RFID Tags and Labels Market: Overview
The global radio-frequency identification (RFID) tags and labels market is marked to be responsible for bringing a revolutionary change in the retail sector. The integration of advanced technology such as RFID tagging into retail operation could invite a massive demand in the market. However, there are other sales channels for manufacturers of RFID tags and labels to cash in on, viz. business to business (B2B) and institutional. RFID tags and labels are increasingly used in government-owned inventories and the aerospace and defense sectors for the purpose of using a significant mechanism to track and identify objects.
As per the researchers authoring the report, the global RFID tags and labels market could be divided according to sales channel, application, and type of product, which is expected to see a further classification into RFID tags and RFID labels. Amongst these, RFID labels could secure a higher market attractiveness in the foreseeable future.
The report offers a brilliant evaluation of the global RFID tags and labels market while taking into account its growth factors, market deterrents, segmentation, and vendor landscape. Each of these aspects of the market are broadly shed light upon in the report.
RFID Tags and Labels Market: Trends and Opportunities
The world RFID tags and labels market is foretold to be influenced by constant innovation and product development aimed to enhance the effectiveness and functionality of various products. RFID labels manufactured out of 100.0% recycled paper could support sustainability objectives of the business and empower manufacturers with cost savings. RFID labels could be modified on the basis of material composition and inherent design for the purpose of decreasing the cost of products. This is expected to be practiced by new entrants as well as established players during their product development activities.
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Honeywell introduced passive RFID tags in November 2017 that could cater to the automotive industry. The tags are expected to battle issues related to the exposure, spoofing, or counterfeiting of customer data and find applications in vehicle payment and access, electronic vehicle registration, and highway tolling.
RFID Tags and Labels Market: Regional Outlook
The international RFID tags and labels market is prognosticated to name North America as a leading region due to the tremendous growth in the U.S. RFID tags and labels are significantly used in a number of end-use industries in the country, including IT, livestock, wildlife, and sports, surveillance and security, logistics and transportation, automotive, retail, and healthcare. During the course of the forecast tenure, commercial tags could embrace a strong demand in the country because of the rising need for efficient inventory management. Nonetheless, healthcare tags are anticipated to draw demand on the back of the requirement of tracking medical staff management, patient management, and medical stocks.
Apart from North America, the international RFID tags and labels market could find opportunities in other regions such as Japan, Asia Pacific Excluding Japan (APEJ), the Middle East and Africa (MEA), Western Europe, Eastern Europe, and Latin America.