The Global RFID Market is expected to reach USD 44,351.6 million by 2024 from USD 13,378.7 million in 2016, at a CAGR of 16.3% in the forecast period 2017 to 2024. The new market report contains data for historic years 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.
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Drivers:
Some of the major factors driving the market for RFID market are increase demand of RFID technology in retail industry and enforced laws for labelling animals. These factors increase the demand for RFID market. Increasing installation of RFID in manufacturing units and for productivity improvement and increasing use of security and access control application are the other major factors driving the growth of the non-destructive testing equipment market
Global RFID Market By Type (Tags, Readers, Software) By components (RFID Tags, RFID Readers, RFID Software and Middleware), By Application (Logistics and Transportation, Aerospace and Defense, Automotive, Retail and Consumer Goods, Agriculture Facility and Livestock, Healthcare, Medical and Pharmaceuticals, Government, Others) By Geography (North America, Europe, Asia-Pacific, Europe, South America, Middle East and Africa) – Industry Trends and Forecast to 2024
Companies have diverse objectives for their RFID venture and distinctive ways to deal with the market, so it is difficult to look at retail arrangements. On the off chance that one retailer is a minimal effort supplier and utilizations RFID to cut expenses, while another is a top of the line retailer that utilizations RFID to upgrade the client encounter
Market Definition:
RFID technology uses the electromagnetic signature that uses the radio frequency in a specific spectrum to communicate information, which is mostly one way. This process is carried out by the RFID microchip. The reader reads the information from RFID tags, and RFID middleware uses the data to create analytical insights. The latest trend in this market are use of RFID tags and others in the field of manufacturing and retails for the automatic pricing system i.e. when customer leaves the shop, with the help of RFID tags the bill will automatic generate these type of facilities related to RFID will make the market grow in future. There is need of RFID for several applications like Logistics and Transportation, Aerospace and Defense, Automotive, Retail and Consumer Goods, Agriculture Facility and Livestock, Healthcare, Medical and Pharmaceuticals, Government, Others will create a huge market for the RFID.
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Competitive Analysis:
RFID Market is highly fragmented and is based on new product launches and clinical results of products. Hence the major players have used various strategies such as new product launches, clinical trials, market initiatives, high expense on research and development, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of flow cytometry market for global, Europe, North America, Asia Pacific and South America.
RISING DEMAND OF RFID TECHNOLOGY IN RETAIL INDUSTRY
RFID tags usage in animals has been considered as one of the oldest method use in the rough terrain and large ranges, especially in the outbreak of mad cow disease. RFID tags are important in animal industry to manage exotic and endangered animals for preserves. Tagging of animals in livestock industry helps the farmers to identify animals with respect to its pedigree and medical information.
FAVOURABLE LAWS FOR LABELLING LIVESTOCK
Non-destructive equipment is majorly found in the end user industries. Therefore, government are making stringent rules and regulation regarding quality control and personnel safety. Instances such as leakages in nuclear reactors, explosions of pipelines and refinery blasts had made the government to set up the safety guidelines, as a result, leads to drive the NDT equipment market.
GROWTH IN THE USAGE OF RFID IN SECURITY AND ACCESS CONTROL APPLICATION
RFID are beneficial with the respect to profitability, safety and security enhancement, reusability and reliability. RFID tags are used with respect of personal identification task as it can be engineered by tampered resistant, and has some cryptographic algorithm’s internal state. RFID tags helps in letting the specific person enter into the specific area.
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Major Players: Global RFID Market
Some of the Major Players Operating in this Market are:-
- Alien Technology,
- LLC,
- AWID,
- CAEN RFID S.r.l,
- CCL Industries Inc.,
- GAO RFID Inc.,
- Globe Ranger,
- Impinj Inc.,
- Invengo Technology Pvt. Ltd.,
- Mojix Inc.,
- Nedap N.V.,
- SMARTRAC N.V,
- ThingMagic,
- Honeywell International Inc., and
- ZIH Corp. among others.
Major Market Drivers and Restraints:
- Increasing use of RFID in Manufacturing
- Government Initiatives
- High adoption of RFID technology in retail industry
- Laws for Compulsory Tagging of Animals
- High Installation Costs
In 2017, Avery Dennison partnered with Target Corporation, as part of Target’s deployment of RFID technology to more than 1,600 stores to help maximize inventory availability and deliver an enhanced guest experience.
Key questions answered in this report
• What will the market size be in 2024 and what will the growth rate be?
• What are the key market trends?
• What is driving this market?
• What are the challenges to market growth?
• Who are the key vendors in this market space?
• What are the market opportunities and threats faced by the key vendors?
• What are the strengths and weaknesses of the key vendors?
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