Radio Frequency Identification Market Overview
Radio-Frequency Identification in the form of radio waves captures necessary information stored on the tag of a device. This technology is widely preferred among various industries. It helps store the information of the product electronically.
The Radio Frequency Identification Market is highly used among industrial verticals like the logistic and manufacturing industry. It is even used in warehousing to keep track of the products. This technology helps gather data and information with the help of RTLS, which helps analyze the location and identify assets and goods.
The Radio Frequency Identification Market value is increasing day by day because of its multiple features. It is immensely getting recognition due to the wide usage of electromagnetic fields, which can automatically identify and track objects with tags attached to them. The tags have all the necessary information digitally in manufacturing date, expiry date and serial number. The massive usage of these tags is accelerating the demand for Radio-Frequency Identification (RFID) Market.
The industrial verticals such as the healthcare industry, manufacturing, and warehouse are driving the market’s growth. The Radio-Frequency Identification (RFID) Market is noticing sheer demand due to the higher usage of security and access control applications, the need for an accurate data unit, and the demand for effective store handling. These factors will boost the market to reach its estimated growth value during the evaluation period.
The pandemic period has shown a harsh impact on the market. The sales department has noticed a decrease in demand which hampered the production. The lower investment in the market led to huge economic losses. The government and the market players planned marketing strategies and effective measures to recover from the situation by noticing the decreased growth rate. These initiatives will let the market grow significantly in the future days.
Radio Frequency Identification Market report where they mention an expected growth of USD 40.2 Billion by 2030, at 13.20% of CAGR between 2022-2030.
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Key Players of the Radio Frequency Identification Market:
The prominent players in RFID Market Leaders or the Radio Frequency Identification Market are NXP Semiconductors N.V (Netherlands), Alien Technology (US), 3M Company (U.S), ACTAtek Technology (U.S), Axcess International, Inc. (U.S), : Impinj Inc. (US), Ascendent ID (U.S), ), Checkpointt System Inc. (U.S), and Avery Dennison Corporations (US), among others.
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Market Segments
The Radio-Frequency Identification (RFID) Market is segregated into components, product type, wafer size, Frequency, geography, and industry vertical.
The component section of the market is divided into Passive RFID, Active RFID, and Other. The wafer size is classified into different sizes such as 200mm, 300mm, 450mm, and Others.
The product type has tags, readers and software. It is classified into low frequency, high frequency, ultra-high frequency, and active Ultra-High Frequency based on the frequency.
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Regional Analysis
The Radio-Frequency Identification (RFID) Market shows its growth in major continents like the Asia Pacific, North America, Europe, and the Rest of the World.
Among all the market regions, the North America region is capturing the highest market share, followed by Europe and Asia-Pacific region. According to the report, the European region is noticing a rapid growth rate due to the storage and tracker solution provided by the Radio-Frequency Identification. Moreover, Asia-Pacific countries like Japan, China, and India are registered to be the fastest-growing market due to the increased size of high data generation in developing countries.
