According to one of the published study, growing adoption of RFID tags in the aerospace sector and other vertical industries. The integration of sensor and cloud based abilities in RFID tags is expected to present further lucrative growth opportunities to the market players.
For instance, in 2016, Zebra Technologies Corporation launched RFD8500 which is a multi-operation system. This new product was designed for adding high performance RFID and 1D/2D barcode scanning to iOS and android compatible mobile devices. Along this line, other key players also started launching innovative and technologically advanced products. Some of the companies in the market are Omni-ID, GAO RFID Inc., Impinj, Inc., Alien Technology, Confidex Ltd., Honeywell International, Inc., Invengo Information Technology Co., Ltd., NXP Semiconductors N.V., and HID Global Corporation.
As per the report, the global RFID tags market is expected to witness a strong CAGR of 9.9% over the course of the forecast period. The market is projected to be valued around US$ 8,346 Mn rising from a valuation of over US$ 3,911 Mn.
Integration in IoT and Big Data Platforms to Augur Well for the Market
Companies across the globe are focusing on integrating RFID with IoT for identifying an object and its real-time location for the convenience of its customers. This is expected to lead to the swelling demand for RFID tracking solutions for loT and big data platforms by companies offering such technologies across the globe, mostly in developed regions. Developing regions such as India and China are likely to come back in the game with heavy investments from government and non-government organizations. Another factor which is expected to drive the growth of the RIFD tags market here is the increasing number of IoT and big data companies across the globe.
Moreover, the burgeoning need for an efficient supply chain management is anticipated to supplement the growth of the global RFID tags market over the course of the forecast period. RFID tags store relative detailed information up to 2 kb related to the product on which they have been tagged. With these RFID tags, the details and the prices of the products are automatically recorded when a customer reaches for the counter.
North America Key Market to watch out for
Healthcare sector and government funded technologies are likely to support the growth of the market extensively. Municipal solid waste management organizations in North America are progressively purchasing RFID tags. These RFID tags are embedded in solid waste and recycling bins. Using these tags, radio signals are transmitted up to 100 m. The RFID tags are fitted inside trash bins, which helps in efficiently scheduling trash bin collection by transferring real-time information about the trash such as whether the trash bins need replacement or not or are they full.
The increasing need for RFID tags in the U.S. is also driven by the increasing application in the healthcare sector. In the healthcare sector, the focus on RFID technology for tracking and classification of medical instruments is rising and hence, supporting the market development in the region. This technology aids in ensuring patient safety, improving supply chain efficiency, and reducing human errors in healthcare processes. Healthcare management and monitoring of critical care equipment is another area for the application of RFID.
These insights are based on a report on RFID Tags Market by Persistence Market Research.