New York, USA, July 14, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global RFID market is projected to register a revenue of $21,361.9 million at a CAGR of 9.9% during the forecast period (2020-2027), increasing from $9,966.4 million in 2019. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints, and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Dynamics of the Market
Drivers:
The demand for RFID technology is rising in the manufacturing industries owing to its manifold benefits. With the help of this technology, products can be identified and effortlessly tracked in an inventory and track the production stage of a certain product. RFID technology also help to understand the lifecycle of the product. These are the factors enhancing the growth of the market during the forecast period.
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Restraints:
The main factor hampering the growth of the market is the expensiveness of production process of the RFID tags and reader.
Key Segments of the Market
The report has been divided into different segments based on product, type, material, frequency, end-user, and regional analysis.
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Product: Tag Sub-Segment Expected to be the Most Dominant
The tag sub-segment is predicted to generate the maximum revenue with a CAGR of 10.3% during the forecast period, surging from $5,876.3 million in 2019. The demand of RFID tags has been increased in recent years because of its convenience in tracking of products. This factor is expected to enhance the growth of the market segment.
Type: Active Sub-Segment Expected to be the Most Profitable
The active sub-segment garnered a revenue of $4,789.4 million in 2019 and is further expected to grow with a healthy CAGR of 10.9% during the forecast period. Powered by battery, active RFID technology can be read at higher frequency with the help of RFID readers. This factor is expected to enhance the growth of the market segment.
Material: Metal Sub-Segment Expected to be the Most Lucrative
The metal sub-segment dominated the market with $2,476.1 million in 2019 and is further expected to grow at a CAGR of 9.0% during the analysis period. Metal RFIDs are known for high durability and cost-effectiveness, which has resulted in high demand. This is the major factor behind the growth of the metal sub-segment.
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Frequency: Ultra-High Frequency Sub-Segment Predicted to be the Most Profitable
Ultra-high frequency sub-segment is estimated to dominate the market with a healthy CAGR of 10.3% during the upcoming years. The main factor boosting the market growth is that the ultra-high frequency RFID technology comes with exceptionally high read range compared to both high and low frequency RFID.
End-User: BFSI Sub-Segment Expected to be the Most Beneficial
BFSI sub-segment surpassed $1,395.3 million in 2019 and is further anticipated to grow with a CAGR of 11.0% during the analysis period. BFSI implements RFID technology for various purposes such as ID card solution, asset tracking, CCTV surveillance solution etc. This is the main factor fuelling the growth of the segment.
Regional Outlook: North America Expected to Dominate the Market
The North America regional market surpassed a revenue of $3,442.4 million in 2019 and is further predicted to grow at a CAGR of 9.0%. The presence of the most of the major players of the market is one of the reason boosting the demand of RFID technology in the regional countries. This is the major factor behind the growth of the market.
Key Players of the Market
1. Honeywell
2. NXP Semiconductors
3. Avery Dennison
4. Zebra Technologies
5. Impinj
6. HID Global
7. GAO RFID
8. Identiv
9. Invengo
10. Nedap
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
Recent Development:
In September 2020, Zebra Technologies Corporation, an innovator at the front line of business with solutions and partners that deliver a performance edge, completed its acquisition of Reflexis Systems, Inc., a privately-held, leading provider of intelligent workforce management, execution, and communication solutions for organizations in the hospitality, retail, food service, and banking industries.
Covid-19 Impact Analysis
The Covid-19 outbreak has impacted the global RFID market in a positive way, unlike other industries. The RFID technology is being used in the healthcare sector during the pandemic for various uses. This technology helps in automating the data collection process and reduces manual effort and errors. It helps the medical staff in tracking medical devices and equipment in minimum time during emergency. These are reasons behind the positive growth of the market during the pandemic.
The report also provides an overview of many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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