As stated in our extensive report; providing insights on Key Drivers, Key Restraints, Segments (i.e.,by Product Type, Wafer Size, Tag Type, Material, Frequency, Application, Form Factor and Region); the Global RFID Tags Market accounted for USD 10.1 Million in the year 2021.
“Key Factors Likely to Drive Growth of RFID Tags Market”
RFID (Radio Frequency Identification) tags have become an essential component of people's daily life in recent years. As technology advances, their use is projected to rise at an irreversible rate. TheRFID Tags Market is being driven by an increase in the adoption of RFID Tags tags due to their flexibility, low power requirements, location assistance, and widespread use in industries such as oil and gas, construction, e-commerce, retail, and sport management, among others. RFID Tags help organizations run more smoothly, with better results and lower expenses. Physical access cards, labels, tags, inlays, and touchless solutions are just a few of the alternatives available. Furthermore, the inclusion of tamper resistance turns RFID Tags become smart seals.
Key players are also putting forward eco-friendly RFID Tags. TheRFID Tags Marketis growing due to technological advancements such as the creation of cutting-edge RFID Tags with wide coverage and long-range capabilities, as well as increased demand for IC-based and surface acoustic wave (SAW) RFID Tags. TheRFID Tags Marketis influenced by the growing number of research and development activities aimed at improving the accuracy, functionality, and overall performance of RFID Tags, as well as high-demand RFID Tags, which are known to be cost-effective and offer several benefits to end-users.
North Americaheld the major share in the market owing to various initiatives taken by the government for the adoption of RFID Tags. Furthermore, the rise in the retail industry provides a large base of consumers which is also expected to support growth of the market in the region.
Some of the key players in the Global RFID TagsMarketinclude-Avery Dennison (US), Zebra Technologies (US), Honeywell (US), NXP Semiconductors (Netherlands), Impinj (US), and others.