Growth opportunities in the RFID Market look promising over the next six years. This is mainly due to the rising need for tracking inventory and equipment in business activities and help to gather the exact location of assets.
RFID Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
Several major drivers promoting the growth of the RFID market are the augmenting implication of RFID tags in logistics, manufacturing, and warehousing, surging need to track inventory and equipment in business operations, along with their growing demand for supply chain management across retail businesses. Also, RFID helps gather the location data with the help of Real-Time Location System RTLS to acknowledge the accurate position of assets, which is projected to strengthen the market size.
In accordance with the Institute of Electrical and Electronics Engineers (IEEE), over 50 billion objects, by 2020, will be connected to the internet. Moreover, the rising prosecution of IoT in the supply chain across several sectors, including manufacturing, pharmaceutical, retail, and logistics, along with the expansion in printed electronics with 3D printing technology, will stimulate market growth. However, the excessive installation cost of these systems, which include readers, software, tags, training charges, will curb the market growth. Additionally, the inadequacy of device interoperability of safe exchange and use of information across one or more devices will hamper the market size.
Type Segment Drivers
Based on type, passive RFID is predicted to lead the market over the forecast period. This is primarily attributed to its features like low manufacturing cost, stability, less noise, low weight, small size, and battery independence. Moreover, the mounting use of these RFID tags for safety and monitoring control, payment, waste management, animal identification, work-in-process, asset tracking, and electronic commerce is raising market growth.
Regional Drivers
Based on regional coverage, North America is expected to dominate the market during the forecast period. This is because of the rapid improvement in technology, growing use of RFID technology in retail, healthcare, logistics sectors for asset management and tracking. Moreover, the prevalence of leading players which include Honeywell International Inc., GAO Group, Fujitsu Group, and Checkpoint Systems, Inc. are encouraging market growth.
RFID Market’s leading Manufacturers:
- Checkpoint Systems, Inc.
- Fujitsu Group
- GAO Group
- Variuscard GmbH
- Alien Technology, LLC
- RFID Global Solution
- Honeywell International Inc.
- NXP Semiconductors N.V.
- Zebra Technologies Corporation
- Avery Dennison Corporation
RFID Market Segmentation:
Segmentation by Product
- RFID Tags
- RFID Readers
- Middleware
Segmentation by Type
- Passive RFID
- Active RFID
Segmentation by Frequency
- Low Frequency
- High Frequency
- Ultra-high Frequency
Segmentation by Application
- Retail
- Financial Services
- Healthcare
- Industrial
- Government
- Transport & Logistics
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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