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Radiofrequency Identification (RFID) Tags Market Overview, Key Leading Players, Trends Analysis, Industry Share And Forecast To 2033
Radiofrequency Identification (RFID) Tags Market Overview
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According to The Business Research Company's, The radiofrequency identification (rfid) tags market size has grown strongly in recent years. It will grow from $10.79 billion in 2023 to $11.67 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to growth in industrial sector, rise in e-commerce industry, and rise in healthcare expenditure.
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.
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Market Drivers and Trends:
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.
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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Major Key Players of the Market:
Johnson Matthey Plc, BASF SE, Heraeus Holding, Evonik Industries AG, Umicore SA, Sino-Platinum Metals Co., Ltd, Kaili Catalyst & New Materials Co Ltd, Clariant International Ltd, Alfa Aesar, Shaanxi kai Da chemical co. LTD, Sud-Chemie India Pvt. Ltd., Indian Platinum Pvt. Ltd., Xi'an Catalyst Chemical Co., Ltd., Vineeth Precious Catalysts Pvt. Ltd., Zibo Jiulong Chemical Co., Ltd, Haldor Topsøe, Barron's, Thermo Fisher Scientific, SMS group, AlS Globsl, Stanford Advanced Material, Hindustan Platinum, Tanaka Kikinzoku International America Inc., Specialty Metals Smelters & Refiners, LLC, J & J Materials, Inc., Molecular Products, Inc., CDTi Advanced Materials Inc., Metal & Catalyst Resources, Fortuna Silver Mines Inc, Mottcorp, Dorf Ketal, Stonecore, AB Enterprises, Metalor, Petra Precious Metals Recycling, Nobilis PGM
Radiofrequency Identification (RFID) Tags Market 2024 Key Insights:
• 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%.
• Rfid Tags Market Surges With The Soaring Growth Of Online Retail And Digital Sales
• RFID Companies Embrace IOT And Big Data To Revolutionize Tracking And Monitoring
• North America was the largest region in the radio-frequency identification (RFID) tags market in 2023
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