RFID market
Rfid Market: Global Opportunity Analysis and Industry Forecast, 2021-2031
WILMINGTON, DELAWARE, UNITED STATES, January 26, 2024 /EINPresswire.com/ -- RFID Market Size, Share, Competitive Landscape and Trend Analysis Report by Product Type (Tags, Readers, Software and Services), by Frequency (Low Frequency, High Frequency, Ultra-High Frequency), by End Use (Commercial, Animal Tracking, Transportation, Agriculture, Security and Access Control, Healthcare, Retail, Logistics and Supply Chain, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031
The global RFID market was valued at $11.8 billion in 2021, and is projected to reach $31.5 billion by 2031, growing at a CAGR of 10.2% from 2022 to 2031
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Radio frequency identification refers to a wireless system that uses radio waves technology to passively identify a tagged object, people or animal. The RFID is comprised of two components: tags and readers. The reader is an electronic gadget with one or more antennas that transmit radio waves and take in signals from RFID tags. Tags can be passive or active, using radio waves to transmit their identity and other information to adjacent readers. Moreover, the RFID has various advantages over other identification technologies such as the ability to track many things at once, the ability to identify objects without line of sight, and the capacity to store and retrieve vast amounts of data on the tag. Passive and active RFID tags are the two primary varieties. In order to transmit information, passive tags must be in close proximity to the reader, which provides all of their power. Active tags can broadcast data over greater distances and have their own power source.
The growth of RFID is majorly driven by the surge in government initiatives to boost RFID-based solution across various industries coupled with the growing demand for RFID products in retail sectors. Moreover, the rise in demand for RFID solutions in banking and healthcare sectors is expected to drive market growth. However, the high rise associated with the data security and privacy is acting as prime restraint of the global market. On the contrary, the surge in adoption of RFID tags for industry 4.0, Internet of Things and smart manufacturing is anticipated to provide lucrative opportunities for the RFID industry during the forecast period.
The emerge of COVID-19 pandemic significantly impacted the growth of RFID market, owing to lack of skilled workforce availability and delay or cancelation of projects owing to partial or complete lockdown globally.
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Competitive Analysis:
The RFID industry key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.
Some of the major key players of the RFID market include,
➡️Zebra Technologies Corporation,
➡️AVERY DENNISON CORPORATION,
➡️Assa Abloy,
➡️Honeywell International Inc.,
➡️Impinj, Inc.,
➡️Infotek Software & Systems Ltd.,
➡️Invengo Information Technology Co. Ltd.,
➡️Bartech Data Systems Pvt. Ltd.,
➡️NXP Semiconductors,
➡️Alien Technology, LLC,
➡️GAO RFID Inc.,
➡️Data logics S.P.A.,
➡️Identiv, Inc.,
➡️bar code india ltd.,
➡️Bartronics India Ltd
HISTORICAL DATA & INFORMATION:
The RFID market is highly competitive, owing to the strong presence of existing vendors. Vendors of RFID Chips and RFID tags-based machines with extensive technical and financial resources are expected to gain a competitive advantage over their competitors because they can cater to market demands. The competitive environment in this market is expected to increase as technological innovations, product extensions, and different strategies adopted by key vendors increase.
Research Methodology:
The research uses both primary and secondary research to assemble data on the various facets of the international security screening market. Using interviews or surveys, primary market research has been used to collect highly authenticated data from direct sources, such as consumers in a particular market. Secondary market research is a method for gathering information from previously released data that has been produced by international organizations, business groups, government and research institutions, and so on.
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Key Benefits for Stakeholders:
➡️This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the RFID market analysis from 2021 to 2031 to identify the prevailing RFID market opportunities.
➡️The market research is offered along with information related to key drivers, restraints, and opportunities.
➡️Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
➡️In-depth analysis of the rfid market segmentation assists to determine the prevailing market opportunities.
➡️Major countries in each region are mapped according to their revenue contribution to the global market.
➡️Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
➡️The report includes the analysis of the regional as well as global rfid market trends, key players, market segments, application areas, and market growth strategies.
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