The application of RFID tags has increased across different sectors for their positive attributes such as prevention of theft and shipment tricking in real-time. The intensifying requirement of a robust supply chain is augmenting the usage of such tags in different sectors including transportation and logistics. Advanced technologies such as IoT and Big Data play a vital role in propelling the market ahead. The logistics and transport sector is expected to lead the market as end-use owing to the extensive application to deal with stealing and counterfeit related issue. The implementation of these tags has significantly increased in the aerospace and health sector owing to its benefits such as enhanced supply chain visibility, improved maintenance tracking, efficient logistics, robust asset management, and utilization.
The retail stores are driving the growth in the market by using these tags to maximize inventory applicability along with enhancing the consumer experience. Latin America is expected to lead the global market in terms of growth on the back of increasing demand. The growing culture of an automated product identification system in supply chain management to enhance the efficiency of inventory allocation is projected to play a crucial role in the progress of the market. Major players profiled in the global market include Honeywell International, Zebra Technologies Corp., NXP Semiconductors, and GAO RFID Inc.
The integration of RFID tags has increased across several sectors owing to the fact that they prevent theft of certain materials, track shipments in real time, and implement advanced technology at low cost. The pressing need for a more efficient supply chain is also a factor that is intensifying the use of RFID tags in the retail as well as logistics and transportation sectors. IoT and big data platforms integrated with RFID tags in devices is expected to play a crucial role in the development of the market in the long run.
Logistics and transportation emerged as the leading application sector for RFID tags in 2017. It is further expected to maintain a stronghold over the market in the coming years. The use of RFID tags is increasing extensively in this sector because of stealing and counterfeit related issues and also to track real-time shipments.
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- Zebra Technologies Corp.
- Omni-Id, Inc.
- GAO RFID Inc.
- Impinj, inc.
- Alien Technology
- Confidex Ltd
- Honeywell International
- Invengo Information Technology
- NXP Semiconductors
- HID Global Corporation
- SMARTRAC N.V.
Aerospace and healthcare sectors to present lucrative prospects with growing adoption
In the recent past, the adoption of RFID solutions such as RFID tags by leading companies such as Airbus, Boeing, and the U.S. Department of Defense, has increased substantially. This step was taken for enhancing the supply chain visibility, tracking, improve maintenance tracking, asset management and utilization, work-in-process (WIP) and efficient logistics and manufacturing operations. As a result of these facets, the demand for RFID tags has increased considerably in the aerospace sector and is therefore expected to have a positive impact on the growth of the global RFID tags market as well.
Moreover, automation in the healthcare system has augmented the level of efficiency, leading to cost-saving, and facilitating more accurate and reliable data. In regions such as Europe, the adoption of RFID tags has enabled hospitals to medical equipment, track and monitor patients, and medical samples such as test tubes and blood bags, thereby bolstering the growth of the RFID tags market globally.
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Application of RFID tags in retail sector to take a surge
The number of RFID tag applications are increasing within retail stores which in turn is driving the growth of the RFID tags market. Currently, many retail sectors such as clothing, are employing RFID tags for maximizing inventory availability and enhance the customer experience along with it.
In countries such as the UAE, owing to favorable changing economic conditions, retail firms from other regions are opening offices in the country for addressing the demand of customers from across several regions. These international retail businesses do not have budget constraints, and can easily adopt RFID tag technology for tracking products and shipments.
Furthermore, the increasing number of supply chain and retail companies in regions such as Latin America is resulting in the increasing demand for RFID tags in this region. These RFID tags are installed by companies as a part of their security upgradation in order to prevent the risk of theft and loss.
Companies are progressively adopting automated product identification systems for their supply chain management system in order to improve the efficiency of their inventory allocation. As a result, inventory management is expected to play a crucial role in the growth of this particular application area.
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RFID Tags Market: Segmentation
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