June 22, 2022 06:42 ET | Source: Vantage Market Research Vantage Market Research
WASHINGTON, June 22, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global RFID Tags Market finds that the increasing demand from logistics is expediting the market growth. In addition, the RFID Tags Market is being driven by an increase in the adoption of RFID Tags Market tags due to their flexibility, low power requirements, location assistance, and widespread use in industries such as oil and gas, construction, e-commerce, retail, and sport management, among others.
The Global RFID Tags Market revenue is expected to reach a value USD 17.6 Million in the year 2028.
The Global Market revenue stood at a value USD 10.1 Million in the year 2021 and is expected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 9.7% during the forecast period; states Vantage Market Research, in a report, titled “RFID Tags Market Size, Share & Trends Analysis Report by Product Type (Tags, Readers, Software and Services), by Wafer Size (8 Inch, Others), by Tag Type (Active Tags, Passive Tags), by Frequency (Low Frequency, High Frequency, Ultra-High Frequency (UHF), by Application (Agriculture, Commercial, Transportation, Healthcare), by Form Factor (Card, Implant, Key Fob, Label), by Material (Plastic, Paper, Glass, Others), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Rising Demand from Logistics to Drive the Market Growth
Companies in the supply chain face significant challenges in ensuring that the appropriate product is delivered to the right location at the right time. RFID Tags Market are being placed on containers and freight systems by these companies in order to have real-time view of the cargo. Because of governments' engagement in the global supply chain, RFID Tags Market are now being used on freight to find and track it for safe transportation. The use of radio frequency identification (RFID) tags has grown across a variety of industries due to its benefits, which include theft prevention and real-time cargo tracking. The growing importance of a healthy supply chain is increasing the use of such tags in a variety of industries, including transportation and logistics. IoT and Big Data are two examples of advanced technologies that are helping to move the market forward. Due to benefits such as greater supply chain visibility, improved maintenance tracking, efficient logistics, robust asset management, and utilization, the use of these tags has expanded dramatically in the aerospace and health sectors. The RFID Tags Market for logistics and supply chain applications is predicted to increase as a result of these operations.
Increasing Demand from Healthcare Sector to Stimulate Market Growth
The global market for radio frequency identification (RFID) tags is being driven by strong demand in the healthcare industry. The global need for RFID Tags Market is being fuelled by an increasing emphasis on radio frequency identification technology for patient tracking, parking, surgery asset management, prescription authentication and control, and sorting medical instruments. Furthermore, the radio frequency identification (RFID) tags market in the healthcare industry is being driven by the growing demand to reduce operational costs in healthcare, an increase in concerns about medicine counterfeiting and safety, and an increase in the number of medical device theft cases. The technology has a lot of promise for enhancing supply chain efficiency and maintaining patient safety while also decreasing human errors in healthcare processes.
Key Insights & Findings from the Report:
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Segmentation of the Global RFID Tags Market:
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The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the IT semiconductors industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
The report on RFID Tags Market highlights:
North America Dominated the Global RFID Tags Market
North America dominated the Global RFID Tags Market in 2021 and is likely to continue the same trend during the forecast period. This is attributable to the increase in government initiatives for RFID Tags Market adoption in the region. Furthermore, the increasing retail and logistics industry is also likely to support the regional growth of the market. Additionally, the presence of leading players is also expected to fuel the growth of the market in the region.
Asia Pacific is expected to witness the highest Compound Annual Growth Rate (CAGR) during the forecast period due to the rising industrial expansion along with rapid urbanization. In addition, the growth in the population is also expected to fuel the regional growth of the market in the years to come.
Browse market data Tables and Figures spread through 145 Pages and in-depth TOC on "RFID Tags Market Size, Share & Trends Analysis Report by Product Type (Tags, Readers, Software and Services), by Wafer Size (8 Inch, Others), by Tag Type (Active Tags, Passive Tags), by Frequency (Low Frequency, High Frequency, Ultra-High Frequency (UHF), by Application (Agriculture, Commercial, Transportation, Healthcare), by Form Factor (Card, Implant, Key Fob, Label), by Material (Plastic, Paper, Glass, Others), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
List of Prominent Players in RFID Tags Market:
March 2022: Fedrigoni Group became the new majority shareholder of Tageos. Tageos has reportedly been growing rapidly, and Fedrigoni Group will be able to help Tageos expand its production capabilities.
August 2021: HID Global, a worldwide leader in trusted identity solutions acquired Omni-ID, a leading manufacturer of RFID Tags Market and industrial IoT hardware devices for passive and active tagging, tracking, monitoring and alerting applications. The acquisition extends HID’s market leadership in RFID technology and strengthens its presence in India and China.
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