One simple way of improving asset management in a business is to make use of radio frequency identification (RFID) tags. The RFID tags are helpful to track your business assets automatically. These are also useful for transmitting data. It transmits the data to the readers during the complete RFID asset tracking system.
Recently, the updated report on RFID Tags for asset tracking by Market Research Future (MRFR) gives a complete analysis of value chain assessment for a timeline around 2021 to 2027. This research consists of a complete evaluation of exhaustive administration of the main market companies.
There are revenue-generating strategies often adopted with them for driving sustainable business. The service industry report also enlists the shortcomings of the market. Meanwhile, it also reveals the growth drivers, opportunities, restraining factors, etc.
All this ensures to keep check on the projected timeframe of a task.
Enhancing Adoption of RFID tags
It is an opportunity for boosting the RFID tag market to increase RFID tag usage. And, also causes further adoption in consumer goods and manufacturing. The RFID tags and sensors come integrated with a manufacturing unit. For instance, pipes, cameras, boilers, etc.
It helps in demonstrating the output and quality of the manufacturing process. The RFID technology integrated into plant asset management takes advantage of the manufacturers.
The rising package protection and security measures kickstart the fuel expansion. It further helps in various RFID tag market trends. This adoption of several RFID solutions increases the growth of the RFID market. It even identifies if more people get gathered at a certain point.
Usage of RFID Tags During COVID-19 Crisis
After the COVID-19 pandemic, the business sector has faced a negative impact. RFID manufacturing suppliers and firms are often found in various countries. For instance, America, Asia Pacific, and many more. This innovative RFID technology is used in various range of industries. This pandemic has even impacted various RFID companies. And, also impacted the distributors, partners, and suppliers.
As per the lockdown supply chain disruptions and measures, the global demand for retail products has also decreased. This is likely to impede the market growth of RFID solutions. The government even enforced RFID tagging on cars to tolling in various regions. But because of COVID, the travel delay also decreased the RFID tag deployment. Furthermore, the manufacturing facilities are reopening after proper lockdown measures. Many countries are also lifted in different countries. The increased regulations, use of RFID systems in production units. These are also useful in government initiatives for industries. Plus, various factors help in improve the RFID market’s productivity. Furthermore, various contract-tracing solutions are useful in different companies. These companies make good use of advanced RFID technology.
List of the Key Companies Mentioned in the RFID Tags Market Research Report are:
- Confidex Ltd (Finland)
- Alien Technology (U.S)
- HID Global Corporation (U.S)
- Omni-ID Ltd (U.S)
- Honeywell International Inc. (U.S)
- Impinj Inc. (U.S)
- Smartrac N.V. (Netherlands)
- GAO RFID Inc. (Canada)
- Invengo Information Technology Co. Ltd (China)
- Tageos (France)
- RF Code Inc. (U.S)
- CoreRFID Ltd (U.K) and
Growth Prospects of RFID Tags
The growing RFID solution in logistics, retail, and supply chain applications is ideal to make positive improvements in the RFID tag industry. The new product also alliances and launches while providing RFID tag marketing participants with lucrative growth opportunities.
High Cost
Integration and installation of RFID systems are important for different RFID tag functions. This system also incorporates some extra features. Some features are training fees, constant accuracy checking, and IoT connectivity. All this drives up the cost of RFID solutions. Due to expensive components, there is now a limitation in the market growth.
Market Segmentation
In 2016, the passive tags are properly held in the major market share. Since the passive tags are missing an internal source of power, they depend on the major power generated by a reader. Due to this, the tags are less pricey, durable, and smaller compared to others. It also handles supply chain management, access control, tool tracking, etc.
Furthermore, RFID tags are used in the healthcare industry for surgery asset management. It also helps in patient tracking, and medication control and authentication. It also reduces operational costs with increasing incidence of medical device theft. Hence, it is useful in healthcare sector.
Regional Analysis
If we talk about the worldwide RFID tags market, North America leads it with increased government initiatives. Hence, it provides better RFID tag adoption. It also leads to substantial growth in the overall retail industry, which is a major factor to drive market expansion. Moreover, the significant RFID tag manufacturers, like Alien technology and HID global corporation has a better presence in this area.
APAC Will Rise at Fastest Rate
It’s expected that the Asia Pacific is likely to grow at the fastest rate as per the increasing industrial expansion. It also increases the urbanized population in various developing countries. Due to the industrial expansion and rapid urbanization, China holds the biggest market share in the region.
Segmentation of Market mentioned in the research:
- Information by Types (Active, Passive, and Semi-passive),
- Region (Europe, North America, Asia-Pacific, and Other Parts of the World), and
- By End-User (Retail, Healthcare, Transportation and Logistics, Automotive, and More).
