Rising Demand and Usage in Various Industries Empowering the Global RFID Smart Label Market
Radio frequency identification (RFID) is a technology used for identifying and tracking tags attached to objects automatically using radio waves. These tags contain information that is stored electronically. This technology has transformed the automated data capture and tagging by providing accurate information. For instance, merchandise or books in a store are attached with special tags, which contain label IDs and other information related to the product. With the help of RFID smart labels, the bar code or shipping information can be retained with the help of this technology. It is majorly used for effective tracking of the products as well managing and protecting them from adverse conditions. Looking at its advantages, the demand for RFID smart labels has increased lately, thereby giving a boost to the global market.
Market Drivers and Opportunities
The growth of the global radio frequency identification smart label market is majorly influenced by the following factors:
• Increased usage in tracking applications
• Rise in demand from supply chain industry
• Growing technology, especially in printed electronics
• Booming IoT sector
• Increasing usage of sensing labels in industries
Moreover, it also helps in getting real-time information about the product and reduction in the number of errors, which further helps in the reducing the costs of manual labor, thereby streamlining the whole supply chain process. Furthermore, opportunities in healthcare and chemical sectors are also expected to provide huge growth opportunities in this market.
Poised to grow at a CAGR of 17% during the projected period, the global radio frequency identification smart label market which was valued around $2.2 Billion in 2014 is estimated to hit about $4.9 Billion by 2019.
Among applications, the retail inventory and pallet tracking are the major users of RFID smart labels, with both accounting for 26% of the total market share in 2014. The retail inventory segment is also expected to grow at a CAGR of 16.9%. Moreover, logistics, retail, healthcare, pharmaceutical, and food & beverage segments are also expected to offer ample growth opportunities in this market over the forecast period.
Avery Dennison Corporation (U.S.), Checkpoint Systems, Inc. (U.S.), CCL Industries, Inc. (Canada), SMARTRAC N.V. (The Netherlands), and SATO Holdings Corporation (Japan) are the key players operating in the global RFID smart label market.
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The global RFID smart label market has been studied and forecasted on the basis of following segmentation:
• Type: Low Frequency, High Frequency, Ultra-High Frequency
• Application: Electronics & IT Asset, Equipment, Retail Inventory, Books & Documents, Pallet, Parcel & Luggage, Perishable Goods
• Region: America, Europe, Asia-Pacific