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Radio frequency identification is the application of electromagnetic fields to transfer electronically stored data which helps in identifying and tracking tags attached to objects. Special tags are fixed to merchandise or books which store the labels ID and other information. RFID smart labels allows to retain bar code/shipping label information with the help of passive RFID technology.
These labels besides majorly being used for tracking the inventory & merchandise also offer added protection to the RFID chip from adverse physical condition such as heat, dust, and humidity. Major applications of RFID smart label are in printing standard bar code/QR code and label text.
Rising application of RFID sensing labels in various segments such as healthcare, pharmaceutical, and food & beverage industries is the key factor driving the growth of the market. Furthermore, the large scale usage of RFID labels in retail inventory and pallet tracking is a major factor fuelling the growth of the market. Extensive support by governments across APAC countries and the convergence of various technologies will provide growth momentum to the market. The market would witness significant growth due to wide adoption of UHF (ultra-high frequency) RFID smart labels. The reasons responsible for the growth of UHF segment are large memory space which enables users to store extensive amount of data and access to many labels concurrently. This reduces time and increases operational efficiency.
Lack of coherent privacy regulations, given the intrusive nature of RFID smart labels technology, is a key market challenge that will hamper the growth of the market. Privacy concerns that restrict the growth of the market are the impossibility for consumers to know whether an inventory, product or package has an RFID sensing label attached to it for the purpose of covert tracking. The design of more safeguard by different regulatory agencies will help the key market players to overcome this challenge.
The report segments the market on the basis of type, geography and applications. On the basis of types, the market is segmented into Ultra-High Frequency, High Frequency and Low Frequency. Based on the application, the report segments the market into electronics & IT asset, pallets, equipment, retail inventory, documents, parcel & luggage, and perishable goods. On the basis of geography, the market is segmented into Asia-Pacific, Americas and Europe.
Making new product launches, forging partnerships & collaborations, and entering into joint ventures are the key strategies adopted by most market players to strengthen their positions in the market. Key market players extensive profiled in the report include Avery Dennison Corporation, Checkpoint Systems, Inc., CCL Industries, Inc., Smartrac N.V., and SATO Holdings Corporation.
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Key Market Segments
Key Market Players