Market Research Report
Global RFID market Size study, by Product type by frequency by application by form factor and Regional Forecasts 2021-2027
|Global RFID market Size study, by Product type by frequency by application by form factor and Regional Forecasts 2021-2027|
Published: January 10, 2022
Bizwit Research & Consulting LLP
Delivery time: 2-3 business days
Global RFID market is valued at approximately USD 9.71 billion in 2020 and is anticipated to grow with a healthy growth rate of more than 10.2 % over the forecast period 2021-2027. Radio Frequency Identification (RFID) uses electromagnetic fields to automatically track and identify tags attached to objects. It is a wireless system which consists of two components: tags and readers. Increasing installation of RFID in manufacturing units due to COVID-19 has forecasted an increase in the demand for radio frequency detection market. For Instance: As per Institute of Electric and Electronic Engineers, there is an upsurge in the market for RFID in 2018 from US$ 100 million to US$ 343 million in 2020 due to increase in the contact tracing after COVID 19. However, high purchase, installation and maintenance costs impede the growth of the market over the forecast period of 2021-2027. Also, the rising need for contact tracking solutions due to COVID-19 is likely to increase the market growth during the forecast period.
The regional analysis of the global RFID market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the increased installation of RFID systems in manufacturing units due to rise in COVID 19 has increased the demand for RFID systems in the United States. Whereas, Asia-Pacific is also anticipated to exhibit the highest growth rate / CAGR over the forecast period 2021-2027. Factors such as rising adoption of new technologies in several industries like healthcare, aerospace, commercial, agriculture would create lucrative growth prospects for the RFID market across Asia-Pacific region.
Major market players included in this report are:
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values for the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Furthermore, years considered for the study are as follows:
Target Audience of the Global RFID market in Market Study: