LONDON, Sept. 30, 2023 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the RFID tags market, RFID companies are increasingly implementing advanced technologies such as IoT and Big Data, which is a growing trend in the radio-frequency identification market. With the help of IoT, RFID tags can connect objects into a network and make them create and send data. It assists in the real-time monitoring of tagged objects and the creation of a system of connected devices that broadcast information about their position, conditions, and quantities in real-time. For instance, according to Digiteum LLC, a Poland-based software development company report in 2019, the number of connected devices was expected to grow to 200 billion by 2020. Many of these devices will be RFID-enabled and will be found in hospitals, emergency departments, nursing homes, and other healthcare facilities.
The radio-frequency identification (RFID) tags market consists of sales of RFID tags by entities (organizations, sole traders, and partnerships) that use hardware and software technologies that allow users to receive, store, and transmit data through radio frequency waves. RFID tags are small devices with a chip and an antenna that may be used to wirelessly identify the objects they are attached to by using an RFID reader. RFID tags transmit their identification, track, and communicate information to adjacent readers through radio waves, and can store a variety of data ranging from a single serial number to multiple pages of information.
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The global radio-frequency identification (RFID) tags market 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 is expected to reach $18.94 billion in 2025 at a CAGR of 11.6%.
North America was the largest region in the radio-frequency identification (RFID) tags market in 2020. The regions covered in the RFID tags market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The Business Research Company’s report titled Radiofrequency Identification (RFID) Tags Global Market Report 2023 – By Tag Type (Active RFID, Passive RFID), By Material (Plastic, Paper, Glass), By Frequency (Low Frequency, High Frequency, Ultra High Frequency), By Application (Agriculture, Retail And Wholesale, Healthcare, BFSI, Transpiration And Logistics, Education), COVID-19 Implications And Growth covers major RFID tags companies, RFID tags market share by company, RFID tags manufacturers, RFID tags market size, and RFID tags market forecasts. The report also covers the global RFID tags market and its segments.
The main types of radio-frequency identification tags are active RFID and passive RFID. The active RFID tags are battery-powered sensor tags that connect to various access points throughout an area (such as a building) and transfer data to the cloud. Active RFID is frequently used in real-time location tracking. The different materials include plastic, paper, glass, others and operate in various frequencies such as low frequency, high frequency, ultra-high frequency. These are used in several applications including agriculture, retail and wholesale, healthcare, BFSI, transpiration and logistics, education, and others.
In December 2019, Avery Dennison, a US-based company involved in manufacturing and distribution of apparel branding labels and tags, RFID inlays, acquired Smartrac’s RFID Transponder (RFID Inlay) business for €225 million (~ $248 million). Avery Dennison intends to grow their Intelligent Labels platform across a range of end markets as a result of this purchase, which will assist Avery Dennison in continuing to drive innovation that benefits customers and the industry as a whole. Smartrac N.V. is a Netherlands-based company that manufactures high-security RFID inlays.
Major players in the radiofrequency identification tags industry 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.
Radiofrequency Identification (RFID) Tags Global Market Report 2023 – COVID-19 Implications And Growth 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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