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 hit $21,361.9 million by 2027, rising at a CAGR of 9.9% from 2020 to 2027. This report is an in-depth study offering scrupulous insights into the current condition and future scope of the global industry. The report is drafted by professional market analysts and guarantees to be a reliable source of data and all-inclusive market insights for new market players, investors, prevalent players, stakeholders, shareholders, etc.
The report segments the global radio frequency identification (RFID) market into frequency, end-user, product, type, material, and region.
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Frequency: Ultra-High Sub-Segment to Lead the Market Growth
Based on 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 anticipated to grow significantly with a 10.3% CAGR and hit a revenue of $10,548.9 million during the forecast period. This growth is chiefly owing to the rising adoption of ultra-high frequency RFID as it possesses very high read range as compared to both low frequency as well as high frequency RFID. Also, ultra-high frequency RFID aids in speedy data transfer, surges the visibility of inventory, and regulates workflow owing to which numerous end-use industries make use of such RFID tags. All these factors are greatly fueling the sub-segment’s growth.
End-User: Retail Sub-Segment to Hold Foremost Market Share
Based on end-user, the global radio frequency identification (RFID) market is divided into retail, BFSI, government, industrial, transport & logistics, healthcare, and others.
The retail sub-segment was valued at $2,145.2 million in 2019, and is anticipated to observe highest growth with a CAGR of 8.9% and garner $4,275.9 million during the forecast period. This is chiefly owing to the rising demand for RFID technology in the retail sector for tracking of the different products. RFID tags help to track the items against individual shipments and offer smoother workflow in retail stores.
Pre- and Post-Impact of COVID-19 Pandemic on the Market:
The abrupt 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 for automating the data collection processes and massively decreasing human errors and efforts in tracing data. Since the outbreak of the pandemic, RFID tags are used in numerous ways in the healthcare industry; for instance, in tracking medical equipment and other valuable medical tools for helping medical professionals in quickly identifying the equipment in hospital and medical centers. These benefits of RFID technology are foreseen to drive the global market growth in the upcoming years.
How RFID Technology Drive global Growth of RFID Market by Post COVID-19 Pandemic? Click Here to Connect with Analyst@ https://www.researchdive.com/connect-to-analyst/6063
Product: Tag Sub-Segment to Grab Major Market Share
The tag sub-segment of the product segment is anticipated to grow significantly with a CAGR of 10.3% during the forecast period. This growth is chiefly owing to the rising demand for RFID tags for smooth tracking of different products.
Type: Passive Sub-Segment to Hold Foremost Market Share
The passive sub-segment of the type segment is expected to grow considerably with a CAGR of 8.9% during the forecast period. This growth of the radio frequency identification (RFID) market is chiefly owing to the rising demand for passive RFID tags for tracking the products in numerous end-use industries; because these type of RFID tags work using energy from radio waves, does not need any battery, and are comparatively economical.
Material: Plastic Sub-Segment to Lead the Market
The plastic sub-segment of the material segment is anticipated to grow extensively with a CAGR of 10.6% during the forecast period. This growth is chiefly owing to the rising use of plastic material in RFID tags as it is easier to be screened with any reader and can capture huge amounts of data which can then be utilized 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 region market is projected to observe speedy growth with a CAGR of 10.6% in the forecast period. The growth of the region market is mainly because many companies in this region are greatly investing in the improvement of advanced product tracking systems.
Factors Impacting the Market Growth:
The key factor boosting the growth of the global radio frequency identification (RFID) market is the rising use of RFID technology in numerous manufacturing industries for smooth processing of different processes. Moreover, RFID technology is widely used in retail industries for tracking inventory products until their delivery to several departmental stores; this is projected to open doors to beneficial opportunities for the growth of the market in the estimated period. However, high costs involved in the production of RFID tags and their reader is expected to obstruct the radio frequency identification (RFID) market growth.
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Key Market Players
The report lists some of the foremost players operating in the global radio frequency identification (RFID) market including
- Impinj
- Honeywell
- Nedap
- NXP Semiconductors
- Avery Dennison
- Zebra Technologies
- GAO RFID
- Identiv
- Invengo
- HID Global, and others.
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. – Inquire Here@ https://www.researchdive.com/purchase-enquiry/6063
For instance, in May 2021, SML Group, a global business, RFID and branding solutions provider, launched GB24U, a dual tag technology that integrates item-level tracking capabilities of RFID with the loss avoidance competences of an Electronic Article Surveillance (EAS) tag.
Some Related Trending Article Links:
- Article Review: Global RFID Market to Experience Accelerating Growth by 2027, Due to Massive Demand of RFID in Retail Sector
- Blog: Significance of RFID Technology in Business Applications
