The RFID or radio frequency identification tags are basically an electronic tag that uses an electromagnetic field to find the tags, which is attached to the products. The RFID tags comprise the electronically-stored information that can be attached to various types of products, animals or even the human-beings.
According to the study, “Global RFID Tags Market 2020-2026 by Product Type, Frequency Band, Wafer Size, Material, Form Factor, Industry Vertical, and Region: Trend Forecast and Growth Opportunity” some of the leading companies that are currently operating in the global RFID tags market include CipherLab Co., Ltd., Honeywell International, Alien Technology Corporation, Confidex Ltd., AMS AG, Invengo Technology Pte. Ltd., Atmel Corp., GAO RFID, Inc., Datalogic S.p.A., Impinj, Inc., NXP Semiconductors, Invengo Technology Pte. Ltd., RF Code, Technology Solutions UK Ltd. (TSL), Xerox Corporation, ThinkMagic (Trimble), Zebra Technologies Corporation, Smartrac N.V. and among others. The leading players in the market are mainly focusing on the product offerings & after-sale services to remain the competitive in the market. Players are also focusing on the durable & functional product portfolios, value-added services and technological advancement.
By product type, RFID tags market is segmented as active RFID, passive RFID, and other RFID types. By wafer size, market is segmented as 200mm, 300mm, 400mm and others. By frequency band, market is segmented as high frequency, low frequency and ultra-high frequency. By material, market is segmented as paper, metal, and glass, plastic and other materials. By form factor, market is segmented as key fob, paper tickets, implants, label, button, card, wristband and other form factors. In addition, by industrial vertical, market is segmented as retail & ecommerce, financial services, logistics & transportation, healthcare & medical, financial services, consumer goods, agriculture farming & livestock and others.
The RFID tags market is driven by growth in adoption of radio frequency identification (RFID) tags due to their flexibility, followed by low power requirement & location assistance, rise in demand for IC-based and surface acoustic wave (SAW) RFID tags, increase in penetration of internet of things (IoT), growth of e-Commerce ecosystem, and high utilization in industrial sectors such as e-Commerce, construction, oil & gas, retail and port management among others. However, lack of awareness & scarcity of backend data support and high cost associated with installation of RFID system & device interoperability may impact the market. Moreover, increase in number of research & development activities to improve the accuracy and growth in the technological advancement like development of cutting-edge RFID tags with massive coverage & long-range capabilities are leading opportunities for market.
By regional analysis, the North-American region dominates the global RFID tags market owing to increase in government initiatives for the adoption of RFID tags coupled with high growth in the retail industry across the region. The Asian-pacific and European regions are likely to witness higher growth rate due to growth in the packaging sector along with increase in urbanize population over the forecast period. It is projected that future of the global RFID tags market will be optimistic on account of rise in industrial expansion during the forecast period.
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Ankur Gupta, Head Marketing & Communications