Radiofrequency Identification (RFID) Market was valued at US$ 11.72 Bn. in 2022 and expected to grow at a CAGR of 9.25 % during the forecast period (2023-2029).
Radiofrequency Identification (RFID) Market Overview:
This Radiofrequency Identification (RFID) market study looks at current and emerging industry trends and dynamics in the global Radiofrequency Identification (RFID) market. Radiofrequency Identification (RFID) Extensive market forecasting for the major market segments is carried out between 2022 and 2029. Extensive Radiofrequency Identification (RFID) market analysis is carried out by closely monitoring key product positions and the main competitors in the market framework. To understand the competitive landscape of the worldwide Radiofrequency Identification (RFID) market, key players are profiled and their strategies are thoroughly evaluated.
Market Scope:
The analysis contains a current examination of the present Radiofrequency Identification (RFID) market landscape, as well as the most recent trends and drivers, as well as an overview of the entire Radiofrequency Identification (RFID) market environment. Increased demand for Radiofrequency Identification (RFID) is driving the market. The Radiofrequency Identification (RFID) market research examines the technology, end-user, and type categories, among other things, as well as the geographical landscape.
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Market dynamics for radiofrequency identification (RFID):
The market is expanding due to rising RFID installations in the manufacturing sector, advancements in IoT devices, and a boom in artificial intelligence (AI) technologies. The increasing theft of completed goods, such as laptops and mobile phones, in manufacturing companies has led to a widespread adoption of RFID devices for tracking and inventory management in large enterprises. The RFID market is expanding as a result of increased use of RFID in the healthcare and pharmaceutical industries. These are employed in the healthcare sector for real-time device maintenance, tracking of medical equipment for asset maintenance, and patient tracking.
Segmentation:
The radiofrequency identification (RFID) market is divided into tags and readers based on product segmentation. With a 55% share in 2022, the tag category dominated the global market. The tags are essential to RFID systems and are capable of storing a variety of data, including brief descriptions and serial numbers. An enormous market for RFID systems is being created by the increased use of tags in toll plazas, online markets, BFSI industries, and in-vehicle tracking applications. RFID systems are becoming increasingly valuable due to characteristics including asset identification and protection, item and activity tracking, and process enhancement.
Key Players:
The market research report provides comprehensive quantitative insights that provide a clear picture of the worldwide market potential in a variety of categories, as well as country-by-country analyses in each covered topic. The analysis investigates the market’s major influencing factors, as well as complete company profiles of
1. Alien Technology
2. Avery Dennison
3. Smatrac
4. Invengo
5. Checkpoint Systems
6. Mojix
7. GAO RFID
8. Nedap
9. Zebra Technologies
10.GlobeRanger
11.HID Global
12.Applied Wireless
13.CAEN RFID
14.Honeywell
15.Thing Magic
16.Identiv
17.SAG
Regional Analysis:
Individual market influencing variables and changes in market laws that impact present and future market trends are also included in the regional segment of the Radiofrequency Identification (RFID) market study. Data points such as downstream and upstream value chain analysis, technology trends, porter’s five forces analysis, and case studies are just a few of the indicators utilized to anticipate market scenarios for various industries. When examining projection data for the region, the existence and availability of global players, as well as the obstacles they face as a result of substantial or low to none competition from local and domestic brands, are all taken into account.
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COVID-19 Impact Analysis on Radiofrequency Identification (RFID) Market:
The COVID-19 epidemic has had a significant impact on the global Radiofrequency Identification (RFID) industry. Radiofrequency Identification (RFID) Production facilities were halted due to the global economic slump and a lack of manpower. The COVID-19 pandemic has led to a significant and extended drop in production utilization, and travel prohibitions and facility closures have kept personnel away from their facilities, causing the Radiofrequency Identification (RFID) market to decelerate in 2020. The negative impact of COVID-19 on the Radiofrequency Identification (RFID) market, on the other hand, is expected to be transitory, and the sector is expected to revive significantly by early 2022, owing to increased demand for Radiofrequency Identification (RFID).
Key Questions Answered in the Radiofrequency Identification (RFID) Market Report are:
- Which segment was responsible for the largest share in the Radiofrequency Identification (RFID) market?
- How was the competitive scenario of the Radiofrequency Identification (RFID) market in 2022?
- Which are the key factors responsible for the Radiofrequency Identification (RFID) market growth?
- Which region held the maximum share in the Radiofrequency Identification (RFID) market in 2022?
