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Rising need for RFID systems in manufacturing units for improving productivity is significant factor driving the global Radio Frequency Identification Market

VANCOUVER, BRITISH COLUMBIA, CANADA, April 19, 2023 /EINPresswire.com/ -- The global Radio Frequency Identification (RFID) market size is expected to reach USD 44.12 Billion in 2032 and is expected to register steady revenue CAGR of 11.9% during the forecast period, according to the latest analysis by Emergen Research. Rising need for improving inventory management is a major factor driving revenue growth of the market. Utilizing RDIF tags, readers, and software (also known as an RFID system), RFID stock control or RFID inventory management is the process of controlling merchandise in a retail setting. Before beginning the regularly scheduled course of production and stocking of supplies, a robust RFID inventory management system is necessary. An RFID tag is a small microprocessor and a small aerial that can hold a variety of digital data about a specific object. Tags are fixed to the product or its packaging, to a pallet or container, or even to a van or delivery truck, and are enclosed in plastic, paper, or another similar substance.

High cost of installing RFID systems could restrain revenue growth of the market. The installation cost of an RFID system can range from USD 2 million to USD 5 million for a typical active real-time monitoring system. This price can differ based on the end-use industry and the installation site. The high installation costs associated with RFID technology are one of the key barriers to adoption. Any industry that uses RFID systems must invest a sizable sum of money. These investments cover the cost of RFID tags, readers, and software in addition to the price of electricity and repair services. RFID solution costs are also increased by add-on features such as continuing system accuracy testing, Internet of Things (IoT) integration, and training costs. Consequently, RFID systems are not widely used. These factors could hamper revenue growth of the market to some extent.

𝗔𝗻 𝗨𝗹𝘁𝗶𝗺𝗮𝘁𝗲 𝗣𝗗𝗙 𝗚𝘂𝗶𝗱𝗲 𝗼𝗻 𝗥𝗙𝗜𝗗 @ https://www.emergenresearch.com/request-sample/1707

The report covers key points of the market, including the standards, regulations, and policy changes applied by the government on the industry for the coming years. The report encompasses thorough research carried out by the application of advanced analytical tools such as SWOT analysis and Porter’s Five Forces analysis to pinpoint the growth trends and patterns. Factors likely to influence the growth of the market, current trends, opportunities, restraining factors, and business landscape are discussed in-depth in the market study.

𝗖𝗼𝗺𝗽𝗲𝘁𝗶𝘁𝗶𝘃𝗲 𝗟𝗮𝗻𝗱𝘀𝗰𝗮𝗽𝗲:
Major players operating in the global RFID market are:

Zebra Technologies Corp.
Impinj, Inc.
Honeywell International Inc.
Avery Dennison Corporation
NXP Semiconductors
Alien Technology
LLC., CAEN RFID S.r.l.
GAO Group
HID Global Corporation
Invengo Information Technology Co., Ltd

The report offers a comprehensive overview of the competitive landscape and covers company profiles, production and manufacturing capacity, product portfolio, expansion strategies, and business initiatives such as mergers and acquisitions, joint ventures, collaborations, partnerships, and product launches and brand promotions among others.

𝗞𝗲𝘆 𝗠𝗮𝗿𝗸𝗲𝘁 𝗗𝗿𝗶𝘃𝗲𝗿𝘀:
During the projected period, the RFID market is expected to develop due to increased demand for or adoption of RFID from various end-use industries. RFID tags can be used in a variety of industries, including retail, healthcare, aerospace, defense, logistics, manufacturing, and government. For example, Fresenius Kabi will debut RFID smart labels for a variety of vital pharmaceuticals often used in operating rooms in the United States in August 2020. Hospitals can use smart labels to automatically identify, locate, and manage their inventory.

Furthermore, the increased installation of RFID tags in manufacturing units to improve productivity as a result of COVID-19 is likely to boost the RFID market's growth. In February 2022, for example, SML RFID, an RFID tag provider, announced the addition of four new features to its Clarity software application suite to assist retailers as they recover from COVID-19-related shutdowns, as well as to enable efficient supply chain and inventory management for retailers affected by the COVID-19 outbreak (global pandemic).

