According to a new report (Global RFID Market Size) published by Verified Market Research, the Global RFID Market is projected to grow from USD $11.13 Billion in 2022 to USD $23.86 Billion in 2030 at a CAGR of 10%. The availability of affordable RFID solutions as a result of increased market competition, high returns on investment, an increase in regulations and government initiatives for various industries, and an increase in the installation of RFID systems in manufacturing facilities to boost productivity as a result of COVID-19 are key factors driving the growth of this market.
Global RFID Market Definition
RFID, also known as Radio Frequency identification, is a technology that uses radio waves to read and gather the information stored on a tag attached to an object, animal, or human. It is similar to bar codes, yet it does not require being within the range of an RFID reader. RFID is used across construction, engineering, chemical industries, manufacturing, retail, logistics, and the public sector among others.
Global RFID Market Overview
Increasing the installation of RFID systems in manufacturing units to improve productivity is the main driving factor that propels market growth. Through the integration of specialized tools and the adoption of quality management practices, manufacturing facilities must monitor equipment condition and performance, flaws in processes, and system breakdowns to ensure predictive maintenance of equipment and systems. Using RFID technology to control plant assets helps businesses accomplish this goal.
A combination of RFID tags and sensor systems is an appropriate solution for many sites in a manufacturing plant, including cameras, conveyors, tanks, boilers, pipes, etc., to monitor and maintain the quality and output of a production process. RFID tags are used in many different industries to track movable assets, including tools, industrial machines, and process components that go into making a finished product. The use of RFID technology facilitates the tracking of parts as well as the understanding of the lifecycle of industrial machinery.
Global RFID Market: Segmentation Analysis
The Global RFID Market is segmented based on
- Product Type
- Tag Type
- Application
- Geography
Based on product type, the market is bifurcated into Tags, Readers, and Software and Services. The tag segment of the RFID market, by product, is projected to grow at a higher CAGR during the forecast period. Tags are the most widely used components in the RFID market. These devices are attached to several industrial and commercial assets, including manufacturing equipment and other industrial machinery, industrial materials, products, retail products, inventory, logistic containers, labels on products and groups of products, IV pumps, ECGs, and wheelchairs.
Based on tag type, the market is bifurcated into Active Tags and Passive Tags. The passive tag segment of the RFID tag market, by tag type, is expected to register a higher CAGR during the forecast period. Passive tags do not require an external power source. These are inexpensive, smaller, and easier to manufacture than active tags. Passive RFID tags have various applications and are commonly used to track goods in pharmaceuticals, retail, supply chains, enterprises, and other industries. Zebra Technologies, Avery Dennison, Alien Technology, Omni-ID, HID Global, Honeywell, and Mozix are some of the leading providers of passive RFID tags.
Based on application, the market is bifurcated into Animal Tracking/Agriculture, Commercial, Transportation, Logistics and Supply Chain, Retail, and Others. The logistics and supply chain applications held the largest share of the RFID tag market in 2020. The dominance of this segment is due to the high adoption of tracking systems by logistics organizations to track and monitor their cargo in transit through air, road, or marine
Based on geography, the Global RFID Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. The high adoption of RFID systems in the US is a major factor that has led to the prominent position of North Americas in the RFID market.
Key Players
The “Global RFID Market Size” study report will provide valuable insight with an emphasis on the global market, including some of the major players such as Checkpoint Systems, Invengo, Smatrac, Avery Dennison, Alien Technology, NXP Semiconductors, Impinj, Mojix, Nedap, and Zebra Technologies.
Thus, the “Global RFID Market Size” report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
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