RFID Tags Market By Type (Active RFID and Passive RFID), By Frequency (High-Frequency RFID, Low-Frequency RFID and Ultra-High Frequency RFID), By End User (Healthcare, Retail, Electronics, Logistics and Supply Chain, Transportation and Other (Security and Surveillance, Defense, Agriculture, IT, etc.), Industry trends, Estimation & Forecast, 2016 – 2024
RFID Tags Market was valued at $4.66 billion in 2016 and is projected to reach $13.65 billion by 2024, growing at a CAGR of 14.5 % from 2017 to 2024.By type, Passive RFID, generated the highest revenue share of $3.25 billion in 2016, growing at a CAGR of 13.8% in the global RFID Market.
Radio Frequency Identification (RFID) tags or transponders are devices which are attached in particular items that is to be tracked or identified. The tags contain microchips in which the data is stored. The main components of RFID tags are Integrated Circuits (ICs) and Tag Antennas. ICs are small chips in which the data is stored and can be read multiple times by the reader. The chips are placed at the terminal of the antennas. On the other hand, tag antennas are small and low cost electronic components that detect signal from the reader’s antenna. The tag antenna works as per the range between the reader and RFID tag. RFID tags can be attached to currency notes, clothes and automobile which include information such batch no., ownership status, price, cost, size, purchase history, manufacturer name, and details.
An increase in demand for RFID tags has been noticed in the present market. It is highlighted because of certain factors such as an increase in a number of software solution vendors, adoption of latest medical equipment and electronic ticketing system. Increase in use of RFID products across the supply chain, logistics and healthcare market has driven the market growth to a mammoth height. RFID tags have also become popular in the retail market as it is being used in cosmetics and accessories, electronics, alcohol bottles, sports goods, jewelry, small appliances, leather and metal products. Numerous hospitals have adopted RFID tags in order to control threats to medical equipment, tracking patient’s location, doctors, and nurses in the hospital, monitoring unauthorized people, reviewing and updating patient’s information in the system. Complications in installing RFID systems, lack of standardization of networks and adding information in the existing RFID tag are few barriers, which are restraining the market growth. Cost of initial procurement and annual subscription is much lower, which is likely to bring growth opportunities in the near future.
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The global RFID Tags Market is segmented based on type, frequency, form factor, label type, chip type, end user, and geography. Based on the type the market can be bifurcated into active RFID and passive RFID. By frequency, it is divided into high-frequency RFID, low-frequency RFID, and ultra-high frequency RFID. As per end user, the market is segregated into healthcare, retail, electronics, logistics, and supply chain, transportation and other (Security and Surveillance, Defense, Agriculture, IT, etc.). Geographical segmentation includes North America, Europe, APAC and Rest of the World.
The key market players of the global RFID tag market are, Zebra Technologies Corp., Omni-Id, Inc.,Impinj, inc., Smartrac N.V, Alien Technology, LLC, Confidex-OY, Honeywell International, Invengo Information Technology Co. Ltd.,Wavetrent, Ltd. and NXP Semiconductors Netherlands B.V.