Press release
Radiofrequency Identification (RFID) Tags Market Outlook, Critical Insights, Trends Analysis, Key Players And Forecast To 2033
Radiofrequency Identification (RFID) Tags Market
The radiofrequency identification (rfid) tags market size is expected to see strong growth in the next few years. It will grow to $16.09 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The growth in the forecast period can be attributed to rising adoption of internet of things (iot), rise in e-commerce industry, rise in healthcare expenditure, growth in industrial sector, increasing smart cities, and covid-19 pandemic has accelerated the adoption of rfid tags across different sectors. Major trends in the forecast period include 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, technological advancements and focus on new product launches.
Market Overview -
Radiofrequency Identification (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. It uses that use hardware and software technologies that allow users to receive, store, and transmit data through radio frequency waves.
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Rfid Tags Market Surges With The Soaring Growth Of Online Retail And Digital Sales
The rising e-commerce and online retail sales are expected to propel the growth of the RFID tags market in the forecast period. E-commerce (electronic commerce) is the buying and marketing of goods and services over a computer network, most often the internet, as well as the exchange of payments and information. RFID technology gives e-commerce organizations a better picture of the supply chain, allowing them to find what they need to fulfill a customer's request. For instance, in September 2022, according to the International Trade Administration, a US-based government agency, consumer eCommerce currently makes up 30% of the UK's overall retail industry, up from 20% in 2020, and generates over $120 billion in yearly sales. In 2021, 82% of people in the UK made at least one online purchase. Therefore, the rising e-commerce and online retail sales drive the growth of the RFID tags market.
Competitive Landscape -
Major companies operating in the radiofrequency identification (rfid) tags market report are Avery Dennison Corporation, Honeywell International Inc., NXP Semiconductors N.V., Identiv Inc., Zebra Technologies Corporation, HID Global, Invengo Information Technology Co Ltd, Nedap, Omni-ID, GAO RFID Inc., Essen RFID, Asset Online Pvt. Ltd, Raviraj Technologies, Greenfuturz, Chipsilicon, Copper Spiral RFID, CFI global, Zhejiang Laxcen Information Technology Co. Ltd, Shenzhen ZD Technology Co. Ltd, Chengdu Mind Golden Card System Co. Ltd, Guangzhou Qingsong Digital Technology Co. Ltd, Shenzhen Udohow Electronics Co. Ltd, Vantage Ear Tag RFID Technology Co. Ltd, SALTO Systems, Suprema, Alfi srl, Torchwood Technologies, Codegate Ltd, Pervasid, Alien Technology Corporation, AMS AG, Atmel Corp, CipherLab Co. Ltd., Confidex Ltd, Datalogic S.p.A., Impinj Inc., SMARTRAC N.V, Technology Solutions UK Ltd. (TSL), ThinkMagic (Trimble), Xerox Corporation, Texas instruments, Roper Technologies Inc., FleetCor Technologies Inc., Orbcomm Inc, Gaming Partners International Corporation, Abracon LLC, Marnlen, Bastian Solutions, SATO America, InLogic IT Solution, DominateRFID, Datametric Technologies LLC, Amricon, Acube Infotech LLC, ScreenCheck, OGTech, EAM RFID Solutions, Nofa-Med Solutions, Askaris, Absolute Integrated Electronic Solutions (AIES), Aitech Systems Ltd, Al Smari Trading, Attraf company, Markes International Ltd, BUCHI Labortechnik AG
RFID Companies Embrace IOT And Big Data To Revolutionize Tracking And Monitoring
RFID companies are increasingly implementing advanced technologies such as IoT and Big Data which is a growing trend in the 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, in February 2023, Omni-ID, a US-based company operating in passive industrial radio frequency identification (RFID) tags, introduced a new range of Bluetooth Low Energy (BLE) and Long Range (LoRa) enabled IoT devices that utilize a comprehensive set of sensors with the ability to transmit situational and status data using Radiofrequency Identification (RFID) tags to enhance asset Management & Logistics process in an organization.
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Key Segments -
The radiofrequency identification (rfid) tags market covered in this report is segmented -
1) By Tag Type: Active RFID, Passive RFID
2) By Material: Plastic, Paper, Glass, Metal, Other Materials
3) By Frequency: Low Frequency, High Frequency, Ultra High Frequency
4) By Application: AIndustrial, Retail And Wholesale, Healthcare, BFSI, Transpiration And Logistics, Government, Other Applications
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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