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RFID tags are a modernized version of the barcode and can be attached to any object for the purpose of identification and/or tracking. The added functionality of RFID tags over barcodes has made them popular in a number of end-use industries, as barcodes do not provide tracking and location reporting services.
The global RFID Tag Market Share is set to experience a strong 7.6% CAGR over the forecast period from 2017 to 2023, according to the latest research report from Market Research Future (MRFR). The global RFID Tag Market Share is mainly driven by the growing demand for accurate location reporting in a number of end use industries, including logistics and transportation, retail, and healthcare.
Competitive Analysis
Leading players in the global RFID Tag Market Share include Tageos, CoreRFID Ltd., GAO RFID Inc., RF Code Inc., NXP Semiconductors N.V., Atmel Corporation, The Tag Factory, Smartrac N.V., Invengo Information Technology Co. Ltd., Impinj Inc., Omni-ID Ltd., Honeywell International Inc., HID Global Corporation, Confidex Ltd., and Alien Technology.
Segmentation
The global COVID-19 Analysis is segmented on the basis of type, application, and region.
By type, the global RFID Tag Market Share is segmented into passive, active, and semi-passive RFID tags. Passive tags accounted for the largest share in the global RFID Tag Market Share in 2016 and are likely to remain a leading market segment due to their low cost and uncomplicated operating mechanism. Passive RFID tags lack a power source of their own, leading to significantly lower costs than active RFID tags.
By application, the global RFID Tag Market Share is segmented into healthcare, retail, automotive, logistics and transportation, and others. The logistics and transportation segment is expected to be the leading revenue generator over the forecast period due to the growing demand for security in the transportation sector. The healthcare sector is also likely to emerge as a key consumer of RFID tags due to the growing use of RFID tags in patient identification and other healthcare processes.
Regional Analysis
North America is likely to remain the dominant regional market for RFID tags over the forecast period due to the strong development of the RFID technology in the region and the growing demand for advanced RFID tags from the region’s end users. Many leading players in the global RFID Tag Market Share are situated in North America, giving the region an advantage in terms of quick and widespread distribution of advances in RFID tags.
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