RFID Tags Market Covers Updated Data Considering Impact of Covid-19 on Share, Size, Growth and Future Demand Forecast through 2020-2030

Technological Advancement and Rising Deployment in IoT to dynamically shape RFID tags market in near future

Advancement in connectivity technology has contributed in deployment of RFID tags across wide applications ranging from livestock tracking to Internet-of-Things. The Global RFID Tags Market size was over US$ 2 billion in 2019 and is expected to grow with a double digit rate for the next 5 years. Moreover, tags manufacturers and radio identification technology developers are continuously engaged in development of advanced RFID tags with improved connectivity and reduced power consumption.

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Passive Ultrahigh frequency RFID tag has been the prime area for research and development over last few years and has accounted deployment of 13 billion tags in 2017. Moreover, rising focus towards development of durable and functional product portfolios, with some of the exclusive features is expected to drive industry growth over the coming years. Moreover, with rising awareness about Internet-of-Things across the globe, the RFID tags developers are focusing developing low cost, high reliability products to cater the burgeoning demand across the globe.

Improving performance of passive RFID tags to result in rise in penetration across wide application base

The RFID tags market study is segmentation based on product type, frequency, application, end use industry, and geography. Based on product type, the market is segmented into active, passive and semi-passive. Passive RFID tags contributed a largest market share to the global RFID tags market in terms of volume and is anticipated to grow at a prominent growth rate during forecast period owing to demand from multiple applications. Moreover, active RFID tags dominated the market in terms of revenue owing to wide scale deployment in critical applications such as vehicle identification, toll collection or vehicle telematics. Active RFID tags are anticipated to witness steady growth during forecast period.

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Technological advancement in ultrahigh frequency RFID tags to fuel market expansion
Based on frequency, the RFID tag market is segmented into low frequency, high frequency and ultrahigh frequency. Low frequency tags are used for short range applications such as animal identification, employee identification, access control and other similar applications and are anticipated to account of a prominent share to the global RFID tag market. However, ultrahigh frequency RDIF tags are anticipated to be the fastest growing tags during forecast period. Ultrahigh frequency RFID tags are being rapidly deployed for asset tracking, vehicle identification, and Internet-of-Things (IoT) applications across the globe, as are most reliable and offers long range of operation.

Based on geography, the market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America accounted for major share to the market owing to high penetration across wide applications. Retail, automotive, and IoT are analyzed to be the prime applications driving RFID tags market in this geography. Moreover, Asia Pacific is estimated to expand at a prominent growth rate during forecast period. The growth is anticipated to be attributed to rising adoption in IoT, asset monitoring, and retail across the prime economies such as China, India, Indonesia, and Australia over coming years.

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This release was published on openPR.