RFID Market

RFID Market worth $17.4 billion by 2026

The report "RFID Market with COVID-19 Impact Analysis by Product Type (Tags, Readers, and Software and Services), Wafer Size, Tag Type (Passive Tags and Active Tags), Frequency, Applications, Form Factor, Material, and Region - Global Forecast to 2026", will grow to USD 17.4 billion by 2026 (forecast year) from USD 10.7 billion in 2021 (estimated year), at a CAGR of 10.2% between 2021 and 2026. The key drivers fueling the growth of this market include growing market competitiveness leading to availability of cost-effective RFID solutions, high returns on investment, and increasing regulations and government initiatives for various industries. Moreover, increasing installation of RFID systems in manufacturing units to improve productivity due to COVID-19 can play a key role in driving the growth of the RFID market.

Browse 153 market data Tables and 60 Figures spread through 235 Pages and in-depth TOC on "RFID Market with COVID-19 Impact Analysis by Product Type (Tags, Readers, and Software and Services), Wafer Size, Tag Type (Passive Tags and Active Tags), Frequency, Applications, Form Factor, Material, and Region - Global Forecast to 2026"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/rfid-market-446.html

The RFID segment to register moderate growth rate during the forecast period

An RFID reader is used to receive radio waves from RFID tags. It uses middleware to scan a tag to retrieve information. RFID readers are available as fixed and handheld readers. Fixed readers are placed at critical locations, from where the movement of tags can be monitored, e.g., entrances of retail stores, inventory rooms, or data centers, thus helping in monitoring the activities such as check-in and check-out, theft, and inventory management. However, fixed readers alone do not serve the cause; these readers use separate antennas and gateways to transmit the signal from the reader to a computer for analysis or storage in a database. Handheld readers, on the other hand, are standalone mobile computer devices that can be carried near the asset by the staff to read the tags, and the in-built antenna directly sends data to the system.

The active tags segment to account for about one-third of the RFID Tags market

Active RFID tags comprise an internal power source, generally a battery. The batteries used in active tags can last for about 5–10 years. Compared with passive RFID, active RFID has a longer read range, more memory, and more reliability due to the applied internal power supply. Active tags continuously broadcast a signal to the readers and can transmit the signal over larger distances (more than 100 ft.). In an active RFID system, multiple tags can be read at once. Active RFID systems also have a fast data transmission rate. The advantages associated with active RFID systems include real-time location tracking, cost-effectiveness in comparison with Wi-Fi and infrared RTLS, and fewer infrastructure requirements compared with infrared systems. Thus, the benefits associated with active RFID tags make them ideal for implementation in many industries, such as supply chain, logistics, commercial, and healthcare. These systems are also suitable in rough environmental conditions such as high temperature, pressure, and wash down in manufacturing units and logistics.

The high-frequency tags segment to witness healthy growth rate in RFID tag market during the forecast period

High-frequency passive tags operate at 13.56 MHz and have a read range of about 1 cm to 1 m. These tags are used in applications with a small read range, such as payment cards, loyalty cards, smart ticketing, ID cards, security tags, agriculture tags, and animal tags. High-frequency tags are costlier than ultra-high-frequency passive tags. The high-frequency RFID tag market is expected to grow at the highest CAGR for the retail application during the forecast period. High-frequency tags are used for item-level tagging in the retail industry for products such as apparel, jewelry, and electronic gadgets. Such tags are also preferred by payment card manufacturers as they have a small read range and are safe to use for payment cards or loyalty cards. Adoption in supply chain, retail, security and access control, and healthcare applications is expected to boost the market of high-frequency RFID tags.

The defense application to grow at second highest growth rate in RFID tag market during the forecast period

In the defense segment, RFID systems are majorly used in applications such as border security, weapons and defense equipment movement tracking, soldier movement tracking, and military activities. Defense forces have a vast store of supplies and equipment worldwide. It is a challenge to keep track of these supplies. Theft or misplacement of military supplies is a grave danger as unauthorized people can use such supplies for malicious purposes. Therefore, it is necessary to keep track of military assets such as weapons, communication equipment, military gadgets, and vehicles. Using RFID helps maintain the data regarding the whereabout of each asset and its user; this helps track the allocation of assets such as guns and defense equipment to the armed soldiers. The RFID tags used for military applications are hard and highly secure due to encryption. The adoption of RFID technology is increasing in the defense sector due to its benefits such as security, asset visibility, and real-time tracking.

Americas is projected to account for substantial market share of RFID tag market in 2026

In 2020, the Americas accounted for the largest share of the RFID tag market, and a similar trend is likely to continue during the forecast period. High demand from the logistics and supply chain, aerospace, retail, commercial, animal tracking, and healthcare segments is one of the key factors that have led to the dominant position of this region in the RFID market. The companies in the supply chain, retail, transportation, and healthcare sectors, especially in the US, are using RFID tags for multiple asset monitoring, tracking, and auditing. This has predominantly driven the RFID tag market in the Americas. Zebra Technologies, Stanley Black & Decker, Impinj, Savi Technology, TeleTracking Technologies, and HID Global are among a few of the providers of RFID solutions in the Americas.

Avery Dennison (US), Zebra Technologies (US), Honeywell (US), NXP Semiconductors (Netherlands), Impinj (US), HID Global (US), GAO RFID (Canada), Identiv (US), Invengo (China), and Nedap (Netherlands) are the key players in the global RFID market. These players are increasingly undertaking strategies such as product launches and development, expansions, partnerships, collaborations, and acquisitions to increase their market share.

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Report Code
SE 1663
PR Published ON
2/18/2021
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