Dublin, Jan. 23, 2024 (GLOBE NEWSWIRE) -- The "Global RFID Market by Offering (Tags, Readers, Software & Services), Tag Type (Active, Passive), Wafer Size, Frequency (Low Frequency, High Frequency, Ultra-high Frequency), Form Factor, Material, Application and Region - Forecast to 2032" report has been added to ResearchAndMarkets.com's offering.
The latest comprehensive research on the Global RFID Market offers an in-depth examination of the industry's progress and innovative advancements expected to redefine the landscape through to the year 2032. Marked by an impressive CAGR of 11.1% from 2023 to 2032, the market is set to expand from its current evaluation of USD 15.8 billion to an estimated USD 40.9 billion.
As the industry navigates through increasing demands, the surge in hybrid RFID solutions is anticipated to address the limitations typically faced with single-technology systems. This evolution is poised to bolster the RFID market growth, backed by the integration of RFID technology with existing networks like Wi-Fi or GPS, thus minimizing the need for additional infrastructural investments. Such innovations underscore the transition towards RFID-enabled IoT solutions, further propelled by the diminishing costs of RFID tags, the ubiquitous utilisation of IP networks, and the broadening scope of commercial opportunities.
In 2022, the 8-inch wafer size segment demonstrated a significant market share, accredited to the wide-scale production of 8-inch (or 200 mm) wafers by leading manufacturers. With the expected reduction in costs of 12-inch wafers, the market could witness a paradigm shift, easing the transition for industry players to adapt to larger wafer sizes, fundamentally impacting chip manufacturing processes.
Ultra-High Frequency RFID Tags to Drive Unprecedented Growth
- The market segment for ultra-high frequency (UHF) RFID tags is poised to witness the highest growth rate during the forecast period. Supported by advanced passive and active tag technologies, these tags serve key applications ranging from asset tracking to inventory management and supply chain enhancements.
- The versatility and heightened efficiency of UHF tags ensure their prominence across diverse industry verticals, attributing to the segment's rapid growth and substantial contribution to the overall market prognosis.
With North America leading the charge, the region is slated to hold the largest market share in the RFID sector for 2022. This dominance is underpinned by widespread adoption across industries, stringent compliance mandates, and the critical nature of real-time data analytics. Establishments in the region are leveraging RFID for superior supply chain management, inventory control, and asset tracking, thus bolstering the market.
Major enterprises situated in North America, including companies that specialize in RFID solutions such as Zebra Technologies Corp., Alien Technology, LLC, and Impinj, Inc., are pivotal players contributing to this growth trajectory. Their presence signifies a robust market ecosystem favorable for existing and emerging entities within the RFID sphere.
The report encompasses a detailed analysis of the market dynamics, offering a rounded view of the driving factors, constraints, opportunities, and the various challenges faced by industry participants. This meticulous research endeavors to arm stakeholders with key market insights that aid in strategic decision-making and market positioning.
Key highlights from the report include an evaluation of market drivers such as the increasing necessity for RFID systems in manufacturing, availability of cost-conscious RFID solutions, and amplified demands for improved inventory management. It also addresses challenges like the relatively high costs associated with RFID system implementation and concerns relating to data security and privacy.
In conclusion, this extensive RFID market analysis is a treasure trove for stakeholders aiming to comprehend the industry's intricacies and capitalize on the impending growth opportunities. It provides a granular examination of the market's segmentation, while furnishing valuable guidance on the industry's trajectory to promote informed business strategies and market entrance endeavors.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 327 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $15.8 Billion |
| Forecasted Market Value (USD) by 2032 | $40.9 Billion |
| Compound Annual Growth Rate | 11.1% |
| Regions Covered | Global |
Companies Mentioned
- Zebra Technologies Corp.
- Impinj, Inc.
- Honeywell International Inc.
- Avery Dennison Corporation
- Nxp Semiconductors
- Alien Technology, LLC
- Caen Rfid S.R.L.
- Gao Group
- Hid Global Corporation
- Invengo Information Technology Co., Ltd.
- Mojix
- Sag Securitag Assembly Group Co., Ltd
- Linxens
- Checkpoint Systems, Inc.
- Identiv, Inc.
- Confidex
- Datalogic S.P.A.
- Nedap N.V.
- Jadak
- Unitech Electronics Co., Ltd.
- Infotek Software & Systems (P) Ltd.
- Bartronics India Limited
- Bartech Data Systems Pvt. Ltd.
- Globeranger
- Orbcomm
For more information about this report visit https://www.researchandmarkets.com/r/wmk8qp
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