Advancements in RFID Technology to Aid Market Growth
Radiofrequency identification (RFID) tags have garnered immense popularity over the past few decades, owing to numerous factors, including flexibility, low power requirement, and location assistance. RFID tags are extensively used across a host of industrial sectors, such as oil & gas, construction, e-Commerce, retail, port management, etc. Advancements in technology have led to the development of cutting-edge RFID tags with wide coverage and long-range capabilities. In addition, numerous other innovations have directly influenced the demand for IC-based and surface acoustic wave (SAW) RFID tags in a positive way.
Moreover, technological advancements coupled with ongoing pursuit to improve the accuracy, functionality, and overall performance of RFID tags are projected to play an imperative role in boosting the adoption of RFID tags in several other industrial domains due to which, the RFID tags market is expected to witness consistent growth during the forecast period. Since the inception of RFID, which was primarily invented to identify aircraft during the World War 2, the technology has evolved at a rapid pace. While the technology continues to progress at a commendable rate, the implementation costs of RFID systems have decreased substantially. Hence, as RFID tags are cost-effective and offer numerous benefits to end users, the demand is projected to increase in the forthcoming decade.
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At the back of these factors, along with several other driving factors, including booming e-Commerce ecosystem, onset of novel technologies such as the Internet of Things (IoT), and considerable improvement in the RFID technology, the global RFID tags market is set to reach US$ 29.4 Bn mark by the end of 2030. In addition, government initiatives and growing emphasis on improving productivity management are also some of the underlying factors likely to propel the RFID tags market in the near future.
Focus on Improving Supply Chain Management to Propel Market
Supply chain management has gradually emerged as a primary area of concern for players involved in e-Commerce and logistics sectors. In addition, over the past few years, as the application area of RFID tags continue to widen, engineers and computer scientists around the world are increasingly working toward improving the overall capability of the RFID technology. In addition, improvements in microchip technology and antennas are also projected to play an essential role in the overall growth of the global RFID tags market. Retailers and e-Commerce companies are focusing on optimizing product availability and the replenishment process to streamline the supply chain.
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At present, as the implementation cost of the RFID technology continues to decrease, more retailers and manufacturers are making use of RFID tags to tag different types of products. While the RFID technology is increasingly being used across the commercial sector, due to the recent innovations in the RFID tags market, tracking items across the supply chain with a high accuracy level has gained considerable traction. Some of the most widely used RFID tags include passive tags, active tags, and semi-passive tags. Market players involved in the current RFID tags market are improving the accuracy of RFID tags to eliminate inventory and tracking errors due to which, a higher rate of adoption for RFID tags is expected in the upcoming years.
Demand for RFID Tags Likely to Grow amid COVID-19 Pandemic
The onset of the novel COVID-19 pandemic has put forward a range of challenges for the healthcare sector. As healthcare facilities around the world are increasingly burdened with a large influx of patients, the need for efficient patient management and tracking solutions continues to heighten. The RFID technology is expected to play an imperative role in digitalization of healthcare facilities around the world. RFID tags are anticipated to play a key role in curbing the transmission of the novel coronavirus by aiding the staff and personnel at healthcare facilities with social distancing guidelines, track patient, and staff location, and preventing the non-patient population from infecting staff. In addition, RFID tags are also expected to play a key role in addressing the problems across the healthcare supply chains. These factors are projected to propel the RFID tags market during the ongoing COVID-19 pandemic.
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RFID Tags Market: Overview
- The global RFID tags market is expected to register a CAGR of ~10% between 2020 and 2030
- Rising use of RFID in manufacturing units for productivity enhancement; growing government initiatives across the world, increasing usage of security & access control applications during the COVID- 19 outbreak, and high adoption of RFID technology in the retail industry are some of the factors expected to trigger the growth of the RFID tags market in the near future
- The global RFID tags market is projected to reach US$ 29.4 Bn by 2030 from US$ 11.5 Bn in 2020
- North America holds a major share of the RFID tags market in terms of revenue, and is anticipated to dominate the market during the forecast period, followed by Europe and Asia Pacific
- North America remains the leading region in the RFID tags market, with revenues in 2020 estimated at US$ 4.5 Bn
- The RFID tags market in Middle East & Africa and South America is anticipated to show moderate growth during the forecast period
- Asia Pacific is projected to account for a significant share of the global RFID tags market during the forecast period. This can be attributed to the growth of the market across Asia Pacific due to rise of retail and hospitality sectors, which has propelled the demand for RFID tags in the APAC region.
