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Kenneth Research examined the statistical and analytical approach that is required for the growth of RFID market between the years 2022 and 2031. The key industrial insights provided in the report gives a better idea about the market overview to the readers regarding the existing scenario in the market. In addition, the report includes detailed discussion on current and future market trends that are associated with the growth of the market.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for RFID Market products.
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Factors such as the growing trade of semiconductors for use in different consumer electronic products, along with the growing trend of automation and IoT, which is raising the need for the deployment of advanced electronic chipsets, therefore the advancement in the trade of semiconductors. According to the statistics by World Semiconductor Trade Statistics (WSTS), semiconductor billings around the globe per 12 months rolling average increased from around USD 250 billion in the year 2010 to around USD 460 billion in the year 2019.
The global RFID market is likely to witness significant growth during the forecast period. The market is driven by the increasing government initiatives on integrating RFID technology across various applications, rising interest in value chain management, and expanding Internet of Things (IoT) infrastructure. However, security concerns related to legitimate readers obtaining data from illegitimate tags and privacy concerns related to illegitimate readers obtaining data from legitimate tags are identified as the changes deterring the adoption of RFID solutions during the forecast period.
Radio-frequency identification (RFID) is a type of contactless automatic identification and tracking technology that utilizes radio-frequency signal to identify an object/item and obtain the relevant information automatically. RFID system comprises various components such as RFID tags, RFID reader, RFID antenna, and host computing device with appropriate application software.
Market Revenue and Segmentation Analysis:
The global RFID market is expected to reach revenue of $XX billion by 2024, growing at a CAGR of 14.4% during the forecast period 2018–2024.
The market is segmented based on product types and applications. In terms of product types, the market is segmented into active RFID/RTLS systems, passive RFID services, networking, software, passive RFID interrogators, and passive RFID tags. The passive RFID tags was the dominant segment, which accounted for more than 35% of the market share in 2017; also, this segment is projected to remain dominant during the forecast period. By applications, the market is segmented into retail, healthcare, transportation and logistics, financial services, industrial, government, and others.
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Regional Analysis:
In 2017, the Americas was the dominant region in the global RFID market followed by Asia Pacific. Furthermore, Asia Pacific is identified as the fastest growing region in the RFID market, i.e., at a CAGR of 18.5% during the forecast period 2018–2024. This is mainly due to expanding organized retail sector and increasing investments on asset management solutions by organizations across various industry verticals.
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The report also covers country-wise analysis of the RFID market across various regions including the Americas, Europe, Asia Pacific, and Middle East & Africa (MEA).
Benefits and Vendors
The report contains an in-depth analysis of vendors profile, which includes financial health, business units, key business priorities, SWOT, strategies, and views; and competitive landscape. Few of the key players profiled in this study include ZIH Corp., ASSA ABLOY, AVERY DENNISON CORPORATION, Honeywell International Inc., Siemens AG, Impinj, Inc., Identiv, Inc., Alien Technology, LLC, Omni-ID, and Mojix, Inc.
The study offers a comprehensive analysis of the“global RFID market”. Bringing out the complete key insights of the industry, the report aims to provide an insight into the latest trends, current market scenario, and technologies related to the market. In addition, it helps the venture capitalists to understand revenue opportunities across different segments to take better decisions.
About Kenneth Research
Kenneth Research provides scheduled syndicated reports that help industry professionals and organizations decipher market trends to take significant decisions and plan strategies. We cater to a wide range of industries including healthcare & pharmaceuticals, ICT & telecom, automotive & transportation, energy & power, chemicals, FMCG & food, aerospace & defense, among others. Our research team ensures to track and analyze the industry on a regular basis to offer strategic business consultancy services on a global level. We, at Kenneth Research are adept at capturing descriptive insights on crucial topics to help our clients make their informed decisions.
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