Some Key Highlights From the Report

On 8 February 2022, Zebra Technologies Corporation, which is a leader in business innovation with partners and solutions that provide a competitive edge, unveiled a new line of highly accurate and simple-to-deploy Integrated RFID gateways. For asset and workflow management, traceability, and compliance applications in a variety of industrial and commercial locations, including warehouses, pharmaceutical manufacturing facilities, and retail backrooms, Zebra's integrated Ultra High Frequency (UHF) RFID portals are appropriate. Zebra is launching four new integrated solutions that streamline the deployment of RFID for companies and specialist PartnerConnect partners in the U.S. and Canada.

The tags segment is expected to account for largest revenue share in the global market over the forecast period. RFID tags, which is a type of tracking technology, employ radio frequency to find, identify, track, and communicate with things and people. Serial numbers, a succinct description, or even several pages of information, can all be found on RFID tags. Some RFID tags have cryptographic security components to offer a high level of authentication and verification. RFID tags are commonly identified using Low Frequency (LF), High Frequency (HF), and UHF radio frequencies. LF systems have a frequency range of 30 to 300 KHz and a read range of up to 10 cm. HF systems have a read range of 10-1 m and a frequency range of 3-30 MHz (3 ft). The range of UHF systems is between 300 MHz and 3 GHz and a read range of up to 12 m (39 ft).

The retail segment is expected to account for largest revenue share in the global market over the forecast period. When RFID tags are affixed to products, RFID is employed in the retail industry. These tags transmit signals to RFID scanners, which are subsequently processed by software to produce real-time results for inventory levels, transactions, or specific customer purchase order histories. Processes for retail inventory are frequently exceedingly labor-intensive, time-consuming, and only finished at specific times. RFID speeds up these procedures. Item tracking is one of the key uses for RFID in retail. RFID technology can be used in retail to track frequently moved items and prevent theft. Using RFID technology, retailers can follow their products from the warehouse shelves to the sales floor.

Read full Report Description with Table of Content and Figure @ https://www.emergenresearch.com/industry-report/radio-frequency-identification-market

Radio Frequency Identification Market Segmentation:

Offering Outlook (Revenue, USD Million; 2019–2032)
Tags
Readers
Fixed Readers
Handheld Readers
Software & Services

Tag Outlook (Revenue, USD Million; 2019–2032)
Wafer Size
200mm
300mm
450mm
Tag Type
Passive Tags
Active Tags
Frequency
Low Frequency
High Frequency
Ultra-High Frequency (UHF)
Form Factor
Card
Implant
Key Fob
Label
Paper Ticket
Band
Other Form Factors
Material
Plastic
Paper
Glass
Other Materials

Application Outlook (Revenue, USD Million; 2019–2032)
Agriculture
Commercial
Transportation
Healthcare
Apparel
Food
Automotive
Logistics & Supply Chain
Aerospace
Defense
Retail
Security & Access Control
Sports
Animal Tracking
Ticketing

The Global Radio Frequency Identification Market report contains historical, current, and forecast estimation of the revenue generation and profits for each segment and sub-segment of the Radio Frequency Identification market in each key region of the world. The report additionally sheds light on the emerging growth opportunities in the business sphere that are anticipated to bolster the growth of the market.

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Regional Segmentation:

The report offers a comprehensive breakdown of the regional analysis of the market and subsequent country-wise analysis. The regional analysis of the market comprises of production volume information, consumption volume and patterns, revenue, and growth rate for the forecast period of. According to the regional analysis, the market is primarily spread over key geographical regions as follows:

North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

What is New Additions in 2023?

Market Presence Across Multiple Geographies
Greater emphasis on data privacy and security
Online Interactive Peer-to-Peer Collaborative Bespoke Updates Edition
Detailed industry outlook
Additional information on company players
Customized report and analyst support on request
Recent market developments and it’s futuristic growth opportunities
Customized regional/country reports as per request

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