The global radio frequency identification technology market size
is estimated to reach USD 40.5 billion by 2025, expanding at a CAGR of 14.7%,
according to a new report by Grand View Research, Inc. The industry is expected
to witness a steady growth owing to the increasing demand from the retail
sector and the healthcare industry.
RFID technology has been in use for several
years now; however, the recent growth in its applications across a wide set of
industries, such as retail, transport, medical, and defense, among others, has
spurred its adoption. The retail industry is at the forefront and has witnessed
its technological reconnaissance with the use of RFID tags. An interesting fact
of the retail sector is the way it has successfully passed on the benefits of
the technology to other industries in the supply chain with the help of the
mandates.
An important aspect of the RFID technology
market is the varying nature of manufacturing and evidently the related costs.
The past decade has seen a considerable reduction in the production costs with
the advent of many new technologies such as printing and ink-jet. As the
vendors benefit from these trends in the market, the increasing penetration of
cost-to-volume benefits is expected to perpetuate to the end users.
RFID devices are anticipated to witness a
surge in demand as the technological proliferation has led to an extensive use
of smart cards, access control, and other NFC applications. In addition, the
use of Ubiquitous Sensor Networks (USNs) and many short-range wireless
communications, such as WiFi and Zigbee, is expected to help in the RFID market
growth. To sum up the trends in the market, the RFID industry is anticipated to
witness a healthy growth in the coming years with technology, cost, and size
fueling its rapid deployment.
Browse full research report on Radio
Frequency Identification Technology Market: https://www.grandviewresearch.com/industry-analysis/radio-frequency-identification-rfid-technology-market
Further key
findings from the report suggest:
- Government and industry specific mandates are
expected to play a vital part in the deployment of RFID devices.
- The key focus of industry veterans is RFID
tags while emphasis laid on frequency bands and size optimization.
- Numerous research and development activities
are being carried out as the industry participants vie for the
technological edge.
- The impact of global technology trends, such
as Internet of Things (IoT) and wearables, is prominent on the market and
is expected to define the industry’s direction for the next decade.
- The industry is fragmented in nature and there
are several regional and global players operating in the radio frequency
identification technology market at various levels of the value chain.
Browse request sample of this report by
Grand View Research: https://www.grandviewresearch.com/industry-analysis/radio-frequency-identification-rfid-technology-market/request/rs1
Grand
View Research has segmented the radio frequency identification technology
market on the basis of products, frequency, application, and region:
RFID
Technology Product Outlook (Revenue, USD Million; 2014 - 2025)
- RFID Tags
- RFID Readers
- Middleware
RFID
Technology Frequency Outlook (Revenue, USD Million; 2014 - 2025)
- Low Frequency
- High Frequency
- Ultra-high frequency
RFID
Technology Application Outlook (Revenue, USD Million; 2014 - 2025)
- Retail
- Financial Services
- Healthcare
- Industrial
- Government
- Transport &
Logistics
- Others
RFID
Technology Regional Outlook (Revenue, USD Million; 2014 - 2025)
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- Asia Pacific
- China
- Japan
- India
- South America
- Brazil
- Middle East &
Africa (MEA)
About Grand View Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
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