RFID tags have grown in prominence in the last few years due to its several benefits, such as high flexibility, locating assistance, and low power consumption. RFID tags are widely utilized in a variety of industries, including oil and gas, e-commerce, construction, retail, and port administration. Technological improvements have resulted in the creation of advanced RFID tags with broad range as well as long-range abilities. Moreover, a slew of additional breakthroughs has had a beneficial impact on the demand for IC-based and surface acoustic wave (SAW) RFID tags. Such innovations are likely to trigger growth of the global RFID tags market in the years to come.
The retail industry’s growing interest in RFID technology stems mostly from companies’ need to gain better visibility as well as quickness in their supply chains. Besides, increasing demand to improve shop productivity and operational efficiency is likely to drive its demand in the retail industry. RFID can be utilized in the retail industry to deter thieves and track things that are regularly moved and completely misplaced.
Furthermore, technological breakthroughs, combined with ongoing efforts to optimize the precision, capabilities, and overall effectiveness of RFID tags, are anticipated to play an important role in increasing the implementation of RFID tags in a multitude of industries. This factor is likely to result in a steady growth of the global RFID tags market in the years to come.
Increasing Demand for Passive RFID Tags to Pave Way for Rapid Growth of the Market
Following the lifting of the COVID-19-induced lockdowns, numerous companies and offices throughout the world have reopened. Governments, on the other hand, have demanded that such businesses keep social distance and maintain minimal workforce capacity. If the rules aren’t followed, a single instance of COVID-19 could shut down a whole plant and necessitate decontamination before operations can resume. Multinational businesses are employing a variety of preventative steps, such as contact-tracing technology, to prevent a situation like this. Several RFID solution providers have launched novel products or enhanced the existing ones to meet the demands of their clients during the COVID-19 epidemic in order to profit on the increasing demand for contact-tracing solutions. Ubisense, for instance, announced its new corporate contact-tracing solution in May 2020 to safeguard workers, avoid delays, and help organizations recover control over productivity as well as profitability.
The passive tags segment of the global RFID tag market is predicted to grow at a rapid pace in the forthcoming years. Passive tags don’t need to be powered from the outside. Active tags are more costly, smaller, and more difficult to create. Passive RFID tags are utilized to trace items in a variety of industries, including retail, pharmaceuticals, enterprise, supply chain, and others.
Request a sample to get extensive insights into the RFID Tags Market