RFID Tags Market: Definition
- The market report provides analysis of the global RFID tags market for the period 2018 – 2030, wherein 2018 is the historical year, 2019 is the base year, and 2020 – 2030 is the forecast period
- The study would help clients understand the adoption analysis of RFID tags in different countries
- Radio-Frequency Identification (RFID) is a technology used for automated identification of people, objects, animals, and materials. RFID tags, also known as RFID transponders, are small radio frequency identification devices used for tracking and identification purposes. RFID tags are typically built of Integrated Circuit (IC), consisting of a thin film, an antenna, and a memory. The memory of RFID tags stores the product’s electronic product code (EPC), and other information that can be tracked and read by RFID readers.
- RFID tags are categorized on the basis of source of power: active RFID and passive RFID. Active RFID makes use of battery power to transmit signals to readers. Passive tags do not have an inbuilt power source and function on power from an RFID reader.
- Furthermore, RFIDs have the potential to save time and money for organizations by providing real-time traceability, identification, communication, temperature, and location data for people and resources
North America RFID Tags: Market Snapshot
- North America is a developed region and hence, innovation and new technologies are expected to be trends witnessed in the region over the next few years. North America held a prominent share of the global RFID tags market in 2019. For the same reason, North America is expected to witness highest opportunity addition in the market globally, with Europe and Asia Pacific being the next closest regions.
Key Growth Drivers of RFID Tags Market
- Growing Interest of the Retail Sector in RFID Technology
Increasing interest of the retail sector in the RFID technology is primarily due to enterprises’ desire to achieve greater visibility and speed in their supply chains, and want to increase both store effectiveness and operational efficiency. RFID in retail can be used to prevent theft and track items that are frequently moved and often misplaced. The RFID technology allows retailers to track their inventory throughout the retail supply chain, from warehouse shelves all the way to the sales floor. An effective supply chain operation ensures that goods are delivered on time and to the place where customers are able to buy them. Potential gains from the usage of RFID tags include reduced labor costs, increased sales, and lower inventory levels.
- Automated Toll Booth Payment Utilizing RFID
The economic condition of a country primarily depends on the efficiency of its transportation system. Efficient transport systems offer a wide range of social and economic benefits such as increasing employment, better accessibility to markets, and additional investments, thus making it important for the transportation industry to adapt rapidly to technological advancements. Automatic toll collection utilizing RFID is a technology that allows automated electronic collection of toll costs. This acts as a major driver for the RFID tags market.
RFID technology has increased the productivity of automated toll booth payment services. Commuters can now drive their vehicle straight through the toll booth without lining up for financial transactions and paying toll in booth manually. This is made possible by utilizing RFID tags that are located inside the vehicle, and receivers located in the toll booth. The toll is automatically deducted from the commuter’s account when the vehicle drives through. Thus, increasing usage of RFID tags in vehicles for automatic toll collection is anticipated to propel the expansion of the market in the near future.
RFID Tags Market – Company Profiles
- FUJITSU: Incorporated in 1935, Fujitsu is a leading global provider of IT products and services, offering hardware, software, networking, business solutions, etc. Fujitsu operates in more than 100 countries across the globe. The company provides servers and storage systems that form the backbone of information and communication technology (ICT) systems. It also provides network products, such as mobile phone base stations, optical transmission systems, and other communication infrastructure.
- Honeywell Corporation: Incorporated in 1906, Honeywell International Inc. invents, designs, and produces technologies to address some of the critical challenges such as productivity, energy, and safety and security, faced by organizations. Honeywell is a technology manufacturing company that provides wide-ranging automation control solutions and services across various industries, including pulp & paper, oil & gas, industrial power generation, biofuels, chemicals & petrochemicals, metals, life sciences, and mining and minerals industries. The company provides RFID printers, tags, and labels to print and encode.
- NXP Semiconductors N.V.: Incorporated in 1969, NXP Semiconductor holds a strong portfolio of intellectual property, deep application knowledge, process technology, and manufacturing expertise in the domains of cryptography-security, high-speed interface, radio frequency (RF), mixed-signal analog-digital (mixed A/D), power management, digital signal processing, and embedded system design.
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