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Market Research Future published a research report on “Radio-Frequency Identification (RFID) Market Research Report- Forecast 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
The global radio-frequency identification (RFID) market is anticipated to surpass a valuation of USD 31.8 billion, attaining a CAGR of 15.6% during the forecast period (2017-2023), Market Research Future (MRFR) reveals in a detailed report. RFID is a technology, which uses radio-frequency electrostatic fields or electromagnetic fields to detect objects carrying tags, as soon as they come close to a reader. It is a wireless technology which aligns with radio-frequency waves in order to track tags attached to the people and objects. In the healthcare segment, RFID helps in monitoring patients, medication authentication, real-time tracking of assets, hand washing, and wait time monitoring.
Market Potential and Pitfalls
The RFID Market is mainly boosted by the use of electromagnetic fields, which can automatically tag and detect tags attached to objects. These tags comprise information that can collect data like price, serial number, and count in digital form. Data can be easily recorded and recognized with the help of these tags. The soaring use of RFID tags in the healthcare industry and supply chain management has triggered the demand from the RFID market globally.
The RFID technology has been in use for the past few years now. The recent boom in its applications across industries like transport, retail, defense, medical, and others, have encouraged its adoption. Radio-frequency identification provides solutions like real-time backup recovery, storage, elimination of data redundancy, ease of management & monitoring, and customer support. These benefits have further encouraged its adoption across the global market. The surging demand for smart stores is one of the major trends positively impacting the market growth. Smart stores use technologies like facial recognition, smart cards, AI, and others. RFID is highly used in these stores for check-out services and product delivery. The success of smart stores will further create growth opportunities for the RFID market.
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The prominent players in the radio-frequency identification (RFID) market are: NXP Semiconductors N.V (Netherlands), Alien Technology (US), 3M Company (U.S), ACTAtek Technology (U.S), Axcess International, Inc. (U.S), : Impinj Inc. (US), Ascendent ID (U.S), ), Checkpointt System Inc. (U.S), and Avery Dennison Corporations (US), among others.
Radio Frequency Identification Market Global Market – Segmentation
The global radio-frequency identification (RFID) market has been segmented on the basis of components, wafer size, product type, frequency, and end users.
Radio Frequency Identification Market Global Market – Regional Analysis
Geographically, the global radio-frequency identification (RFID) market spans across Asia Pacific, Europe, North America, and Rest of the World (RoW).
Considering the global scenario, North America acquires the lion’s share and is likely to retain its dominance in the long run. Soaring demand for efficient supply chain management is likely to support the growth of the region. RFID stores detailed information associated with the product on which it is tagged. The details and prices of the items with RFID tags are recorded automatically. The customer saves time as he/she does not have to wait for the products to be scanned. Such benefits are encouraging its popularity in the region. North America is home to several industry bigshots. The major players in the region are highly focusing on R&D activities to enable operational efficiency with the help of advanced technologies. Also, the high rate of adoption of RFID technologies and the presence of established players in the region are fueling the demand for RFID tags.
The Asia Pacific is predicted to exhibit the highest growth, mainly due to the presence of economies like Japan, China, and India. The surging size of high data generation in these countries are predicted to bolster the growth of the regional market.
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