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Radiofrequency Identification (RFID) Tags Global Market Report 2022
Major players in the radiofrequency identification (RFID) tags market are Avery Dennison, Zebra Technologies, Honeywell, NXP Semiconductors, Impinj Inc. , Invengo Technology Pte. Ltd. , ams AG, Atmel Corp, Alien Technology, Smartrac N.
New York, March 22, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Radiofrequency Identification (RFID) Tags Global Market Report 2022" - https://www.reportlinker.com/p06246478/?utm_source=GNW
V., GAO RFID Inc., The Tag Factory and MOJIX.
The global radiofrequency identification (RFID) tags market is expected to grow from $9.43 billion in 2021 to $10.31 billion in 2022 at a compound annual growth rate (CAGR) of 9.4%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2021. The market is expected to reach $14.69 billion in 2026 at a CAGR of 9.3%.
The radio-frequency identification (RFID) tags market consists of sales of RFID tags by entities (organizations, sole traders, and partnerships) that use hardware and software technologies that allow users to receive, store, and transmit data through radio frequency waves.RFID tags are small devices with a chip and an antenna that may be used to wirelessly identify the objects they are attached to by using an RFID reader.
RFID tags transmit their identification, track, and communicate information to adjacent readers through radio waves, and can store a variety of data ranging from a single serial number to multiple pages of information.
The main types of radio-frequency identification (RFID) tags are active RFID and passive RFID.The active RFID tags are battery-powered sensor tags that connect to various access points throughout an area (such as a building) and transfer data to the cloud.
Active RFID is frequently used in real-time location tracking.The different materials include plastic, paper, glass, others and operate in various frequencies such as low frequency, high frequency, ultra-high frequency.
It is used in several applications including agriculture, retail and wholesale, healthcare, BFSI, transpiration and logistics, education, and others.
North America was the largest region in the radio-frequency identification (RFID) tags market in 2021. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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, according to the United Nations Conference on Trade and Development (UNCTAD) report, in 2019 worldwide e-commerce sales increased to $26.7 trillion. In the USA, online retail sales increased from 11% in 2019 to 14% in 2020. 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, according to Digiteum LLC, a Poland-based software development company report in 2019, the number of connected devices grew to 200 billion in 2020.
Many of these devices are RFID-enabled are be found in hospitals, emergency departments, nursing homes, and other healthcare facilities.
In December 2019, Avery Dennison, a US-based company involved in manufacturing and distribution of apparel branding labels and tags, RFID inlays acquired Smartrac’s RFID Transponder (RFID Inlay) business for €225 million ( $248 million).Avery Dennison intends to grow their Intelligent Labels platform across a range of end markets as a result of this purchase, which will assist Avery Dennison in continuing to drive innovation that benefits customers and the industry as a whole.
Smartrac N.V. is a Netherlands-based company that manufactures high-security RFID inlays.
The countries covered in the radiofrequency identification (RFID) tags market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Read the full report: https://www.reportlinker.com/p06246478/?utm_source=GNW
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