RFID Tags Market Projected to Touch 7,982.2 Million by 2027 with a CAGR of 13.67% - Report by Market Research Future (MRFR)
Increasing Adoption in Healthcare Sector to Boost RFID Tags Market Growth
New York, US, June 13, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “RFID Tags Market Analysis by RFID Tags Market: Information by Frequency (Low Frequency, High Frequency, And Ultra-High Frequency), Standard, Application (Transportation, Agriculture, Logistics, Healthcare, Aerospace, Retail), Region - Forecast till 2027” valuation is poised to reach* *USD 7,982.2 Million by 2027, registering an 13.67% CAGR throughout the forecast period (2020–2027).
*RFID Tags Market Overview*
The use of RFID chips in visas and passports will offer robust opportunities for the market over the forecast period. Many governments are considering incorporating RFID chips into visas and passports. To combat illegal immigration, some countries are reforming as well as changing their migration & immigration policies. Since paper-only visas have turned obsolete and simple to forge, the criminals have multiple options for fleeing the country. The United States government has indeed been at the vanguard of pushing technology.
*RFID Tags Market Report Scope:*
*Report Metric* *Details* Market Size USD 7,982.2 Million CAGR 13.67% Base Year 2019 Forecast Period 2020-2027 Historical Data 2018 Forecast Units Value (USD Million) Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends Segments Covered Frequency, Standard, Application and Region Geographies Covered North America, Europe, Asia-Pacific, and Rest of the World (RoW) Key Vendors NXP Semiconductors N.V., Invengo Information Technology Co., Ltd, Honeywell International Inc, HID Global Corporation, Applied Wireless, Inc, OMNI-ID, CORERFID LTD, GAO RFID Inc, Caen RFID S.R.L, Alien Technology, LLC, Impinj, Inc, Avery Dennison Corporation, Zebra Technologies Corp, Tageos, and Identiv, Inc. Key Market Opportunities Use of RFID Chips in Visas and Passports to offer Robust Opportunities Key Market Drivers Increasing Adoption in Healthcare Sector to Boost RFID Tags Market Growth
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In response to 2001’s terrorist attacks, many security policies were changed and reviewed. RFID technology in visas and passports can improve security by making it impossible to falsify identity. A person can change the photograph on their passport, but they cannot change their fingerprints for matching forged fingerprints on memory chips.
*Drivers *
*Increasing Adoption in Healthcare Sector to Boost Market Growth *
The increasing adoption of RFID tags in the healthcare sector will boost market growth over the forecast period. The healthcare sector has increased the demand for RFID tags to track the patient's history, resulting in market growth. Because of the growing number of patients suffering from chronic and non-chronic diseases, RFID tags have turned mandatory because they simplify tracking of the patient's history and course of treatment. RFID has significant applications in the healthcare sector, particularly in the pharmaceutical industry. Using RFID allows the end-user in identifying altered dosage and medication expiry dates. Furthermore, it enables customers to track when and where products are manufactured. RFID can thus deter illegal activities by some companies while saving many lives. RFID can also be used to track medical products and equipment, newborn babies, and patient medical records. For example, if a patient has Alzheimer's disease or memory loss, or is diabetic and gets diabetic coma, the RFID technology provides significant information to the practitioner in order to provide proper care by scanning the patient's wristband that contains the RFID chip.
*Complex Set-up Procedure to act as Market Restraint *
The complex set-up procedure of RFID tags and its high price may act as market restraints over the forecast period.
*Privacy Issues to act as Market Challenge *
Privacy issues related to RFID tags may act as a market challenge over the forecast period. These systems can be hacked easily by a tech-savvy.
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*RFID Tags Market Segments*
The RFID tags market is bifurcated based on application, standard, and frequency.
By frequency, the RFID tags market is segmented into ultra-high frequency, high frequency, and low frequency.
By standard, the RFID tags market is segmented into ISO 15693, ISO 18000-6, ISO 18000-3, and ISO 14443.
By application, healthcare will lead the market over the forecast period.
*RFID Tags Market Regional Analysis *
*North America to Domineer RFID Tags Market *
During the forecast period, North America will domineer the RFID tags market with regards to market share and revenue. This is due to the region's increasing need for RFID tags. Because of the growth of the retail industry & rising government initiatives to adopt RFID tags in the region, North America leads the market for radio-frequency identification (RFID) tags. In 2020, the United States held a 65.4 percent share of the North American market. RFID tags are increasingly being used in the manufacturing, transportation & logistics, healthcare, animal tracking, supply chain, & retail industries in the United States.
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RFID is widely used in supply chain monitoring to track assets in real time. RFID tags are used in a variety of hospitals in the United States for applications like patient monitoring, equipment tracking, & other tracking tasks. The growing need to augment inventory management, as well as the increased shipment of packaged goods via e-commerce, is driving RFID tag growth in the United States. Honeywell International and Zebra Technologies Corporation are two of the major RFID tag manufacturers in the United States. Because of rising government initiatives to adopt RFID tags, as well as significant growth in the retail industry, North America leads the global RFID tags market. In addition, major RFID tag manufacturers like Alien technology and HID global corporation have a presence in this region.
*Europe to Have Significant Growth in RFID Tags Market *
Due to increased adoption from food and beverage manufacturers, the European market is expected to contribute a significant share of revenue to the global RFID tags market. RFID tags are primarily utilized in the retail and manufacturing sectors. Furthermore, rising government initiatives, increased investments by aircraft and aerospace manufacturers, and a consistent rise in demand for low-cost prototypes have all contributed to the expansion of the region's RFID tag market. Furthermore, the use of RFID tags in hospitals has allowed them to account for medical equipment as well as for tracking and monitoring patients & medical samples like blood bags and test tubes, boosting the growth of the RFID tags market in Europe.
*COVID-19 Analysis *
The emergence of the COVID-19 epidemic has presented a number of challenges to the healthcare sector. As healthcare facilities around the world face an increasing influx of patients, the demand for effective patient management & tracking solutions grows. RFID technology is expected to play a critical role in the digitalization of the healthcare facilities worldwide. RFID tags are expected to play an important role in preventing the spread of the novel coronavirus by assisting personnel and staff at healthcare institutes with the social distancing guidelines, tracking patient and staff location, and preventing non-patients from infecting staff. RFID tags are also predicted to play an important role in addressing issues in healthcare supply chains. During the ongoing COVID-19 pandemic, these factors are expected to boost the RFID tags market.
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*RFID Tags Market Competitive Analysis*
*Dominant Key Players on RFID Tags Market Covered are:*
· NXP Semiconductors N.V.
· Invengo Information Technology Co. Ltd
· Honeywell International Inc
· HID Global Corporation
· Applied Wireless Inc
· OMNI-ID
· CORERFID LTD
· GAO RFID Inc
· Caen RFID S.R.L
· Alien Technology LLC
· Impinj Inc
· Avery Dennison Corporation
· Zebra Technologies Corp
· Tageos
· Identiv Inc.
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