- Technological Advancement and Rising Deployment for IoT to dynamically shape RFID tags market in near future.
- Improving performance of passive RFID tags to result in rise in penetration across wide application base.
- Technological advancement in ultrahigh frequency RFID tags to fuel market expansion.
RFID Tag Market – Global Market Share, Trends, Analysis and Forecasts, 2020-2030 provides insights on key developments, sales network, business strategies, research & development activities, production and consumption, supply chain analysis, competitive landscape, and market composition analysis.
Technological Advancement and Rising Deployment for 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. Moreover, tag manufacturers and radio identification technology developers are continuously engaged in development of advanced RFID tags with improved connectivity and reduced power consumption.
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 tag developers are focusing on 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 is segmented 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 largest market share to the global RFID tags market in terms of volume and is anticipated to grow at a prominent rate during forecast period owing to demand from multiple applications. 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 for 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 they are most reliable and offer 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.
Major players operating in the global RFID tags market include Alien Technology, Inc., Confidex Ltd., HID Global Corp., Honeywell international Inc., Omni-ID Ltd., Impinj, Inc., and Invengo Information Technology Co. Ltd.