The global radio frequency identification technology market size is anticipated to expand at a high CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the rising demand for devices for tracking, locating, and monitoring objects safety and resource optimization.
Radio frequency identification (RFID) is a type of passive wireless technology that can identify or track a targeted item or an individual using radio wave devices. For the system, two elements are used called readers and tags. The RFID reader works as the main component that releases radio waves to connect or activate tag using its transmission signal. After receiving the signal, the tags or transponders that attached in the RFID tags responds and send back the information to the computing network. In short, RFID is a retrieval system and data storage that uses devices called transponders, tags, or RFID tags. The technology is widely applied for commercial applications especially in the transport and logistic industry and the main purpose of RFID technology is to track and identity an object having a unique serial number or digitally coded in RFID tags.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing importance of capitalizing on these radio frequency, technologies, and identification devices providing real-time location systems is a key factor driving the market.
- Integration of high-level sensor networks and high access to the Internet of Things by commercial retail companies are main driver of the market.
- Rising popularity of printed tags and semi-passive tracking system for various secured monitoring of industrial and government projects are projected to boost the market in the coming years.
- Complex regulations towards the standardization of products and problems associated with frequency bands act as major restraining factors of the market.
- Diminishing costs of unsettled related to production over the value chains, reader vendors, and the tag result in exhibiting a greater cost-to-volume. This are crucial factors offering lucrative opportunities for market expansion.
Scope of the Report
The report on the global radio frequency identification technology market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Radio Frequency Identification Technology Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Applications (Financial Services, Retail, Healthcare, Transportation & Logistics, Industrial, Government, and Others), Products (RFID Readers, RFID Tags, and Middleware), and Frequency (Ultra-high Frequency, Low Frequency, and High Frequency)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Smartrac; Alien Technologies; Honeywell International; NXP Semiconductors; and Zebra Technologies
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Market Segment Insights
Government segment is expected to grow at a rapid pace
Based on applications, the global radio frequency identification technology market is divided into financial services, retail, healthcare, transportation & logistics, industrial, government, and others. The government segment is expected to grow at a rapid pace during the forecast period owing to extensive use of RFID technology for managing and securing the activities related to government departments. However, the healthcare sector segment is anticipated to hold a key share of the market in the coming years due to massive integration of advanced tracking devices in the healthcare industry to ensure easy management of data and information.
RFID readers segment is projected to expand at a considerable CAGR
On the basis of products, the market is bifurcated into RFID readers, RFID tags, and middleware. The RFID reader segment is projected to expand at a considerable CAGR during the forecast period owing to effective structure of command accuracy on computing devices. On the other hand, the middleware segment is anticipated to account for a major market share during the forecast period due to high requirement of the analysis regarding real-time situation and easy linked among platforms and devices such as IoT and wearables.
High frequency segment is projected to grow significantly
Based on frequency, the global radio frequency identification technology market is segregated into ultra-high frequency, low frequency, and high frequency. The high frequency segment is projected to grow significantly during the forecast period owing to certain advantages such as high compatibility for activities such as inventory listing and management of various pharmaceutical products.
Asia Pacific is anticipated to constitute a key market share
In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to constitute a key share of the market during the projected period owing to fast rate of RFID technology across industries such as healthcare and logistics. Moreover, the rising R&D programs for technology development from emerging economies including China and India further boosts the regional market expansion. However, the market of North America is anticipated to expand at a rapid pace during the forecast period due to the presence of many OEMs and manufacturers in the region.
Segments
The global radio frequency identification technology market has been segmented on the basis of
Applications
- Financial Services
- Retail
- Healthcare
- Transportation & Logistics
- Industrial
- Government
- Others
Products
- RFID Readers
- RFID Tags
- Middleware
Frequency
- Ultra-high Frequency
- Low Frequency
- High Frequency
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Smartrac
- Alien Technologies
- Honeywell International
- NXP Semiconductors
- Zebra Technologies
Competitive Landscape
Key players competing in the global radio frequency identification technology market are Smartrac; Alien Technologies; Honeywell International; NXP Semiconductors; and Zebra Technologies. In 2016, Qualcomm player worked primarily towards the acquisition of NXP Semiconductors to control of microchip and diversify the semiconductors operation in the smartphone sector.
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