RFID Tags Market revenue will reach $13.65 billion by 2024
As per the report "RFID Tags Market By Type (Active RFID and Passive RFID), By Frequency (High-Frequency RFID, Low-Frequency RFID and Ultra-High Frequency RFID), By End User (Healthcare, Retail, Electronics, Logistics and Supply Chain, Transportation and Other (Security and Surveillance, Defense, Agriculture, IT, etc.), Industry trends, Estimation & Forecast, 2016 - 2024," The global RFID Tags market was valued at $4.6 billion in 2016, and is projected to reach $13.65 billion by 2024, growing at a CAGR of 14.5 % from 2017 to 2024. By type, Passive RFID, generated the highest revenue share of $3.25 billion in 2016, growing at a CAGR of 13.8% in the global RFID Market. Among major regions, North America RFID tags market was the highest revenue generating market valued at $1.88 billion in 2016.
“The Asia-Pacific region is forecast to be the largest user of RFID technology in the near future due to its emergence as the fastest growing market for RFID in the world. APAC, which include major countries such as India, Japan, China, Australia and New Zealand, our contribution to the growth of RFID tags in Asia Pacific. The major countries have widely accepted RFID tags and are implementing various other applications in the healthcare, automobile, logistics and supply chain, electronics and retail industry”
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North America generated the highest revenue, in 2016, in terms of RFID tags market.
North America leads the RFID Market by generating revenue of $1.86 billion in 2016. It is would grow with a CAGR of 12.4% during the forecast period of 2017-2024. However the Asia Pacific RFID Market is supposed to witness the highest CAGR of 16.4% during the forecast period. This is because of the rapidly growing electronic market of the countries like China, India, Singapore and South Korea. The rapidly increasing industrialization and commercialization is invigorating the Asian companies to invest in RFID to enhance their supply chain processes as it enables scanning of multiple items at once and line of sight advantages.
Constantly declining Costs are making RFID tags more adoptable
The cost of RFID tags is declining exponentially due to the increase in its adoption rate and competition among vendors in the industry. Higher inventory accuracy, increased transparency and improved product availability are key propellants of the market. Government such as federal agencies, state agencies, local government, law enforcement and municipalities are focused on providing high quality service to the people it serves while at the same time trying to become more cost effective.
By form factor, RFID label segment leads the market by holding nearly 44% of the global RFID market.
Printing plays a key role in RFID applications, such as labels, and as demand grows for more RFID tags and labels, printing could have a greater role. The key potential applications for RFID smart labels were seen as being primarily in retail, media management (books, CDs, videos, documents, etc.), fashion/apparel, airline-baggage handling and the pharmaceutical sector. Today, key market applications achieving the best levels of growth can be found in the fields of asset tracking, cargo tracking and security, supply-chain management (pallet, case, item) and especially identification (travel) documents.
High-Frequency RFID tags lead the market by generating a revenue of $2.26 billion in 2016.
High-frequency Radio Frequency Identification (RFID) tag is ideal for tracking products as they move through the manufacturing process in the light industrial applications. The high frequency band ranges from 3 MHz to 30 MHz. High frequency RFID is majorly used for ticketing, library books, payment, data transfer, waste management, tool management and patient flow tracking. The market is expected to have a CAGR of 12.8% during the forecast period. However the highest CAGR is to be witnessed by the Ultra High Frequency RFID market.
RFID Market Key Findings
• North America lead the RFID Market by generating the revenue of $1.86 billion in 2016. It is witnessed to grow with a CAGR of 12.4% during the forecast period of 2017-2024.
• Constantly declining Costs are making RFID tags more adoptable
• The RFID label market segment generated a revenue of $2.02 billion in 2016
• The highest CAGR is to be witnessed by the Ultra High Frequency RFID market.
• The 300 mm wafer type RFID market lead the market by holding nearly 70% of the total market
The leading players in the global RFID market market have adopted major strategies such as collaborations, product launch, and agreement and acquisition to expand their market presence. The key market players of the global RFID tag market are, Zebra Technologies Corp., Omni-Id, Inc.,Impinj, inc., Smartrac N.V, Alien Technology, LLC, Confidex-OY, Honeywell International, Invengo Information Technology Co. Ltd.,Wavetrent, Ltd. and NXP Semiconductors Netherlands B.V.
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