency Identification (RFID) tags market, the companies operating in the global RFID tags market are focusing on strategic acquisitions in order to expand into newer markets, to increase their market share, get access to newer technologies, and ultimately get the potential to increase their revenues. For instance, in November 2019, Avery Dennison, a US-based company involved in manufacturing and distribution of apparel-branding labels and tags using RFID inlays, acquired Smartrac’s RFID Transponder (RFID Inlay) business for a deal amount of €225 million ($254.67 million). Smartrac N.V. is a Netherlands-based company that manufactures high-security RFID inlays. Avery Dennison intends to grow its Intelligent Labels platform across a range of end markets as a result of this purchase.
The global radio-frequency identification tags market size is expected to grow from $10.53 billion in 2020 to $12.21 billion in 2023 at a compound annual growth rate (CAGR) of 16%. The change in growth trend in the RFID tags market is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The RFID tags market size is expected to reach $18.94 billion in 2025 at a CAGR of 11.6%.
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The radio-frequency identification (RFID) tags market is fragmented with a large number of players. The key players in the market are focusing on expanding their business and geographical presence in the market through strategic acquisition, new product launches and new manufacturing facility establishments. As per the RFID tags industry report, the top ten competitors in the market made up to 14.7% of the total market in 2020. Major players in the radiofrequency identification tags market are Avery Dennison, Zebra Technologies, Honeywell, NXP Semiconductors, Impinj Inc., Invengo Technology Pte. Ltd., ams AG, Atmel Corp, Alien Technology, Smartrac N.V., GAO RFID Inc., The Tag Factory, and MOJIX.
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The radio-frequency identification tags market is also segmented by tag type into active RFID and passive RFID; by material into plastic, paper, glass, metal and others; by frequency into low frequency, high frequency, ultra-high frequency; by application into agriculture, retail and wholesale, healthcare, BFSI, transportation and logistics, education and others.
Amongst key RFID tags market trends, technological advancements are an inevitable dimension driving improvement. For instance, in September 2020, Avery Dennison, a US-based producer and seller of RFID tags, launched its dual-technology AD-362r6-P inlay in a single die-cut label. The tag combines item-level tracking with the digital ID capabilities of a high-performance RAIN RFID (UHF) tag suitable for a wide range of retail apparel products and applications with the secondary loss prevention functionality of an Electronic Article Surveillance (EAS) tag.
North America was the largest region in the radio-frequency identification tags market, accounting for 34.6% of the total in 2020. It was followed by the Asia Pacific, Western Europe and then the other regions. Going forward, TBRC’s RFID tags market research states that the fastest-growing regions are Eastern Europe and Asia Pacific where growth will be at CAGRs of 10.4% and 9.7% respectively during 2020-2025. These will be followed by South America and Middle East.
Radio-frequency Identification (RFID) Tags Market Global Report 2022: Market Size, Trends, And Global Forecast 2023 – 2026 is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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