The Radiofrequency Identification (RFID) tags market is witnessing robust growth attributed to the increasing adoption of RFID technology across various sectors including industrial, retail, healthcare, BFSI, transportation, logistics, government, and others. RFID tags comprising a chip and an antenna enable wireless identification of objects when scanned by RFID readers, transmitting information via radio waves. Two main types of RFID tags exist: active RFID tags, powered by batteries and passive RFID tags. Active tags find application in real-time location tracking whereas passive tags are more common and cost-effective.
The RFID tags market research report by The Business Research Company provides comprehensive insights into the global market size, regional shares, competitors, detailed market segments, trends, and opportunities. The market size which reached $10.79 billion in 2023 is projected to grow to $11.67 billion in 2024 with a compound annual growth rate (CAGR) of 8.1%. Further growth is expected with the market forecasted to reach $16.09 billion by 2028, exhibiting a CAGR of 8.4%. Factors driving this growth include increased adoption of IoT, expansion in the e-commerce industry, rising healthcare expenditure, industrial sector growth, emergence of smart cities, and accelerated RFID adoption due to the COVID-19 pandemic.
Key trends anticipated in the forecast period include strategic acquisitions for market expansion and technology access, product innovation and partnerships to bolster market position. Additionally, increased healthcare expenditure is anticipated to fuel market growth with RFID technology improving healthcare efficiency and patient care.
The RFID tags market report covers major companies including GAO RFID Inc., Honeywell International Inc., NXP Semiconductors N.V., and Zebra Technologies Corporation. Regional analysis shows North America as the largest market in 2023. The report provides insights into market characteristics, size, segmentation, competitive landscape, trends, and strategies, aiding stakeholders in making informed decisions and capitalizing on market opportunities.