Skip to main content

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.

Comments

Popular posts from this blog

Data Center Fabric Market: Comprehensive Evaluation Of The Market Via In-Depth Qualitative Insights

Fabric-based architecture supports the data center by eradicating the necessity of switch-to-switch interactions, multiple layers of devices and also the shared network protocols. It condenses the complication of a data center network and improves its efficiency. In a data center, fabric embodies interconnection of several servers, storage, and other ports for networking in an ultra-low latency set-up, which provides any-to-any connectivity, making each device only single hop away from every other device. Get PDF Sample of This Report @  https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=2227 Data center fabric market is driven by emerging technologies such as data center virtualization, cloud computing and big data analytics. Vendors in this market face challenges such as security issues and scalability in transparent bridging. One of the major opportunities in the market are for providing advanced data center fabric solutions that are more s...

Mobile Security Software Market is Projected to be Fueled by Rapid Technological Advancements

Major drivers of the mobile security market are antivirus, e-mail spam blocking, and malware removal. Technological development in mobile security software and substantial research in this industry are contributing to the growth of this market. Today mobile phones are used as multipurpose devices, their exposure to various online and offline threats have increased significantly thus the need of MSS is rising day by day. This market is expected to witness tremendous growth in the coming years with the increasing number of mobile users and increasing awareness for mobile security. Get PDF Sample of This Report @  https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=304 General lack of awareness about mobile vulnerability and increase in mobile malware is driving the emerging yet dynamic market of mobile security products. This market is mainly driven by business concerns for protecting corporate assets and information, and being vulnerable to various...