SAN FRANCISCO, A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled “Radio Frequency Identification (RFID) Technology – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
Global competitiveness and key competitor percentage market sharesMarket presence across multiple geographies – Strong/Active/Niche/TrivialOnline interactive peer-to-peer collaborative bespoke updatesAccess to our digital archives and MarketGlass Research PlatformComplimentary updates for one year
Edition: 17; Released: February 2022
Executive Pool: 40844
Companies: 180 – Players covered include Alien Technology, LLC; Applied Wireless IDentifications Group, Inc.; CAEN RFID S.r.l.; CCL Industries Inc.; Denso Wave Incorporated; GAO RFID Inc.; Globeranger Corporation; Honeywell International Inc.; Impinj, Inc.; JADAK, a Novanta Company; Invengo Technology Pte. Ltd.; Mojix Inc.; Nedap N.V.; Smartrac N.V.; Zebra Technologies Corporation and Others.
Coverage: All major geographies and key segments
Segments: Type (Tags, Readers, Software, Other Types); Component (Passive RFID, Active RFID, Other Components); End-Use (Transportation & Logistics, Retail, Healthcare, Food & Beverages, Hospitality, Government, Other End-Uses)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.
Complimentary Project Preview – This is an ongoing global program. Preview our research program before you make a purchase decision. We are offering a complimentary access to qualified executives driving strategy, business development, sales & marketing, and product management roles at featured companies. Previews provide deep insider access to business trends; competitive brands; domain expert profiles; and market data templates and much more. You may also build your own bespoke report using our MarketGlass™ Platform which offers thousands of data bytes without an obligation to purchase our report. Preview Registry
Global RFID Technology Market to Reach $57.2 Billion by 2026
Radio frequency identification (RFID) is an advanced technology that involves the use of compact radio tags, which are capable of establishing communication with a networked device referred to as a reader. Radio tags are equipped with a transponder and a digital memory chip, and usually vary in terms of price, size and functionality. Demand for RFID technology, including tags, readers and software, is set to be driven by expanding applications of the technology in various industries. Retail has emerged as one of the major end-use sectors over the years, with applications in merchandize and apparel leading demand with apparel and specialty merchandize being tagged with RFID tags. Retail applications will continue to dominate the global RFID tag market with major retailers announcing large-scale RFID tag projects for their merchandize. Future growth in the market will be guided by the sheer magnitude of potential applications of RFID, such as, in baggage handling, contactless ticketing, asset management, contactless payments, electronic identification documents, product tracking in the retail industry, and in real time location identification systems, among others. Amidst the ongoing financial uncertainty, there will be increased focus on technologies that help improve operational efficiency, reduce costs, and provide competitive differentiation. This readjustment of investment priorities and renewed focus on long-term cost savings and benefits will bring out RFID technology as the greatest beneficiary, especially in the enterprise consumer segment. The rapidly expanding scope of application possibilities is leading several companies to invest in new RFID projects over the next few years, including those serving high-value applications
Amid the COVID-19 crisis, the global market for Radio Frequency Identification (RFID) Technology estimated at US$33.3 Billion in the year 2022, is projected to reach a revised size of US$57.2 Billion by 2026, growing at a CAGR of 13.3% over the analysis period. Tags, one of the segments analyzed in the report, is projected to record a 15% CAGR and reach US$33.1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Readers segment is readjusted to a revised 11.3% CAGR for the next 7-year period. RFID Tags represents the largest revenue contributor for overall RFID technology market. Growth in the market will be especially driven by the growing adoption of low cost tags. Passive RFID tags have managed to dominate the RFID tags market, particularly due to their cost-effectiveness over active tags. Passive tags do not contain an internal power source, the absence which enables the tags to be designed in small sizes that could also be embedded under the skin. The absence of batteries in the tag is a major factor enabling costs to be low, allowing the tag to offer unlimited life-span. Of late there is also huge demand for UHF passive tags driven by applications in air cargo/baggage, logistics, medical/healthcare, retail industries.
The U.S. Market is Estimated at $9 Billion in 2022, While China is Forecast to Reach $13.9 Billion by 2026
The Radio Frequency Identification (RFID) Technology market in the U.S. is estimated at US$9 Billion in the year 2022. China, the world`s second largest economy, is forecast to reach a projected market size of US$13.9 Billion by the year 2026 trailing a CAGR of 16.8% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 10.1% and 12.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 11.8% CAGR. Future growth in the market will be guided by the sheer magnitude of potential applications of RFID, such as, in baggage handling, contactless ticketing, asset management, contactless payments, electronic identification documents, product tracking in the retail industry, and in real time location identification systems, among others. Amidst the ongoing financial uncertainty, there will be increased focus on technologies that help improve operational efficiency, reduce costs, and provide competitive differentiation. This readjustment of investment priorities and renewed focus on long-term cost savings and benefits will bring out RFID technology as the greatest beneficiary, especially in the enterprise consumer segment.
RFID Software Segment to Reach $8.6 Billion by 2026
RFID software solution is the key enabler of RFID systems allowing tags and readers to be deployed in a range of applications. The software is designed to enable the system store and manage RFID tag data and integrate the same with other systems. RFID software can be used to customize RFID systems for application specific needs and add new functionalities to the systems as per the client needs and business practices. In the global RFID Software segment, USA, Canada, Japan, China and Europe will drive the 13.6% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$3.1 Billion will reach a projected size of US$7.5 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$1.3 Billion by the year 2026, while Latin America will expand at a 14.2% CAGR through the analysis period.
MarketGlass™ Platform
Our MarketGlass™ Platform is a free full-stack knowledge center that is custom configurable to todays busy business executives intelligence needs! This influencer driven interactive research platform is at the core of our primary research engagements and draws from unique perspectives of participating executives worldwide. Features include – enterprise-wide peer-to-peer collaborations; research program previews relevant to your company; 3.4 million domain expert profiles; competitive company profiles; interactive research modules; bespoke report generation; monitor market trends; competitive brands; create & publish blogs & podcasts using our primary and secondary content; track domain events worldwide; and much more. Client companies will have complete insider access to the project data stacks. Currently in use by 67,000+ domain experts worldwide.
About Global Industry Analysts, Inc. & StrategyR™
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.
This article was shared with Prittle Prattle News as a Press Release by PRNewswire
