Radiofrequency Identification Tags Global Market Report 2023

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

LONDON, GREATER LONDON, UK, November 9, 2023 /EINPresswire.com/ -- The global RFID tags market is poised for significant growth, with projections indicating a rise from $10.3 billion in 2022 to $11.46 billion in 2023, reflecting a substantial compound annual growth rate (CAGR) of 11.3%. However, the recent Russia-Ukraine conflict has hindered global economic recovery from the COVID-19 pandemic, leading to economic sanctions, surging commodity prices, and disruptions in supply chains, thereby impacting various markets worldwide. Despite these challenges, the market is expected to expand to $15.72 billion by 2027, demonstrating a steady CAGR of 8.2%.

Catalyzing E-commerce Efficiency: Driving the RFID Market

The growing prominence of e-commerce and online retail is anticipated to be a key driver of the RFID tags market in the coming years. With e-commerce redefining the purchase and sale of goods and services, RFID technology plays a pivotal role in optimizing supply chain management and enhancing operational efficacy. Notably, the share of online retail sales surged from 16% in 2019 to 19% in 2020, as highlighted in a report by the United Nations Conference on Trade and Development (UNCTAD), underscoring the crucial role of RFID technology in streamlining e-commerce operations.

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Key Players: Spearheading Supply Chain Innovation

Major players shaping the RFID tags market landscape include Avery Dennison, Zebra Technologies, Honeywell, NXP Semiconductors, Impinj Inc., Invengo Technology Pte. Ltd., ams AG, Atmel Corp, Alien Technology, Smartrac N.V., GAO RFID Inc., The Tag Factory, and MOJIX.

Pioneering Technological Integration: Reshaping Supply Chain Dynamics

RFID companies are increasingly integrating advanced technologies such as IoT and Big Data into their operations. The amalgamation of IoT empowers RFID tags to establish interconnections, enabling real-time monitoring and seamless data transmission pertaining to an object's positioning, status, and quantities. Notably, in February 2020, Omni-ID, a leading US-based provider of passive industrial RFID tags, unveiled a new range of IoT devices enabled with Bluetooth Low Energy (BLE) and Long Range (LoRa) technologies. Equipped with a comprehensive set of sensors, these devices facilitate the transmission of situational and status data, thereby optimizing asset management and streamlining logistics processes within organizations.

Segments: Addressing Diverse Supply Chain Needs

The global RFID tags market is segmented as follows:

• Tag Type: Active RFID, Passive RFID
• Material: Plastic, Paper, Glass, Other Materials
• Frequency: Low Frequency, High Frequency, Ultra High Frequency
• Application: Agriculture, Retail And Wholesale, Healthcare, BFSI, Transportation And Logistics, Education, Other Applications

Region: Mapping the Global Supply Chain Landscape

In 2022, North America emerged as the dominant region in the RFID tags market. The comprehensive market analysis encompasses key regions, including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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Radiofrequency Identification (RFID) Tags Global Market Report 2023 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.

The Radiofrequency Identification (RFID) Tags Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on radiofrequency identification (RFID) tags market size, radiofrequency identification (RFID) tags market drivers and trends, radiofrequency identification (RFID) tags market major players, radiofrequency identification (RFID) tags market competitors' revenues, market positioning, and radiofrequency identification (RFID) tags market growth across geographies. The radiofrequency identification (RFID) tags market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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