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.
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.
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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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