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“RFID market expected to grow at a significant rate between 2017 and 2023”
The radio-frequency identification (RFID) market is expected to grow at a CAGR of 7.7% between 2017 and 2023 and is expected to be worth at USD 31.42 billion by 2023. The key factors driving the growth of the RFID market are the development strategies implemented by the players operating in the RFID ecosystem, such as mergers and acquisitions, partnerships, and collaborations; evolution of IoT with the increased communication and monitoring of machines; increasing demand for industrialization in emerging economies; and increasing penetration of RFID technology in various industries. However, the major restraining factors for the growth of this market are high installation costs of RFID system and device interoperability.
“RFID tags expected to hold the largest share of the RFID market based on products during the forecast period”
The RFID tags hold the largest share in the overall RFID market. The acceleration in adoption of IoT has driven the use of connected devices, and the demand for wireless communications will keep driving the market for RFID tags. Reduction in the costs have led to rise in adoption of RFID tags; demand for the tags will continue to raise competitive situations in the market, which in turn will lead to further innovations in the RFID systems.
“Ultra-high frequency expected to hold the largest share of the overall RFID market in 2017”
Ultra-high frequency (UHF) RFID tags enable multiple tag reading that means user can read more RFID tags in one go, which is not supported by LF and HF. Multiple tag reading helps in reducing error, thus facilitating efficiency in automation. Owing to factors such as small size, low cost and long lifetime, passive UHF RFID tags are expected to grow at a higher CAGR as compared to the active UHF tags. Demand for passive UHF RFID tags have also seen a large adoption after the evolution of RAIN RFID alliance. With members such as AIDC industry association AIM Global, Google, Impinj, Intel and SMARTRAC, the alliance has effectively worked on spreading the awareness among the end users and potential customers.
“RFID market in the Americas expected to grow at the fastest rate during the forecast period”
The RFID market in the Americas is expected to grow at the fastest rate between 2017 and 2023. North America is one of the key growth regions for the RFID market. The players in the Americas region are emphasizing on research and development activities, to facilitate operational efficiency through advanced technologies. Furthermore, the adoption of RFID technologies and a significant number of established players in the RFID market are driving the demand for RFID tags in the Americas. Various industries such as retail, sports, logistics and supply chain, aerospace and defense, and commercial, functional in the region have significantly established their through partnerships and collaborations. This development has created a huge growth potential for the RFID market in the Americas.
The break-up of the profiles of primary participants for the report has been given below.
- By Company Type: Tier 1 = 22%, Tier 2 = 44%, and Tier 3 = 22%
- By Designation: C-Level Executives = 33%, Directors = 11%, and Others = 56%
- By Region: The Americas = 44%, EMEA = 33%, and APAC = 22%.
The key players operating in the RFID market are Impinj (US), NXP Semiconductors (Netherlands), Alien Technology (US), Avery Dennison (US), Smatrac (Netherlands), Invengo (Singapore), Checkpoint Systems (US), Mojix (US), GAO RFID (US), Nedap (Netherlands), Zebra Technologies (US), GlobeRanger (US), HID Global (US), Applied Wireless (US), CAEN RFID (Italy), Honeywell (US), Thing Magic (US), Identiv (US), SAG (US), Omni-ID (US), Vizinex RFID (US), Savi Technology (US), RFID Global Solution (US), Confidex (Finland), and TrackX (US).
The research report on the RFID market covers the market segmented based on following segments: products, wafer size, working, frequency, applications, form factor, label type, and geography. The market has been segmented based on products into tags, readers and softwares. Based on networking technology, the RFID market has been classified into wired technology and wireless technology. The market has been segmented based on end-user industry into agriculture, commercial, transportation, healthcare, retail, logistics and supply chain, aerospace, defense, security and access control, and sports. The report covers the market based on three major regions: the Americas; Europe, Middle East and Africa (EMEA); and Asia Pacific (APAC).
Key Benefits of Buying the Report:
- Illustrative segmentation, analysis, and forecast for the market based on component, networking technology, end-user industry, and geography have been conducted to give an overall view of the RFID market.
- The value chain analysis is provided to provide an in-depth insight into the RFID market.
- The major drivers, restraints, opportunities, and challenges for the RFID market have been detailed in this report.
- The report includes a detailed competitive landscape, in-depth DIVE analysis, and revenue of the key players.