The Global Market for RFID Tags is Projected to Reach US$6.9 Billion by 2020

Robust Opportunities in the Retail & Healthcare Sectors to Spur the RFID Tags Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global RFID Tags market. The global market for RFID tags is projected to reach US$6.9 billion by 2020, driven by robust application opportunities in the retail and healthcare sectors.

Radio Frequency Identification (RFID) technology is finding increasing applications across a wide range of industries. The use of a RFID tag, defined as a small object that is capable of carrying electronic data which can be remotely read through tag readers, provides breakthrough performance improvements in asset tracking and inventory management, as compared to the traditional barcode processes. After suffering a market setback nearly a decade ago owing to the numerous drawbacks in the technology along with high costs of the hardware, RFID is finally set to enjoy promising growth in the coming years. Falling technology cost, particularly the decline in price of tags driven by initiatives such as open standards of chip manufacturing which eliminates the need for proprietary tags, will continue to spur commercial interest in RFID. RFID tags find applications in innumerable end-use sectors such as security & access control, transportation, manufacturing & logistics, consumer products & retail, as well as farming & animal tracking. Passive RFID tags dominate the market owing to lower costs, and are increasingly replacing barcodes in several applications. With passive tags being cost-effective when compared to active tags, demand for passive tags is forecast to remain strong over the review period. Technology advancements in NFC-RFID will help support the use of RFID technology in electronic identification and authentication. Increasing adoption of RFID tags in the retail sector will also help spur growth in the market.

RFID tags are used in tracking a wide range of objects from keys, livestock to nuclear waste. Over the years, considerable efforts have been directed towards refining application possibilities through technology advances such as miniaturization of tags, and functional improvements in power and storage performance. Some of the innovative applications include smart fitting rooms for apparel stores, smart-ticketing systems, theft-proofing, loss-resistant golf balls, and gun safety. Car rental services have also been exploring the use of RFID tags to track the return of vehicles. While the technology is a competitor for GPS, RFID is a cost-effective complementary technology that allows car rental service providers to track their vehicle on campus, while GPS offers an effective long-distance monitoring system. Innovative use of RFID tags extends to the healthcare sector which offers several opportunities such as medication management, and monitoring of critical care equipment.

As stated by the new market research report on RFID Tags, the United States represents the largest market worldwide. Asia-Pacific is forecast to emerge as the fastest growing market with a CAGR of 8.5% over the analysis period, led by regional government initiatives to promote the adoption of the technology across various application areas such as transportation and national IDs.

Major players in the market include Alien Technology, Confidex Ltd., HID Global Corporation, Honeywell International Inc., Impinj Inc., Invengo Information Technology Co., Ltd., NXP Semiconductors N.V., Omni-ID Ltd., Smartrac N.V., The Tag Factory, Tageos, Wavetrend Limited, and Zebra Technologies Corporation, among others.

The research report titled “RFID Tags: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections for all major geographic markets such as the US, Canada, Japan, Europe  (France, Germany, Italy, UK, Spain, The Netherlands, Russia and Rest of Europe), Asia-Pacific (China, South Korea, and Rest of Asia-Pacific), Middle East & Africa, and Latin America. End-Use Applications analyzed include Security & Access Control, Transportation, Manufacturing & Logistics, Consumer Products & Retail, Farming & Animals, and Others (Includes Healthcare, Archiving, Airlines, and Airports among Others). In addition, the report provides analytics in value terms by tag type - Passive and Others (Includes Active, and Battery-assisted Passive RFID Tags).

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