Global Radio Frequency Identification (RFID) Market: Transforming the healthcare industry
NEW YORK, May 20, 2019 (GLOBE NEWSWIRE) -- The global RFID market is projected to reach USD 27.56 billion by 2025, witnessing a CAGR of 6.8% during the forecast period. Growing demand for security and access control applications, rapid adoption of RFID technology in the retail sector, and emergence of internet of things (IoT), are the factors primarily driving the market growth. In addition, increasing technological advancement has led to the integration of RFID with GPS and IoT, which is expected to create significant opportunities for the market.
Radio frequency identification (RFID) is a wireless technology used to track and identify information using low-range radio waves transmitted from a small specialized tag to a nearby reader which collects the data. The RFID devices are extensively deployed in the retail sector and find its application as remote scanners for detecting RFID tags on the labels of different products. Furthermore, radio frequency identification offers various solutions such as storage, real-time backup recovery, ease of management & monitoring, elimination of data redundancy, and customer support, among others.
Key findings of the report:
-- The global radio frequency identification (RFID) market is expected to reach USD 27.56 Billionby 2025, at a CAGR of 6.8% -- Based on Type, passive RFIDdominated the market in 2018, and is projected to retain its dominance over the forecast period. Disposability of passive RFID along with cost effectiveness are making them more appropriate to use across many end-use industries. -- On the basis of product type, the RFID tags segment is anticipated to grow at the highest CAGR over the forecast period -- Based on frequency, the Ultra-high frequency RFID segment is likely to register the highest CAGR during 2019-2025 -- Based on end-use, theretail segment is expected to dominate the market in 2018, owing to the increasing adoption of apparel tagging in products -- Geographically, North America held the major market share in 2018, and is anticipated to lead the global RFID market during the forecast period. -- Prominent players operating in the radio frequency identification (RFID) market include NXP Semiconductors; Alien Technology, LLC; Avery Dennison Corporation; Smartrac; Checkpoint Systems; GAO RFID; Zebra Technologies; HID Global Corporation; Applied Wireless, Inc.; and Honeywell International Inc. among others.
Emergence of “Chipless RFID tags” is rapidly driving the market growth
The advent of chipless RFID serves many solutions and has a great potential to substitute the barcodes. The chipless RFID is a wireless data capturing technology that finds its application in many end-use industries such as pharmaceutical, aviation, and retail, among others. Moreover, chipless RFID is deployed to enhance store execution, and upgrade client experience in an addressable way. The rising significance in retail and aviation industry to execute efficient operation is considerably fueling the demand for chipless RFID.
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Global Radio Frequency Identification (RFID) - Regional Insight
Geographically, the global radio frequency identification (RFID) market is segmented into North America, Asia-Pacific, Europe, Middle East and Africa, and Central & South America. North America held the major market share and is likely to retain its dominance over the forecast period. The regional growth is due to the rising demand for smart industries, incorporation of RFID solutions in supply chain management. Moreover, presence of significant number of players in the region is also likely to fuel the demand for RFID market during 2019-2025.
The report segments the global RFID market on the basis of type, product type, frequency, label type, end-use, and region.
-- By Type º Active RFID º Passive RFID -- By Product Type º Tags º Readers º Software -- By Frequency º Low Frequency º High Frequency and Near field communication º Ultra Frequency º Active Ultra-high Frequency -- By Label type º Paper º Plastic º Metal º Glass º Others -- End-Use º Agriculture º Transportation and Logistics º Healthcare º Commercial/ Retail º Contactless Cards º Sports º Security and Access control º Others -- By Region: º North America • U.S. • Canada º Europe • UK • Germany • France • Russia • Rest of Europe º Asia-Pacific • China • Japan • India • South Korea • Rest of Asia-Pacific º Central and South America (CSA) • Brazil • Mexico • Rest of CSA º Middle East and Africa (MEA) • UAE • South Africa • Rest of MEA
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