Between 2022 and 2025, a Respectable 11% CAGR is Anticipated for the Market for RFID tags

RFID tags are being utilised more frequently in the industrial sector for quality control and asset management, which is predicted to drive the market ahead. The retail industry is also seeing the emergence of numerous RFID tag uses. In the retail industry, notably the fashion industry, RFID tags are being utilised to maximise inventory availability and enhance consumer experience.

The market for RFID tags is anticipated to grow significantly, reaching US$ 6.1 billion in 2022, with a CAGR of 11% from 2022 to 2025. In 2025, a market valuation of $8.35 billion is anticipated.

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RFID Tags Market Size (2022) US$ 6.1 Bn
Projected Market Value (2025) US$ 8.35 Bn
Global Market Growth Rate (2022-2025) 11% CAGR
Share in the RFID market 20%

The Asia Pacific is likely to be the fastest growing market.

The Asia Pacific region is likely to have a substantial share of the market and grow significantly during the forecast period. The rapidly growing installation of these RFID systems in manufacturing units to boost efficiency has considerably fuelled the market growth in the region.

The increasing acceptance of electronic identity cards and RFID tags embedded in smart cards are also propelling the region's RFID market forward. One of the important reasons contributing to the growth of the RFID market in this region has been the growing retail sector, as well as increased retailers' focus on integrating digital technologies to improve the customer's shopping experience and optimize the warehouse management process.

Furthermore, the public transportation sector is likely to be one of the areas where the market would grow throughout the forecast period in the Asia Pacific region. RFID technology use is likely to increase in countries such as India and China as businesses grow, and the COVID-19 pandemic is boosting the demand for contactless solutions.

Impact of Covid-19 on the RFID TAGS Market

Due to the COVID-19 outbreak, healthcare facilities all across the world were overloaded with patients, necessitating the development of comprehensive patient management and tracking systems. RFID technology played an important role in the global digitalization of healthcare facilities. RFID tags helped to limit the spread of the novel coronavirus by supporting healthcare staff and personnel with social distancing guidelines, tracking patient and staff location, and preventing non-patients from infecting hospital staff.

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The Asia Pacific is likely to be the fastest growing market.

The Asia Pacific region is likely to have a substantial share of the market and grow significantly during the forecast period. The rapidly growing installation of these RFID systems in manufacturing units to boost efficiency has considerably fuelled the market growth in the region.

The increasing acceptance of electronic identity cards and RFID tags embedded in smart cards are also propelling the region's RFID market forward. One of the important reasons contributing to the growth of the RFID market in this region has been the growing retail sector, as well as increased retailers' focus on integrating digital technologies to improve the customer's shopping experience and optimize the warehouse management process.

Furthermore, the public transportation sector is likely to be one of the areas where the market would grow throughout the forecast period in the Asia Pacific region. RFID technology use is likely to increase in countries such as India and China as businesses grow, and the COVID-19 pandemic is boosting the demand for contactless solutions.

Impact of Covid-19 on the RFID TAGS Market

Due to the COVID-19 outbreak, healthcare facilities all across the world were overloaded with patients, necessitating the development of comprehensive patient management and tracking systems. RFID technology played an important role in the global digitalization of healthcare facilities. RFID tags helped to limit the spread of the novel coronavirus by supporting healthcare staff and personnel with social distancing guidelines, tracking patient and staff location, and preventing non-patients from infecting hospital staff.

Company Profiles:

Zebra Technologies Corp.
Omni-Id, Inc.
GAO RFID Inc.
Impinj, inc.
Alien Technology
Confidex Ltd
Honeywell International
Invengo Information Technology Co. Ltd.
NXP Semiconductors
HID Global Corporation
SMARTRAC N.V.

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