Radio-Frequency Identification (RFID) Market is the radio waves that are highly used in multiple industries to capture the information that is stored on a tag attached to an object. These tags are widely used in the industry to store product information electronically. These are also used to analyze the object from a large distance.
This Radio-Frequency Identification (RFID) Market is getting popular day by day because of the logistic and manufacturing industry. These are also used in warehousing, where it needs to keep track of the inventory. Radio-Frequency Identification (RFID) Market is also used to gather the data and information with the help of RTLS. These are important to analyze the location and identity of assets and goods.
The Radio-frequency identification market value increasing day by day because of the multiple features and functionalities. The Radio-Frequency Identification (RFID) Market is getting popular due to the wide use of electromagnetic fields that can be automatically identified and tracked by the tags that are attached to the objects. These tags contain all the information digitally in the form of a serial number and price, manufacturing, and expiry date. With the help of these RFID Market tags, the data can be easily recorded and recognized. The increasing use of these tags creates major growth in the industry of the RFID Market. After considering the popularity of RFID Market, the analyst creates a Radio-Frequency Identification (RFID) Market report where they mention an expected growth of USD ~$31.8 Billion by 2023, at ~15.6% of CAGR between 2017 and 2023.
COVID 19 Analysis
The covid-19 impact creates a halt for the Radio-Frequency Identification (RFID) Market just like any other industry. This pandemic hampers the multiple industries in the overall world. The demand for sales and production of RFID technology was hampered because of the low investment costs and lack of employees. The pandemic affects this industry in multiple ways. By considering these factors, the government bodies and the market key players create and adopt the new safety measures to develop the practices. They create new ideas for the development and growth of the RFID Market. Because of their ideas and techniques, the RFID market is growing bigger than in the last years. They develop innovative ideas, and as a result, the sales rate of the RFID technology industry is increasing by targeting the right audience. Covid 19 hampered the demand of Radio-Frequency Identification (RFID) Market and created financial losses, which are now in a stable position just because of the innovative ideas.
The RFID Market is growing day by day because of multiple factors. The major key growth of the RFID Market outlook is the healthcare industry, manufacturing, and warehouse. After the COVID outbreak impacts are relaxed and the prediction of an increase in population worldwide by the year 2030, the Radio-Frequency Identification (RFID) industries have put up progressive implementations to ensure a massive boost in the production rate.
The RFID market is expected to register substantial growth because of the increased usage of security & access control applications, the requirement of an accurate data unit, and RFID industry growth in demand for effective store handling. Because of this RFID industry outlook, the consumption rate is increased the demand for Radio-Frequency Identification (RFID) is about to increase exponentially in the current forecast years.
The RFID Market might face numerous challenges in eliminating the regional barriers to make quality products so that they can reach out to demanding consumers and companies. To improve the functionality and the reachability of the RFID industry outlook, search for multiple key players and investors to ensure that the quality of services can be manufactured and supplied to the demanding audience. The RFID industry growth market continuously faces multiple challenges and gets over from them because of the collaborative efforts of the key players of RFID Market.
Like the major growth factors of RFID industry, there are multiple restrains in the market which affect the growth of the market. These major restrains of the Radio-Frequency Identification (RFID) industry are damage of sensors, high initial investment cost, and device interoperability.
The Radio-Frequency Identification (RFID) Market is divided into the different segments that are as described below. The RFID reader market is segmented according to the basis of a component or product type, wafer size, Frequency, geography, and industry vertical. The RFID industry segments are further classified into sub-segments that we're going to describe in the below section.
Market segmentation on the basis of product type:
The RFID reader market is classified into the components into different factors that are tags, reader, and software.
Market segmentation on the basis of industry vertical:
The RFID reader market is sub-segmented into the industry vertical as per the transportation, BFSI, Animal Tracking/Agriculture, commercial, retail, government, healthcare, logistic aerospace, security control & defense, and others.
Market segmentation on the basis of wafer size:
The market is further classified into the wafer size that is sub-segmented into 200mm, 300mm, 450mm, and Others.
Market segmentation on the basis of Components:
The Radio Frequency Identification Technology Market is sub-segmented as per the component that is Passive RFID, Active RFID, and Other.
Market segmentation on the basis of Frequency:
The Radio Frequency Identification Technology Market is segmented into the Frequency that is further sub-segmented into the Low Frequency, High Frequency, Ultra-high Frequency, and Active Ultra-High Frequency.
Regional Analysis of the Radio-Frequency Identification (RFID):
The RFID Market Forecast is divided into multiple regions that are Asia Pacific, North America, Europe, and the Rest of the World. Radio-Frequency Identification (RFID) is popular across these countries because of the simple management, storage, monitoring, real-time backup, recovery, and data duplication.
There are many other applications of RFID Market Leaders, because of which it brings the attention of different people. Among all the overall discussed market, the North America region holds the largest market share, which is followed by Europe and Asia-Pacific region. According to the global Radio-Frequency Identification (RFID) report, the European region is showing rapid growth because of the storage and tracker solution provided by the Radio-Frequency Identification (RFID). Along with this, the other Asia-Pacific countries like Japan, China, and India are projected to be the fastest-growing region of RFID Market Forecast just because of the increasing size of high data generation in many countries.
Intended Audience of the Radio-Frequency Identification (RFID) Market:
Key Players of the Radio-Frequency Identification (RFID) Market:
The prominent players in RFID Market Leaders or 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.
Research methodologies of the Radio-Frequency Identification (RFID) Market:
The analyst and market key players of Radio Frequency Identification Market prepare this result after doing continuous research. They reach any point after considering the research methodology. The research methodologies are used to estimate and forecast the RFID market. The analysts search the data and obtain them through secondary research such as past reports, journals, and newsletters, and whitepapers of the leading players in this market. The market analysts use different tags and software providers for determining the market segmentation. The market key players play a great role in this by using different qualitative and quantitive assessments. The analysts use different swot analyses and Porter's five force model to determine the expected values of Radio Frequency Identification Market. After arriving at the overall market size, the total market has been split into several segments and sub-segments.
The target audience of the Radio-Frequency Identification (RFID) Market report:
The targeted audience of the Radio-Frequency Identification (RFID) industry is Government bodies, venture capitalists, and private equity firms, research institutes and organizations, Software designers and manufacturers, System integrators, and multiple Manufacturers and End-user industries such as health care, sports, retail, logistics, and supply chain, commercial and others.
Scope of the report:
Frequently Asked Questions (FAQ) :
The global radio frequency identification (RFID) market is expected to record a substantial market valuation of USD 31.8 billion by 2023.
The global radio frequency identification (RFID) market is projected to register a moderate 15.6% CAGR in the forecast period.
The increasing use of RFID tags in supply chain management and increasing adoption in many end-use industries such as healthcare, are expected to drive the radio frequency identification (RFID) market during the forecast period.
Tag product type segment is slated to expand as the fastest-growing segment over the review period.
Asia-Pacific is the fastest-growing region, which is projected to show high growth during the forecast period.
The major market players operating in the global radio frequency identification (RFID) market are NXP Semiconductors N.V (Netherlands), 3M Company (U.S), Alien Technology (US),ACTAtek Technology (U.S), and others.