Press release -
Radio-Frequency Identification Market outlook is expected to grow due to increasing demand during the forecast period 2021-2027
Global Radio-Frequency Identification Market is valued at USD 9124.5 Million in 2020 and expected to reach USD 17951.5 Million by 2027 with a CAGR of 10.15% over the forecast period. Rising usage of security and access control application, increasing application of RFID in various commercial areas like contactless payment, tracking of goods and animals, toll collection & others and growing demand for effective store handling are anticipated to drive the growth of Global Radio-Frequency Identification Market.
Radio-frequency identification (RFID) utilizes electromagnetic fields to naturally recognize and track tags connected to objects. A RFID system comprises of a small radio transponder, a radio receiver and transmitter. Radio frequency identification is an innovation that uses radio waves to passively recognize a tagged objective. It is utilized in a few business and modern applications, from tracking things along a production network to monitoring things checked out of a library. RFID is a progressive innovation that includes the utilization of compact radio tags, which are fit for building up communication with an arranged device referred to as a reader. Radio tags are equipped with a transponder and a computerized memory chip, and normally differ in terms of value, size and usefulness. RFID refers to a remote framework included two parts: tags and readers. The reader is a gadget that has at least one antenna that produces radio waves and gets signals back from the RFID tag. Passive RFID labels are controlled by the reader and don't have a battery. RFID is the utilization of radio waves to read and catch data stored on a tag joined to an article. A tag can be read from up to a few feet away and shouldn't be inside direct view of the reader to be tracked. In 1945, Léon Theremin made-up a listening device for the Soviet Union which retransmitted incident radio waves with the added audio information. Mario Cardullo's gadget, licensed on January 23rd, 1973, was the primary genuine progenitor of modern RFID, as it was an inactive radio transponder with memory.
The sudden outbreak of the COVID-19 pandemic has shown a positive impact on the growth of global RFID market. During COVID-19 pandemic, RFID technology is being broadly utilized in the healthcare sector by numerous ways for keeping up with social distancing. RFID is being mostly utilized for tracking the clinical equipment and other important clinical devices to effectively and rapidly find them in the medical clinic premises. Rising requirement for contact-tracking solutions, numerous RFID solutions suppliers have been launching new items or upgrading existing items to suit the need of their clients during the COVID-19 outbreak. For example; in May 2020, Ubisense launched its new enterprise contact-tracking answer for ensure laborers, limit business vacation, and assist organizations with recapturing control over efficiency and income. However, governments have ordered organizations to keep up with social separating and low worker limit. If the standards are not followed, a solitary instance of COVID-19 can possibly prompt the closure of a whole office and require purification prior to restarting the tasks.
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Radio-Frequency Identification Industry leading market players:
Prominent market players analyzed in the Honeywell, NXP Semiconductors, Impinj, Zebra Technologies, Identiv, GAO RFID, HID Global, Invengo, Nedap, Avery Dennison and other.
Global radio-frequency identification market is segmented on the basis of type, component, end-user and region & country level. Based upon type, radio-frequency identification market is classified into tags, reader and software. Based upon component, the market is divided into passive RFID, active RFID and other. Based on end-user, the radio-frequency identification market is classified into BFSI, government, healthcare, retail and other.
The regions covered in this global Radio-Frequency Identification market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, the market of global Radio-Frequency Identification is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Middle East Asia (UAE, Saudi Arabia, Egypt) GCC, Africa, etc.
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Rising Usage of Security and Access Control Application, Increasing Application of RFID in Various Commercial Areas Like Contactless Payment, Tracking of Goods and Animals, Toll Collection & Others and Growing Demand for Effective Store Handling are Driving the Market Growth
One of the major factors drive the growth of global radio-frequency identification market is its increasing usage for security and access control application. Automatic identification and access control framework has become important to conquer the security fear faced by numerous associations. RFID is fundamental for identification and data capture for real-time administration, utilizing various strategies like structures and protocols. RFID framework can be utilized for control access and security; it is additionally helpful for review purposes. These applications are not just allowed consent to access to a specific secure zone yet additionally record who is accessing, from which area/regions, at what time and how long duration. These kinds of RFID frameworks can keep up with building and departmental security including protection. This sort of RFID arrangement is additionally useful for types of object and equipment controls
In addition, increasing application of RFID in various commercial areas like contactless payment, tracking of goods and animals, toll collection & others is also fostering the market growth. RFID passive tag utilized for making toll installments straightforwardly from the clients connected prepaid or current/savings account. It is attached on the windscreen of the vehicle and empowers the client to pass through toll plazas, without stopping for any toll installments. The toll admission is directly deducted from the connected account of the client. For instance; as per the news published on April 1st, 2020, PLUS Malaysia announced that it will offer RFID installment offices on the entirety of its 83 shut toll frameworks. Furthermore, growing demand for effective store handling is also supplementing the market growth.
Radio-Frequency Identification statistics:
- Radio-Frequency Identification Growing by 10.15% CAGR during Forecast 2019 to 2027.
- Radio-Frequency Identification industry Projected to Cross USD 17951.5 Million in 2027.
- The global Radio-Frequency Identification market is expected to grow at a significant growth rate due to the various number of driving factors.
News: SpotSee Launched ShockWatch RFID for Tracking Damage through Supply Chain
On November 5th, 2019; SpotSee launched another device that joins impact-damaged checking with radio- frequency identification (RFID) innovation. This new gadget, the ShockWatch RFID impact indicator, is intended to track harm through the production chain and recognize affected inventory. It is ideal for businesses like the clinical gadgets/equipment, automotive and aerospace enterprises. ShockWatch RFID conveys all the advantages of a damage-monitoring program while likewise giving an electronic record of data in the client's enterprise resource planning (ERP) programming, warehouse management framework or straightforwardly into the SpotSee Cloud. ShockWatch RFID assists clients with recognizing where damage is happening, permitting clients to isolate harmed stock for additional inspection and figure out where the underlying cause is in the production chain.
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North America is Anticipated to Dominate the Global Radio-Frequency Identification Market
North America is expected to dominate the global radio-frequency identification market within the forecast period due to the increasing use of RFID in retail, transportation, manufacturing, logistics, healthcare, defense & other industries and technological advancements in the region. The utilization of RFID gave quick, effective, and precise tracking of information for healthcare supply network individuals, further developed data accuracy, and decrease time spent on managerial duties, and stock related reserve funds. Also, growing technological advancements are also driving the market growth in this region. For example; in January 2020, Identiv, Inc., launched its eco-friendly RFID and NFC labels. The spotless, green RFID and near field communication (NFC) trims underscore on a more secure Internet of Things (IoT) market by fulfilling the extraordinary requirement of other naturally aware organizations and aim to protect the planet. Europe is projected to capture the significant revenue share in the global radio-frequency identification market due to growing use of RFID in trading, manufacturing, transportation, healthcare and other industry.
Key Benefits for Global Radio-Frequency Identification Market Report–
- Global Radio-Frequency Identification Market report covers in-depth historical and forecast analysis.
- Global Radio-Frequency Identification Market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market Opportunities, Competitive Analysis, Regional and Country Level.
- Global Radio-Frequency Identification Market report helps to identify opportunities in marketplace.
- Global Radio-Frequency Identification Market report covers extensive analysis of emerging trends and competitive landscape.
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