The global radio-frequency identification (RFID) market is anticipated to surpass a valuation of USD 31.8 billion, attaining a CAGR of 15.6% during the forecast period (2017-2023), Market Research Future (MRFR) reveals in a detailed report. RFID is a technology, which uses radio-frequency electrostatic fields or electromagnetic fields to detect objects carrying tags, as soon as they come close to a reader. It is a wireless technology which aligns with radio-frequency waves in order to track tags attached to the people and objects. In the healthcare segment, RFID helps in monitoring patients, medication authentication, real-time tracking of assets, hand washing, and wait time monitoring.
Market Potential and Pitfalls
The Radio Frequency Identification (RFID) Market is mainly boosted by the use of electromagnetic fields, which can automatically tag and detect tags attached to objects. These tags comprise information that can collect data like price, serial number, and count in digital form. Data can be easily recorded and recognized with the help of these tags. The soaring use of RFID tags in the healthcare industry and supply chain management has triggered the demand from the RFID market globally.
The RFID technology has been in use for the past few years now. The recent boom in its applications across industries like transport, retail, defense, medical, and others, have encouraged its adoption. Radio-frequency identification provides solutions like real-time backup recovery, storage, elimination of data redundancy, ease of management & monitoring, and customer support. These benefits have further encouraged its adoption across the global market. The surging demand for smart stores is one of the major trends positively impacting the market growth. Smart stores use technologies like facial recognition, smart cards, AI, and others. RFID is highly used in these stores for check-out services and product delivery. The success of smart stores will further create growth opportunities for the RFID market.
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Radio Frequency Identification Market Global Market – Segmentation
- Segmentation by Product Type: Tags, Reader, Software, and Others
- Segmentation by Wafer size: 200mm, 300mm, 450mm and Others
- Segmentation by Components: Passive RFID, Active RFID and Others.
- Segmentation by Frequency: Low Frequency, High Frequency, Ultra-high Frequency, and Active Ultra-High Frequency
- Segmentation by End-user: Manufacturing, BFSI, IT/ITES, Healthcare, Transportation, Logistics and Supply Chain, Aerospace, Defense, Retail, Sports, Government and Others
- Segmentation by Region: North America, Europe, Asia Pacific, Latin America, Middle East & Africa.
The prominent players in the radio-frequency identification (RFID) market are: NXP Semiconductors N.V (Netherlands), Alien Technology (US), 3M Company (U.S), ACTAtek Technology (U.S), Axcess International, Inc. (U.S), : Impinj Inc. (US), Ascendent ID (U.S), ), Checkpointt System Inc. (U.S), and Avery Dennison Corporations (US), among others.
Radio Frequency Identification Market Global Market – Regional Analysis
North America is expected to dominate the global radio frequency identification market with the largest market share in the region. The U.S and Canada are the leading in the region. This is attributed to increased adoption of RFID tags in retail sector. Furthermore, Asia Pacific is anticipated to be the fastest growing region over the forecast period due to rapidly increasing healthcare sector and rising need for RFID solutions in medical equipment such as ECG monitors, syringe drivers and many more. China, India, and Japan are the leading countries in the region. Europe is also expected to gain a substantial growth over the forecast period due to advanced infrastructure in defense sector.
July 2019: ICC International PLC has recently launched a fashion store that offers facial recognition, RFID, and artificial intelligence. This enables shoppers to look through products, select the required products, and purchase it, without taking help of any salesperson.
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- Software investors
- Security solution vendors
- RFID service providers
- Value-added Resellers
- Investors and Venture Capitalist
- Security Management Service Provider
- Security Equipment Providers
- Security Agencies
- System Integrators
- Research/Consultancy firms
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