New York,USA, Sept. 27, 2021 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global radio frequency identification (RFID) market is expected to generate a revenue of $21,361.9 million by 2027, growing rapidly at a CAGR of 9.9% during the forecast period (2020-2027). 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: RFID technology significantly helps in identifying, analyzing, and tracking store products in inventories along with its production stage. RFID technology is extensively used in various end-use industries involved in manufacturing units. These factors are expected to drive the growth of the market during the forecast period.
Restraints: Extortionate cost associated with the deployment of RFID technology is expected to impede the growth of the market during the forecast period.
Opportunities: Persistent technological developments in the RFID technology are expected to create massive opportunities for the growth of the market by 2027.
Segments of the Market
The report has divided the market into various segments based on product, type, material, frequency, end-user, and region.
Product: Tag Sub-segment to be Most Beneficial
The tag sub-segment is expected to grow exponentially with a CAGR of 10.3% during the forecast period. Rising demand for RFID tags for easy tracking of store products is expected to bolster the growth of the sub-segment during the forecast period.
Type: Active Sub-segment to have the Highest Growth Rate
The active sub-segment is expected to grow rapidly with a CAGR of 10.9% during the forecast period. Active RFID technology is powered by battery, thereby, making it readable at a high range of frequency. This factor is expected to fuel the growth of the sub-segment during the forecast period.
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Material: Metal Sub-segment to be Most Profitable
The metal sub-segment is expected to grow expeditiously with a CAGR of 9.0% during the forecast period. Various properties associated with RFIDs like high durability and affordability are expected to drive the growth of the sub-segment during the forecast period.
Frequency: Ultra-High Frequency Sub-segment to Have the Largest Market Share
The ultra-high frequency sub-segment is expected to grow hastily during the forecast period. Ultra-high frequency RFID technology have massive red range. This factor is expected to bolster the growth of the sub-segment during the forecast period.
End-user: Retail Sub-segment to be Most Lucrative
The retail sub-segment is anticipated to grow expeditiously with a CAGR of 8.9% during the forecast period. Increasing application of RFID technology in the retail sector for efficient tracking of products is expected to accelerate the growth of the market during the forecast period.
Region: Asia Pacific Region to have the Highest Growth Rate
The Asia Pacific region is expected to grow exponentially with a CAGR of 10.6% during the forecast period. Increased investment for the extension of various business activities by major players and persistent development of advanced products in this region are expected to bolster the growth of the market during the forecast period.
Impact of COVID-19 on the Market
The outbreak of pandemic has had an immense impact on the growth of the global RFID market in a positive way, owing to the increase in demand for medical equipment during the pandemic. The demand for medical equipment consequently surged due to the increase in the number of patients in the hospital having various infections. RFID was extensively used in the healthcare sector for efficient tracking of medical equipment within the hospital premises.
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Key Players of the Market
The prominent players of the market include
- Impinj
- Identiv
- Nedap
- Honeywell
- Zebra Technologies
- NXP Semiconductors
- Invengo
- Avery Dennison
- GAO RFID
- HID Global, and many more.
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
For instance, in March 2020, Avery Dennison, a global materials science company, specializing in the design and production of a wide variety of labeling and functional materials, acquired Smartrac’s Transponder business, so as to maximize Avery Dennison’s presence in the RFID market and shift their portfolio towards faster growing and higher value category products.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
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