The Global RFID Market is Expected to Witness a CAGR of 14.4% During the Forecast period to Reach Revenue of $32.50 billion by 2024
Bangalore, India, October, 31, 2018: With its recently published study “Global Radio-frequency Identification (RFID) Market – Drivers, Restraints, Opportunities, Trends, and Forecast up to 2024”, Infoholic Research forecasts that the global market for RFID will grow significantly in the coming years owing to the increasing government initiatives on integrating RFID technology across various applications, rising interest on value chain management, and expanding Internet of Things (IoT) infrastructure.
Radio-frequency identification (RFID) is a type of contactless automatic identification and tracking technology that utilizes radio-frequency signal to identify an object/item and obtain the relevant information automatically. RFID system comprises various components such as RFID tags, RFID reader, RFID antenna, and host computing device with appropriate application software. RFID tags are tiny microchips with memory and an antenna coil configured to respond and receive signals from an RFID transceiver. RFID reader is also known as RFID interrogator as it interrogates the tag in order to capture location, identification, and other information about the device or product to which the tag is attached.
The global market, in terms of product type, is segmented into active RFID/RTLS systems, passive RFID services, networking, software, passive RFID interrogators, and passive RFID tags. By applications, the market is segmented into retail, healthcare, transportation and logistics, financial services, industrial, government, and others.
In 2017, the Americas region had the largest share in the global RFID market and is likely to lose its market share to Asia Pacific by the end of 2024. This is mainly due to expanding organized retail sector and increasing investments on asset management solutions by organizations across various industry verticals.
“RFID is one of the key enabling technologies for the Internet of Things (IoT) applications, which is expected to have huge deployments across regions.” – Delsingh Bright, Sr Research Analyst, Infoholic Research
Key insights of the report include:
- Market Analysis – By Product Types
- Active RFID/RTLS Systems
- Passive RFID Services, Networking, Software
- Passive RFID Interrogators
- Passive RFID Tags
- Market Analysis – By Applications
- Transportation and Logistics
- Financial Services
- Market Analysis – By Regions
- Asia Pacific
- Middle East & Africa (MEA)