The
global radio frequency identification (RFID) technology market is estimated to
reach USD 40.5 billion by 2025, 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.
In depth research report on RFID (Radio Frequency
Identification) 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
market at various levels of the value chain.
Grand
View Research has segmented the Radio Frequency Identification (RFID)
technology market on the basis of products, frequency, application, and region:
Product Outlook (Revenue, USD Million; 2014 - 2025)
·
RFID Tags
·
RFID Readers
·
Middleware
Frequency Outlook (Revenue, USD Million; 2014 -
2025)
·
Low Frequency
·
High Frequency
·
Ultra-high frequency
Application Outlook (Revenue, USD Million; 2014 -
2025)
·
Retail
·
Financial Services
·
Healthcare
·
Industrial
·
Government
·
Transport & Logistics
·
Others
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)
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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, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
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