RFID Tags Market
The industrial sector is increasingly using RFID tags for quality control and asset management, which is expected to propel the market forward. Numerous uses for RFID tags are starting to develop in the retail sector as well. RFID tags are being used in the retail sector, particularly the fashion sector, to maximise inventory availability and improve the customer experience.
With a CAGR of 11% from 2022 to 2025, it is expected that the market for RFID tags would expand rapidly, reaching US$ 6.1 billion in 2022. Market value of $8.35 billion is expected in 2025.
The Asia Pacific is likely to be the fastest growing market. The Asia Pacific region is likely to have a substantial share of the market and grow significantly during the forecast period. The rapidly growing installation of these RFID systems in manufacturing units to boost efficiency has considerably fuelled the market growth in the region. The increasing acceptance of electronic identity cards and RFID tags embedded in smart cards are also propelling the region's RFID market forward. One of the important reasons contributing to the growth of the RFID market in this region has been the growing retail sector, as well as increased retailers' focus on integrating digital technologies to improve the customer's shopping experience and optimize the warehouse management process. Furthermore, the public transportation sector is likely to be one of the areas where the market would grow throughout the forecast period in the Asia Pacific region. RFID technology use is likely to increase in countries such as India and China as businesses grow, and the COVID-19 pandemic is boosting the demand for contactless solutions.
What is the Expanse of RFID Tags Market?
“Demand for 360 degree tracking to invoke expansion”
RFID tags enable smooth operations of organizations with positive results and reasonable costs. Amongst hoards of options include physical access cards, labels, tags, inlays, or touchless solutions. Besides, addition of tamper functionality transforms RFID tags into smart seals. Eco-friendly RFID tags are also being tabled by the key players. They claim of lower carbon footprint in industry.
Apart from ISO and ASTM standards, interoperability of the products is being ascertained by various organizations by setting up several additional standards. They are inclusive of performance, conformance, and interoperability tests.
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