iCrowdNewswire Dec 31, 2020 7:17 PM ET
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 radiofrequency identification market is expected to exhibit a strong 15.6% CAGR over the forecast period from 2017 to 2023, according to the latest research report from Market Research Future (MRFR). The market is expected to grow to a robust valuation of USD 31.8 billion by 2023, according to MRFR.
The growing use of radiofrequency identification systems in retail, healthcare, defense, transportation and logistics, and other applications is the major driver for the global radiofrequency identification market. Rising demand from emerging economies is likely to be the major driver for the global radiofrequency identification market over the forecast period.
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In July 2019, Air France and Paris Aeroport announced that from 2020, baggage at Paris-Charles de Gaulle Airport will be RFID scanned for security and identification.
The prominent players in the Radio Frequency Identification 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 market is segmented on the basis of product type, wafer size, component, frequency, end use, and region.
- By product type, the global radiofrequency identification market is segmented into tags, readers, software, and others.
- By wafer size, the global radiofrequency identification market is segmented into 200 mm, 300 mm, 450 mm, and others.
- By component, the global radiofrequency identification market is segmented into passive, active, and others.
- By frequency, market is segmented into low frequency, high frequency, ultra-high frequency, and active ultra-high frequency.
- By end use, the global radiofrequency identification market is segmented into BFSI, agriculture/animal tracking, commercial, transportation, logistics and supply chain, healthcare, aerospace, defense, retail, security and access control, sports, and others.
Radio Frequency Identification Market Global Market – Regional Analysis
North America is likely to dominate the global radiofrequency identification market over the forecast period due to the growing demand for RFID tagging in retail, healthcare, transportation, defense, sports, access control and other applications in the region. The benefits of radiofrequency identification, including accuracy and errorless operations, have become increasingly apparent to various agencies in the region, which has resulted in growing use of RFID tagging in various applications. The retail sector is likely to remain a key player for the radiofrequency identification market over the forecast period due to the widespread use of radiofrequency identification in the retail sector. The use of radiofrequency identification in large supermarket chains across the U.S. and Canada is likely to be a major driver for the radiofrequency identification market in North America over the forecast period.
Europe is also likely to hold a major share in the global radiofrequency identification market over the forecast period, as the region has experienced widespread adoption of radiofrequency identification systems in retail, healthcare, and numerous other sectors in the last few years. The growing development of radiofrequency identification systems in Europe and the strong presence of several key players in the market is likely to be a major driver for the radiofrequency identification market in Europe over the forecast period. Another major driver for the radiofrequency identification market in Europe is the high preference for cashless payments based on NFC and other tech-based systems among European customers. This has enabled steady growth of the laser optics technology required for RFID systems, enabling steady growth of the radiofrequency identification market in the region.
Asia Pacific is likely to exhibit steady progress in the global radiofrequency identification market over the forecast period due to the growing demand for modern supermarkets in the region’s leading economies, such as South Korea, Japan, China, and India. This has driven technological innovation in the retail sector in an effort to provide customers a convenient experience. This has led to a growing demand for radiofrequency identification in these and other countries in the region. Growing demand for electronic tagging in the healthcare sector is also likely to be a major driver for the radiofrequency identification market in Asia Pacific over the forecast period, due to the high population of the region.
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- Software investors
- Security solution vendors
- RFID service providers
- Value-added Resellers
- Investors and Venture Capitalist
- Security Management Service Provider
- Security Equipment Providers
- Security Agencies
- System Integrators
- Research/Consultancy firms
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