Thriving E-Commerce and Retail Sectors Boost Demand Opportunities for Radiofrequency identification (RFID) Tags Market Players: TMR
- Global RFID tags market is estimated to show substantial growth and reach to US$ 29.4 Bn by 2030. Increased focus of several industry leaders to improve the efficiency of their products is key factor driving market growth.
- Asia Pacific RFID tags market is foreseen to grow at promising pace during assessment period.
ALBANY, N.Y, Nov. 12, 2020 /PRNewswire/ -- Radiofrequency identification (RFID) tags technology is widely utilized for automated identification of objects, people, materials, and animals. From past few years, this technology is gaining traction across various end-use industries worldwide. One of the key reasons attributed to scenario is ability of these products to various advantages such as low power requirement, location assistance, and flexibility.
RFID tags find application in various industrial sectors such as construction, oil and gas, retail, port management, and e-Commerce. This wide range of application shows that the global RFID tags market will expand at rapid pace during the forecast period of 2020 to 2030.
Analysts at TMR largely concur that the global RFID tags market is likely to show growth at stupendous speed on the back of plethora of factors. Some of the important factors fueling market growth include thriving retail and e-Commerce sectors in developed as well as developing countries, growing use of RFID tags in various industrial sectors, and technological advancements in this sector.
The global RFID tags market is foreseen to expand at promising CAGR of ~10% during 2020–2030.
The market is predicted to account for valuation of US$ 29.4 Bn by 2030.
The total valuation of the market for RFID tags was approximately US$ 11.5 Bn in 2020.
North America accounts for lion's share of the RFID tags market.
The abovementioned region is anticipated to maintain its dominance in the forthcoming years.
The Asia Pacific RFID tags market is predicted to hold promising market share during the assessment period of 2020 to 2030.
Explore 238 pages of top-notch research, incisive insights, and detailed country-level projections on RFID Tags Market (Type: Active RFID Tags and Passive RFID Tags; Form Factor: Labels, Cards, Fobs, Hard Tags, and Others; and Application: Retail & Wholesale, Agriculture, Healthcare/Medical, BFSI, Transportation & Logistics, Education, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 - 2030 at https://www.transparencymarketresearch.com/rfid-tags-market.html
RFID Tags Market: Key Driving Factors and Promising Avenues
Various companies engaged in the logistics and e-Commerce sectors are increasing focus toward supply chain management. As a result, they are growing use of RFID tags. This factor is generating noteworthy demand avenues in the global RFID tags market.
With increased application of RFID tags in various end-use industries, computer scientists and engineers across the globe are growing their efforts to advance the efficiency of the RFID technology. As a result, the market for RFID tags is experiencing prominent development opportunities in the forthcoming years.
In recent period, total cost for the implementation of RFID technology has decreased immensely. This situation is resulted in increased adoption of this technology by considerable number of manufacturers and retailers from across the globe to tag various types of products. This scenario depicts that the vendors operating in the global RFID tags market will gather substantial sales avenues during 2020 to 2030.
Analyze global RFID tags market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study
The global RFID tags market experiences presence of many active players. As a result, the competitive landscape of the market is relatively fierce.
Major players operating in the market are increasing efforts to advance the precision of RFID tags. This strategy is estimated to help them in the expansion of their businesses in the forthcoming years.
The list of important vendors operating in the RFID tags market includes Honeywell Corporation, FUJITSU, Alien Technology, NXP Semiconductors N.V., Avery Dennison Corporation, Atmel Corp, Confidex Ltd., Checkpoint Systems, HID Global Corporation, GAO RFID, Invengo Information Technology Co., Ltd, and Impinj Inc.
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