March 3 2021
Market Research Future published a research report on “RFID Market Research Report- Forecast 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
The global 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 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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The prominent players in the 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 - Segmentation
The global radio frequency identification market is segmented on the basis of product type, wafer size, component, frequency, end use, and region.
Radio Frequency Identification Market Global Market - Regional Analysis
North America is likely to dominate the global radiofrequency identification market over the forecast period due to the growing demand for RFID tagging in retail, healthcare, transportation, defense, sports, access control and other applications in the region. The benefits of radiofrequency identification, including accuracy and errorless operations, have become increasingly apparent to various agencies in the region, which has resulted in growing use of RFID tagging in various applications. The retail sector is likely to remain a key player for the radiofrequency identification market over the forecast period due to the widespread use of radiofrequency identification in the retail sector. The use of radiofrequency identification in large supermarket chains across the U.S. and Canada is likely to be a major driver for the radiofrequency identification market in North America over the forecast period.
Europe is also likely to hold a major share in the global radiofrequency identification market over the forecast period, as the region has experienced widespread adoption of radiofrequency identification systems in retail, healthcare, and numerous other sectors in the last few years. The growing development of radiofrequency identification systems in Europe and the strong presence of several key players in the market is likely to be a major driver for the radiofrequency identification market in Europe over the forecast period. Another major driver for the radiofrequency identification market in Europe is the high preference for cashless payments based on NFC and other tech-based systems among European customers. This has enabled steady growth of the laser optics technology required for RFID systems, enabling steady growth of the radiofrequency identification market in the region.
Asia Pacific is likely to exhibit steady progress in the global radiofrequency identification market over the forecast period due to the growing demand for modern supermarkets in the region’s leading economies, such as South Korea, Japan, China, and India. This has driven technological innovation in the retail sector in an effort to provide customers a convenient experience. This has led to a growing demand for radiofrequency identification in these and other countries in the region. Growing demand for electronic tagging in the healthcare sector is also likely to be a major driver for the radiofrequency identification market in Asia Pacific over the forecast period, due to the high population of the region.
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TABLE OF CONTENTS
LIST OF FIGURES
Figure 1 Research Methodology
Figure 2 Radio-Frequency Identification (Rfid) Market: By Product Type (%)
Figure 3 Radio-Frequency Identification (Rfid) Market: By Components (%)
Figure 4 Radio-Frequency Identification (Rfid) Market: By Wafer Size (%)
Figure 5 Radio-Frequency Identification (Rfid) Market: By End-User (%)
Figure 6 Radio-Frequency Identification (Rfid) Market: By Region (%)
Figure 7 North America Radio-Frequency Identification (Rfid) Market, By Product Type (%)
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