Global Radio Frequency Identification (RFID) Market

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New York, USA, April 27, 2022 (GLOBE NEWSWIRE) — A new report on the Global Radio Frequency Identification (RFID) Market has been added by Research Dive to its repository. According to the report, the global market is expected to reach $21,361.9 million by 2027, up at a CAGR of 9.9% from 2020 to 2027. This report is an in-depth study offering a scrupulous insight into the current status and future scope of the global industry. The report is authored by professional market analysts and guaranteed to be a reliable source of comprehensive market data and information for new market players, investors, dominating players, stakeholders, shareholders, etc. .

The report segments the global radio frequency identification (RFID) market into frequency, end user, product, type, material, and region.

Download Sample PDF of RFID Market (Including Tables, TOC, and Figures) @ https://www.researchdive.com/download-sample/6063

Frequency: ultra-high sub-segment to lead market growth

On the basis of frequency, the global radio frequency identification (RFID) market is divided into low frequency, high frequency and ultra high frequency.

The ultra-high sub-segment was valued at $4,773.5 million in 2019 and is expected to grow significantly with a CAGR of 10.3% and reach revenue of $10,548.9 million during of the forecast period. This growth is mainly due to the increasing adoption of ultra-high frequency RFID, as it has a very high read range compared to both low frequency RFID and high frequency RFID. In addition, ultra-high frequency RFID facilitates rapid data transfer, increases inventory visibility, and regulates workflow through which many end-use industries use these RFID tags. All these factors are greatly fueling the growth of the sub-segment.

End User: Retail sub-segment will hold the largest market share

Based on end-user, the global radio frequency identification (RFID) market is divided into retail, BFSI, government, industrial, transportation & logistics, healthcare, and others.

The retail sub-segment was valued at $2,145.2 million in 2019 and is expected to experience the highest growth with a CAGR of 8.9% and generate $4,275.9 million during the period forecast. This is mainly due to the growing demand for RFID technology in the retail sector for tracking different products. RFID tags help track items versus individual shipments and provide a smoother workflow in retail stores.

Before and after the impact of the COVID-19 pandemic on the market:

Sharp rise of COVID-19 pandemic in 2020 has had an optimistic impact on the growth of the global Radio Frequency Identification (RFID) market. RFID technology has been used in various industries to automate data collection processes and massively reduce human error and data tracing efforts. Since the outbreak of the pandemic, RFID tags have been used in many ways in the healthcare industry; for example, in tracking medical equipment and other valuable medical tools to help medical professionals quickly identify equipment in hospitals and medical centers. These advantages of RFID technology are expected to drive the growth of the global market in the coming years.

How RFID Technology is Driving Global RFID Market Growth Post-COVID-19 Pandemic? Click here to login with [email protected] https://www.researchdive.com/connect-to-analyst/6063

Product: label Sub-segment to grab major market share

The label sub-segment of the product segment is expected to grow significantly with a CAGR of 10.3% during the forecast period. This growth is mainly due to the growing demand for RFID tags for smooth tracking of different products.

Gender: Passive The sub-segment will hold the leading market share

The passive sub-segment of the type segment is expected to grow significantly with a CAGR of 8.9% during the forecast period. This radio frequency identification (RFID) market growth is primarily driven by the growing demand for passive RFID tags for product tracking across many end-use industries; because these types of RFID tags work by using radio wave energy, don’t need a battery, and are relatively inexpensive.

Material: Plastic Sub-segment to dominate the market

The plastic sub-segment of the materials segment is expected to witness strong growth with a CAGR of 10.6% during the forecast period. This growth is mainly due to the increasing use of plastic materials in RFID tags as it is easier to be monitored with any reader and can capture huge amounts of data which can then be used for operational purposes. in production processes.

Asia-Pacific Market to Perceive Rapid Growth

The report analyzes the global Radio Frequency Identification (RFID) market across several regions such as North America, Europe, Asia-Pacific, and LAMEA. Among these, the Asia Pacific market is expected to witness rapid growth with a CAGR of 10.6% during the forecast period. The growth of the region’s market is mainly due to the fact that many companies in this region are investing heavily in improving advanced product tracking systems.

Factors Impacting Market Growth:

The key factor driving the growth of the global Radio Frequency Identification (RFID) market is the increasing use of RFID technology in numerous manufacturing industries for smooth handling of different processes. Additionally, RFID technology is widely used in retail industries to track in-stock products until they are delivered to multiple department stores; this is expected to open doors for beneficial opportunities for market growth over the estimated time frame. However, the high costs involved in the production of RFID tags and their reader are expected to hamper the growth of the radio frequency identification (RFID) market.

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Main market players

The report lists some of the key players operating in the global Radio Frequency Identification (RFID) market including

  1. Impinj
  2. Honeywell
  3. Nedap
  4. NXP Semiconductors
  5. Avery Denison
  6. Zebra Technologies
  7. GAO-RFID
  8. Identify
  9. Invengo
  10. HID Global, and others.

The report also offers several cutting-edge tactics and approaches such as key strategic moves and developments, product/service mix, business performance, Porter’s Five Forces analysis, and SWOT analysis of major players operating in the global industry. – Inquire here @ https://www.researchdive.com/purchase-enquiry/6063

For example, in May 2021, SML Groupa global provider of RFID and branding solutions, has launched GB24U, a dual-tag technology that integrates the item-level tracking capabilities of RFID with the loss avoidance skills of an electronic article surveillance tag ( EAS).

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