Radio Frequency Identification (RFID) Market Anticipated to Witness Significant Growth in the Coming Years Owing to the Increasing Need for Efficient Supply Chain Management

VALLEY COTTAGE, N.Y. , Aug. 01, 2018 (GLOBE NEWSWIRE) -- The global RFID market is expected to register a CAGR of 14.5% during 2018 – 2028 with SEA and Others of APAC, Western Europe and North America accounting for significant market value shares by the end of the forecast period.

FMI delivers key insights on the global RFID market in its report titled “RFID market: Global Industry Analysis 2013 – 2017 and Opportunity Assessment 2018 – 2028.” Growth in the value of the global RFID market is estimated to remain attractive as the market is expected to grow continuously at a CAGR of 14.5% in terms of value during the forecast period 2018 – 2028. On the basis of components, the RFID software and middleware segment is expected to register attractive growth over the forecast period. Based on application, the agriculture segment is estimated to gain high penetration in terms of market share during the forecast period.

Request a Sample Report with Table of Contents and Figures: https://www.futuremarketinsights.com/reports/sample/rep-gb-656

The annual revenue of the global RFID market was US$ 12,912.0 Mn by the end of 2017, which is expected to grow at a steady pace over the coming years. The dominating regions, i.e., North America, SEA & Others of APAC and Western Europe, are expected to collectively account for a majority share in the global RFID market. These regions are likely to dominate the global market over the forecast period.

Over a decade ago, RFID technology was used by large enterprises.  With improvements in technology and economical cost, this technology has been adopted by small and medium enterprises. RFID technology is widely used by all tier companies to streamline operations and enhance the visibility of their supply chain and logistics operations. The usage of RFID technology in automated item identification systems is gaining importance in the retail sector.

The increasing need for RFID tags across the globe is driven by robust opportunities in the healthcare sector. In the healthcare sector, an increasing focus on RFID technology for the tracking and classification of medical instruments has been driving the demand for RFID tags worldwide. This technology holds immense potential for improving supply chain efficiency and ensuring patient safety while reducing human errors in healthcare processes at the same time. Healthcare management and monitoring of critical care equipment represent other interesting areas of application for the RFID market. The automotive and aerospace industry is adopting the RFID technology especially for the tracking of vehicles, inventory management of spare parts and visibility in logistics operations. Also, Vendor management has become smoother with use of RFID technology since it provides detailed performance metrics. 

Preview Analysis Global Radio Frequency Identification Market Segmentation By Application - logistics & transportation, aerospace & defence, automotive, retail & consumer goods, agriculture, healthcare, government and others: https://www.futuremarketinsights.com/reports/rfid-market

On the basis of FMI analysis, the RFID tags in the component segment are expected to dominate the market due to the high penetration of advanced technologies such as RAIN RFID tag in various industry verticals. The High Frequency (HF) sub-segment in the RFID tags segment is estimated to remain dominant in terms of market share during the forecast period. On the basis of applications, the agriculture segment will be a dominating segment due to the wide adoption of RFID technology for the tagging of animals through which the farmers can easily trace them and improve supply chain efficiency.

The North America RFID market is expected to dominate the global RFID market due to the large automotive tires market in the country. The market has huge potential in China owing to major technological advancements in the healthcare, retail and consumer goods markets. The SEA and Others of APAC RFID market will be a target market for market participants looking to penetrate the retail and consumer goods segment. Latin America is estimated to grow with an above-average CAGR over the forecast period. Brazil is expected to hold a major revenue share in the Latin America RFID market over the forecast period.

According to FMI analysis, long-term contracts with business partners are estimated to help increase revenue and new innovation strategies are likely to enable RFID vendors to reach new growth markets. Some of the market participants in the global RFID market report include Zebra Technologies Corporation; HID Global Corporation; Thin Film Electronics ASA; Invengo Information Technology Co., Ltd.; GAO RFID Inc.; Impinj, Inc.; Xerox Corporation; Omni-ID; Alien Technology, LLC and Molex, LLC.

Our advisory services are aimed at helping you with specific, customised insights that are relevant to your specific challenges. Let us know about your challenges and our trusted advisors will connect with you: https://www.futuremarketinsights.com/askus/rep-gb-656

More from FMI’s Electronics, Semiconductors, and ICT Market Intelligence: 

• Wearable Computing Devices Market Segmentation By Dynamics – Drivers (Economic, Supply, Demand), Restraints, Value Chain; By Product Category – Smart Accessories (Smart Watches, Wrist Bands), Smart Textiles (Apparels, Clothing and Innerwear), Smart Fitness Devices (Activity Trackers & Monitors, Chest Straps); By Adoption – Consumer Adoption, Business To Business (B2B) Adoption : https://www.futuremarketinsights.com/reports/wearable-computing-devices-market
  
  
• MENA Digital Transformation Market Segmentation By Digital Services – Consulting Services, Technology Implementation Services, Technology Integration Services, Operations & Management Services; By Digital Software – Content & Application Software, Sales & Commerce Software, Marketing Software, Customer Experience Software, Integration Software; By Verticals – Retail Sector, Banking, Financial Services & Insurance (BFSI), Energy & Utility Sector, Telecom Sector, Healthcare Sector : https://www.futuremarketinsights.com/reports/mena-digital-transformation-market
  
  
• Supercapacitors Market Segmentation by Type - Electrical Double Layer Capacitors, Pseudo-capacitors, Hybrid Capacitors; By Application - Consumer Electronic Devices, Automobiles, Grid Stabilization, Trains, Locomotive Systems (Cranes and Elevators), Aircraft, Others; By Vertical - Automotive and Transportation, Industrial, Electronics, Energy and Power, Military and Defense, Aerospace and Aviation, Others : https://www.futuremarketinsights.com/reports/supercapacitors-market

About Us

Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights and an aerial view of the competitive framework and future market trends.

Browse More Electronics, Semiconductors, and ICT Market Insights

Contact Us

Mr. Sudip Saha
Future Market Insights
616 Corporate Way, Suite 2-9018,
Valley Cottage, NY 10989,
United States
T: +1-347-918-3531
F: +1-845-579-5705
T (UK): + 44 (0) 20 7692 8790
Sales: sales@futuremarketinsights.com
Press Office: Press@futuremarketinsights.com
FMI Blog: http://www.fmiblog.com/
Website: www.futuremarketinsights.com