The global eco-friendly RFID tags market is experiencing a significant growth and is expected to grow considerably in the next few years. Eco-friendly RFID tags are a type of tracking system, which uses smart barcodes to identify objects. RFID stands for radio frequency identification, and thus, eco-friendly RFID tags utilize radio frequency technology. These radio waves transfer data from a tag to a reader, which then transfers the information to an RFID computer program. Radio frequency identification (RFID) technology has totally revolutionized the way companies do business. Radio frequency identification (RFID) has minimized pressure on several manual processes, enhanced efficiency of operations, increased asset traceability and visibility, reduced costs, improved reliability, and tags improve transparency in the supply chain of consumer goods.
The global eco-friendly RFID tags market is segmented on the basis of Type, Industry Vertical. Based on Type, the eco-friendly RFID tags market is divided into Active, Passive, and Semi-Passive, and others. On the basis of Industry Vertical, the market is categorized into Chemical & Petrochemical, Oil & Gas, Energy & Power, Automotive, Food & Beverages, Healthcare, and Others. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
Key players operating in the global eco-friendly RFID tags market include AMS AG, NXP Semiconductors N.V., Alien Technology, U.S. are Invengo Information Technology Co., Ltd., RF Code, Confidex Ltd., HID USA Corporation, Impinj Inc., Atmel Corp, and Omni- ID Ltd.. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global market.
COVID-19 scenario analysis:
- To subdue the spread of COVID-19, respective governments have shutdown day-to-day business operations by implementing a full-scale lockdown. Labor shortages and delays in project completion are a few factors plaguing the global eco-friendly RFID tag industry resulting in a decline in the production.
- Manufacturing facilities around the world have struggled to manufacture and assemble new devices as workers have stayed in their homes and even already available devices in various warehouses cannot be transported due to current rules and regulations, which has disrupted the supply chains globally.
- The impact of COVID-19 on the market is temporary as production and supply chain has slowed down. Once the condition improves, production, supply chains and demand for these products are estimated to increase.
Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Rise in number of end-use industries with the need for access management technologies and material identification management has significantly driven adoption of eco-friendly RFID tags. Rise in adoption and use of eco-friendly radio frequency identification (RFID) systems and tags in consumer goods and manufacturing is expected to act as a driver for the market. Growth in use of security measures and package protection is also a key factor expected to drive the eco-friendly RFID tags market size
Eco-friendly RFID devices are expected to witness surge in demand as technological proliferation has led to extensive use of access control, smart cards, and other NFC applications. In addition, use of Ubiquitous Sensor Networks (USNs) and many short-range wireless communications, such as Zigbee and Wi-Fi is expected to drive the eco-friendly RFID tag market growth. Moreover, requirement of large costs for installation and integration of eco-friendly RFID systems that are used for various functionalities in eco-friendly RFID tags; this factor is expected to act as a restraint to the eco-friendly RFID tags market share
Growth in demand in healthcare to flourish the market
There is a growing need for eco-friendly radio frequency identification (RFID) tags across the globe is driven by robust opportunities in the healthcare sector. In the healthcare sector, rise in focus on eco-friendly radio frequency identification technology for patient tracking, surgery asset management, parking, and medication authentication and control, and sorting of medical instruments drives demand for eco-friendly RFID tags globally. This technology holds huge potential for improving supply chain efficiency and ensuring patient safety while reducing human errors in healthcare processes at the same time. In addition, rise in concern about drug counterfeit and safety, increase in need for reducing operational cost in healthcare and rise in incidences of medical device theft cases boost the market for eco-friendly radio frequency identification (RFID) tags in the healthcare sector.
Key benefits of the report:
- This study presents the analytical depiction of the global eco-friendly RFID tags industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, along with a detailed global eco-friendly RFID tags market opportunity analysis.
- The eco-friendly RFID tags market trends are quantitatively analyzed to highlight the global eco-friendly RFID tags market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global eco-friendly RFID tags market analysis based on competitive intensity and how the competition will take shape in the coming years.
Questions answered in the Eco-Friendly RFID Tags Market research report:
- Who are the leading market players active in the eco-friendly RFID tags market forecast?
- What would be the detailed impact of COVID-19 on the market?
- What current trends would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the eco-friendly RFID tags market?
- What are the projections for the future that would help in taking further strategic steps?
Eco-Friendly RFID Tags Market Report Highlights
By Industry Vertical
Key Market Players
Alien Technology, Impinj Inc., AMS AG, RF Code, NXP Semiconductors N.V., Confidex Ltd., HID USA Corporation, Omni- ID Ltd., Invengo Information Technology Co., Ltd., Atmel Corp,