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RFID Tags Market is Expected to Grow at the Highest CAGR During the Forecast Period

Key players in the U.S. RFID tags market are Atmel Corporation, HID USA Corporation, Invengo Information Technology Ltd. Co., and NXP Semiconductors N.V. Competition among them and among other players are expected to heat up further over the course of next few years as they try to expand their market shares both via the inorganic route of mergers and acquisitions and organic route of product development and diversification.
A report on the market published by Transparency Market Research finds that it would rise at an 8.5% CAGR over the course of the forecast period starting from 2017 and ending in 2025. At this pace, the market which was valued at US$809.4 mn in 2016, will likely become worth US$1,672.5 mn by 2025-end.
The two types of RFID tags available in the market are active and passive tags. Between the two, the demand for passive RFID tags is predicted to outdo that of their active counterparts. The former is expected to rise at a 7.6% CAGR over the forecast period. Some of the key products in the market are commercial tags, healthcare tags, correctional tags, and others. The commercial tags at present account for maximum share in the market and going forward too will likely retain their leading share by clocking 8.9% CAGR from 2017 to 2025.
Numerous factors are serving boost the market for RFID tags. Foremost among them is the thrust by various industries to better their supply chains and attain higher visibility. Adds the lead analyst of the TMR report, “Uptake of RFID tags in sectors such as retail, automotive, wildlife, healthcare, livestock, transportation, sports, telemetry, and IT is expected to rise over the course of the next few years. This is because of the efforts by savvy players in the market to accomplish greater operational efficiency. Such tags bring about timely delivery of goods. In the long run they can bring about greater sales and reduced labor costs by lessening inventory maintenance costs.
A major application of RFID tags is in the transportation sector for automatic toll collection. This usage has generated substantial revenue in the market. Apart from upping collection of toll at reduced prices, it has also reduced long lines thereby making the process much more efficient.
However, despite such bright prospects vis-à-vis revenue, the market for RFID tags will likely be dampened to a degree by the availability of the cheaper barcode systems. The barcode systems over the years has increased with many entities using them for integrated management of inventory. Another factor crimping sales is the greater amount of upfront capital needed for installing RFID systems over barcodes. Besides, rising concerns of customers pertaining to privacy with usage of RFID technology is also challenging growth of the market.

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