New York, USA, May 11, 2021 (GLOBE NEWSWIRE) -- A new report on the global Radio Frequency Identification (RFID) market has been added by Research Dive to its repository. As per the report, the market is projected to gather $21,361.9 million by 2027, growing at a CAGR of 9.9% from 2020 to 2027. This report delivers detailed insights into the current condition and future lookout of the global industry. The report is articulated by expert market analysts and promises to be a trustworthy source of data and all-inclusive market insights for new entrants, investors, prevalent market players, stakeholders, shareholders, etc.
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Factors Impacting the Market Growth:
Growing applications of RFID technology for operational uses in various end-use industries; for instance: increasing demand for the RFID in the retail sector to track the inventory throughout the supply chain, is fueling the growth of the global RFID market. In addition, rising awareness about the impact of greenhouse gas emissions on the environment and increasing focus on the reduction of carbon footprint are anticipated to give rise to profitable opportunities for the market growth during the forecast period. However, high cost involved in the manufacturing of RFID tags is expected to restrain the market growth.
Check out How COVID-19 impacts the Global Radio Frequency Identification (RFID) Market. Click here to Speak with Our Analyst: https://www.researchdive.com/connect-to-analyst/6063
COVID-19 Pandemic Impact on the Market:
The abrupt rise of the COVID-19 pandemic has made a positive impact on the growth of the global RFID sector. This is mainly because RFID technology is being extensively used in numerous ways in the healthcare sector for maintaining social distancing. For instance, RFID is being widely used for tracking the medical equipment and other valuable medical devices to easily and quickly locate them in the hospital premises.
The report segments the global Radio Frequency Identification (RFID) market into product, material, end user, frequency, type, and region.
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Tag Sub-Segment to Dominate the Market Growth
Among product segment, the tag sub-segment is projected to lead the market by growing at a significant CAGR of 10.3% during the forecast period. The growth of this sub-segment is primarily due to the growing demand for the RFID tags for tracking any type of device.
Plastic Material Sub-Segment to Observe Highest Growth
Among material segment, the plastic sub-segment is expected to observe highest growth by recording a CAGR of 10.6% during the forecast period. The growth of this sub-segment is mostly due to growing use of plastic material in RFID technologies used for operational uses in manufacturing and other end use industries.
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Retail Sub-Segment to Grab Highest Market Share
Among end user type segment, the retail sub-segment is anticipated to hold highest share of the market and grow with a CAGR of 8.9% during the forecast period. The growth of this sub-segment is mainly due to growing implementation of the RFID technology in the retail sector for tracking of products in the supply chain.
North America Region to Dominate the Global Market
The report analyzes the global Radio Frequency Identification (RFID) market across several regions such as North America, Europe, Asia Pacific, and LAMEA. Among these, the North America region market is expected to lead the global market by growing with a CAGR of 9.0% in the course of the projected timeframe. The growth of this region market is chiefly owing to the increasing applications of RFID technology for various operational uses in numerous end use industries in this region.
Major Players in the Market:
1. Honeywell
2. NXP Semiconductors
3. Avery Dennison
4. Zebra Technologies
5. Impinj
6. HID Global
7. GAO RFID
8. Identiv
9. Invengo
10. Nedap
For instance, in January 2020, Identiv, Inc., a global supplier of physical security and secure identification, announced the launch of its eco-friendly radio frequency identification (RFID) and NFC tags. The clean, green RFID and near field communication (NFC) inlays emphasize on a safer Internet of Things (IoT) market by satisfying the unique requirements of other environmentally aware companies and aim to safeguard the planet.
The report also provides an overview of many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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