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(IT-NEWSWIRE.COM, December 15, 2018 ) The radio-frequency identification (RFID) market is expected to be valued at USD 31.42 Billion by 2023, growing at a CAGR of 7.7% between 2017 and 2023. The growth of this market is fueled by the increasing installation of RFID in manufacturing units for productivity improvement; increased usage of security & access control application; increasing government initiatives; high adoption of RFID technology in retail industry; and development in the RFID ecosystem through organic growth strategies such as mergers and acquisitions, and collaborations.
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Among all products in the RFID system, the market for RFID tags is expected to grow at the highest CAGR between 2017 and 2023. Reduction in the costs have led to rise in adoption of RFID tags; demand for the tags will continue to raise competitive situations in the market, which in turn will lead to further innovations in the RFID systems.
The RFID market for passive tags is expected to grow at a high rate between 2017 and 2023. Owing to factors such as small size, low cost and long lifetime, passive tags are expected to gain more traction than active tags. Demand for passive UHF RFID tags have also seen a large adoption after the evolution of RAIN RFID alliance. With members such as AIDC industry association AIM Global, Google, Impinj, Intel and SMARTRAC, the alliance has effectively worked on spreading the awareness among the end users and potential customers
Ultra-high frequency (UHF) RFID tags enable multiple tag reading that means user can read more RFID tags in one go, which is not supported by LF and HF. Multiple tag reading helps in reducing error, thus facilitating efficiency in automation. UHF RFID is currently the only type of RFID to be regulated by a single global standard.
Browse and in-depth TOC on "radio-frequency identification (RFID) market"
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Among various applications, the commercial industry accounted for the largest share of the overall RFID market based on the end-user industry in 2016. The commercial sector is witnessing good growth, an in turn, are using RFID to optimize their operations and give them a competitive advantage. Since past few years, there has been significant improvement in demand for innovative technologies that are enabling end-users to fulfill customers’ needs. RFID technology enables the commercial industry to identify and track items, and thus, enhance data center and warehouse management across various verticals such as IT asset tracking, laundry management, and jewelry tracking. The increasing population, along with rising commercialization, are driving investment in the RFID systems, and software.
“The Americas expected to lead the RFID market between 2017 and 2023”
The Americas is expected to hold the largest size of the RFID market during the forecast period. The players in the Americas region are emphasizing on research and development activities, to facilitate operational efficiency through advanced technologies. Furthermore, the adoption of RFID technologies and a significant number of established players in the RFID market are driving the demand for RFID tags in the Americas.
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The major players operating in the RFID market are Impinj (US), NXP Semiconductors (Netherlands), Alien Technology (US), Avery Dennison (US), Smatrac (Netherlands), Invengo (Singapore), Checkpoint Systems (US), Mojix (US), GAO RFID (US), Nedap (Netherlands), Zebra Technologies (US), GlobeRanger (US), HID Global (US), Applied Wireless (US), CAEN RFID (Italy), Honeywell (US), Thing Magic (US), Identiv (US), SAG (US), Omni-ID (US), Vizinex RFID (US), Savi Technology (US), RFID Global Solution (US), Confidex (Finland), and TrackX (US).
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