Global RFID Tags For Asset Tracking Market Size By Product, By End User, By Geographic Scope And Forecast

Global RFID Tags For Asset Tracking Market Size By Product, By End User, By Geographic Scope And Forecast

Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format

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RFID Tags For Asset Tracking Market Size And Forecast

RFID Tags For Asset Tracking Market size was valued at USD 15.9 Billion in 2024 and is projected to reach USD 41.2 Billion by 2031, growing at a CAGR of 11.5% from 2024 to 2031.

Global RFID Tags For Asset Tracking Market Drivers

The market drivers for the RFID Tags For Asset Tracking Market can be influenced by various factors. These may include

  • Productivity And Efficiency Compared to manual techniques, RFID tags provide a more automated and efficient means of tracking assets. By decreasing errors in asset management processes and saving time, this can result in higher productivity.
  • Cost Reduction By lowering labour expenses related to manual tracking, minimising asset loss or theft, and optimising asset utilisation, implementing RFID tags for asset tracking can result in cost savings.
  • Regulatory Compliance Strict regulatory requirements for asset tracking and management are frequently applicable to industries including healthcare, aircraft, and automobile. RFID technology offers precise and instantaneous visibility into the location and status of assets, assisting organisations in adhering to these rules.
  • Technological Advancements The use of RFID technology is being driven by ongoing developments in a number of industries. These developments include the creation of smaller, more robust tags and enhanced reader capabilities. These developments improve RFID systems’ dependability and performance, which increases their appeal for asset tracking applications.
  • Supply Chain Optimisation By allowing for the real-time tracking of assets across the supply chain, RFID tags are essential to supply chain management. Organisations may increase overall supply chain efficiency, decrease stockouts, and optimise inventory management with the use of this visibility.
  • Growing Adoption In Emerging Areas The advantages of RFID technology for asset tracking are becoming more widely recognised in emerging areas including retail, logistics, and construction. The need for RFID tags is predicted to rise in tandem with the expansion of these businesses.
  • Growing Emphasis On Asset Security Improving asset security is becoming more and more important in a variety of businesses due to the increase in asset theft and counterfeiting. RFID tags offer a tamper-evident and safe method of asset identification and tracking, assisting organisations in reducing the risk of theft and unauthorised access.
  • Integration with IoT And Big Data Analytics By combining RFID technology with big data analytics and IoT (Internet of Things) platforms, businesses may extract insightful information from asset tracking data. Proactive asset management techniques, real-time decision-making, and predictive maintenance are made easier by this interface.

Global RFID Tags For Asset Tracking Market Restraints

Several factors can act as restraints or challenges for the RFID Tags For Asset Tracking Market. These may include

  • Cost For certain businesses, particularly smaller ones or those with limited resources, the upfront costs of deploying RFID technology, including tags, readers, and infrastructure, can be significant. This can be a major deterrent, especially in sectors of the economy with narrow profit margins.
  • Compatibility & Integration It might be difficult and expensive to integrate RFID technology with legacy systems and the current IT infrastructure. Compatibility problems between various RFID software and systems can also be problematic, particularly in contexts that are heterogeneous.
  • Data Security And Privacy Issues Because RFID technology transmits and stores sensitive data, data security and privacy issues are brought up. Adoption may be hampered by the difficulty of ensuring data protection and compliance with laws like the GDPR (General Data Protection Regulation), especially in sectors handling extremely sensitive data.
  • Range and Read Accuracy A number of variables, including interference, ambient conditions, and tag positioning, can impact RFID tag performance. The efficacy of RFID systems may be restricted by limited read range and accuracy problems, particularly in large-scale installations or in difficult situations like metallic or outdoor locations.
  • Standardisation And Compatibility Inadequate protocols and compatibility amongst various RFID systems and parts can restrict suppliers’ and end users’ options and impede scalability. Increased deployment costs and vendor lock-in may result from this fragmentation.
  • Regulatory Compliance Market participants may face difficulties adhering to industry norms and laws pertaining to RFID technology, such as those governing frequency restrictions and spectrum distribution. It could be necessary to commit more money and efforts to complying with regulatory standards.
  • Adoption Of RFID technology may be hampered by resistance to move from conventional asset monitoring techniques like barcode systems or manual procedures. This resistance may be influenced by perceived risks associated with technology migration, personnel training, organisational culture, and other factors.
  • Environmental Concerns When it comes to recycling and disposal, certain RFID tags include potentially harmful substances like heavy metals or batteries. Market participants may face difficulties in adhering to environmental rules and guaranteeing sustainable practices throughout the RFID system’s lifecycle.

Global RFID Tags For Asset Tracking MarketSegmentation Analysis

The Global RFID Tags For Asset Tracking Market is segmented based on Product, End User, And Geography.

RFID Tags For Asset Tracking Market, By Product

• Metal• Liquid Tags

Based on Product, the market is bifurcated into Metal and Liquid Tags. In Products, metal tags register highest CAGR and will be the largest contributor towards RFID Tags For Asset Tracking Market. The growing demand for Metal tags is due to its wide usage and easy availability.

RFID Tags For Asset Tracking Market, By End User

• M2M And IoT Companies• Logistics Services Companies• Systems Integration Companies• Smart City Integration Companies• Data Management and Analytics Companies• Asset Tracking Software and Services Companies

Based on End User, the market is bifurcated into M2M And IoT Companies, Logistics Services Companies, Systems Integration Companies, Smart City Integration Companies, Data Management and Analytics Companies, and Asset Tracking Software and Services Companies. RIFD tags are widely used by logistics services. This growth is mainly attributed to the boom in e-commerce industry.

RFID Tags For Asset Tracking Market, By Geography

• North America• Europe• Asia Pacific• Rest of the world

On the basis of Geography, the Global RFID Tags For Asset Tracking Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. Europe is one of the highest contributors to the adoption RIFD tags for asset tracking. This growth is mainly attributed to the dominance of automation in transportation, automotive industry. There has been a surge in demand from industries in Asia Pacific and Middle East, and is anticipated to grow in the forecast period.

Key Players

The major players in the RFID Tags For Asset Tracking Market are

  • Zebra Technologies
  • Alien Technology
  • CAEN RFID
  • Impinj
  • Avery Dennison
  • Honeywell
  • NXP Semiconductors
  • GAO RFID
  • HID Global
  • Invengo
  • Infotek Software & Systems (i-TEK)
  • Bartronics India Limited
  • Bartech Data Systems Pvt. Ltd.
  • ORBCOMM
  • GlobeRanger
  • Vizinex RFID
  • GAO RFID
  • Bar Code Integrators (BCI)
  • CYBRA Corporation
  • American Barcode
  • Coresonant Systems
  • Omni-ID
  • Litum Group
  • Entigral Systems
  • Roper Technologies

Report Scope

REPORT ATTRIBUTESDETAILS
Study Period

2021-2031

Base Year

2024

Forecast Period

2024-2031

Historical Period

2021-2023

UNIT

Value (USD Billion)

Key Companies Profiled

Vizinex RFID, GAO RFID, Bar Code Integrators (BCI), CYBRA Corporation, American Barcode, Coresonant Systems, Omni-ID, Litum Group, Entigral Systems and Roper Technologies

Segments Covered
  • By Product
  • By End User
  • By Geography
Customization Scope

Free report customization (equivalent up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope

Research Methodology of Market Research

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