The global RFID market is poised for significant growth in the forecast period. This growth is driven by increasing government initiatives to integrate RFID technology across various applications, a growing interest in value chain management, and the expansion of the Internet of Things (IoT) infrastructure. However, security concerns regarding legitimate readers obtaining data from illegitimate tags and privacy issues related to illegitimate readers accessing data from legitimate tags are identified as challenges that could hinder the adoption of RFID solutions during the forecast period.
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Radio-Frequency Identification (RFID) Technology:
RFID is a contactless automatic identification and tracking technology that employs radio-frequency signals to identify objects or items and automatically retrieve relevant information. An RFID system comprises several components, including RFID tags, RFID readers, RFID antennas, and a host computing device equipped with suitable application software.
Market Revenue and Segmentation Analysis:
The global RFID market is anticipated to achieve a revenue of $XX billion by 2024, exhibiting a compound annual growth rate (CAGR) of 14.4% from 2018 to 2024.
Product Types:
The market is segmented based on product types, including:
- Active RFID/RTLS systems
- Passive RFID services
- Networking
- Software
- Passive RFID interrogators
- Passive RFID tags
Among these, passive RFID tags dominated the market, accounting for over 35% of market share in 2017. This segment is projected to maintain its dominance during the forecast period.
Applications:
RFID technology finds applications in various sectors, including:
- Retail
- Healthcare
- Transportation and logistics
- Financial services
- Industrial
- Government
- Others
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Regional Analysis:
In 2017, the Americas held the largest market share in the global RFID market, followed by Asia Pacific. Additionally, Asia Pacific is identified as the fastest-growing region in the RFID market, with a CAGR of 18.5% expected during the forecast period (2018-2024). This growth is primarily attributed to the expansion of the organized retail sector and increased investments in asset management solutions across various industry verticals.
The report provides a detailed country-wise analysis of the RFID market across regions, including the Americas, Europe, Asia Pacific, and the Middle East & Africa (MEA).
Key Players:
The report features an in-depth analysis of vendor profiles, encompassing:
- Financial health
- Business units
- Key business priorities
- SWOT analysis
- Strategies
- Views
Key players profiled in this study include:
- ZIH Corp.
- ASSA ABLOY
- AVERY DENNISON CORPORATION
- Honeywell International Inc.
- Siemens AG
- Impinj, Inc.
- Identiv, Inc.
- Alien Technology, LLC
- Omni-ID
- Mojix, Inc.
This comprehensive report on the global RFID market offers key insights into industry trends, the current market landscape, and relevant technologies. Additionally, it assists venture capitalists in identifying revenue opportunities across different segments to make informed decisions.
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Market Dynamics:
Surging air traffic:
- As the global aviation industry continues to expand, there is a corresponding increase in market demand.
Heightened emphasis on safety and reliability:
- The aerospace and defense sector places significant importance on ensuring safety and reliability, which drives the need for top-notch market offerings.
Growing commitment to environmental sustainability:
- The aerospace and defense industry is increasingly dedicated to reducing its carbon footprint, resulting in the adoption of sustainable aviation fuels.
Escalating globalization:
- The growth of international trade and travel propels the demand for market solutions.
Increasing desire for private air transportation:
- The rising number of affluent individuals and their preference for exclusive air travel are generating fresh opportunities in the market.
Expanding utilization of digital fuel management systems:
- The integration of digital fuel management systems facilitates efficient fuel consumption and reduces associated costs.
Advancements in fuel cell technology:
- Ongoing developments in fuel cell technology unlock new possibilities for the production of sustainable market alternatives.
Mounting demand for air cargo transportation:
- The flourishing e-commerce sector fuels an increasing need for air cargo transportation, thereby driving the demand for market offerings.
Rising defense budgets:
- Governments worldwide are augmenting their defense spending, leading to heightened market demand.
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