Radio Frequency Identification Market by Product, End-user, and Geography — Forecast and Analysis 2020–2024 | Technavio
The radio frequency identification market size has the potential to grow by USD 11.26 billion during 2020–2024, and the market’s growth momentum will accelerate during the forecast period.
This report provides a detailed analysis of the market by product (RFID tags, middleware, passive RFID systems, and active RFID systems), end-user (industrial, BFSI, retail, logistics, and others), and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including Alien Technology LLC, CoreRFID Ltd., Datalogic Spa, eAgile Inc., Honeywell International Inc., Impinj Inc., Mojix Inc., NXP Semiconductors NV, Siemens AG, and Zebra Technologies Corp.
The adoption of inventory management systems is a crucial factor that will drive the global RFID market. Various end-user segments including the industrial and retail are using RFID tags to record and recognize the product database with higher precision. RFID tags enable end-users to make better business decisions as they rectify data-related errors. RFID tags are being used in several industries for achieve different objectives. For instance, in hospitals they are used for effective identification or location of equipment whereas, in casinos RFID tags are embedded in casino chips to prevent counterfeit and fraud. RFID systems help in avoiding simple tracking and counting errors which cause huge losses. Therefore, with RFID tags, vendors, manufacturers, and other market players have witnessed improvements in the overall data entry pattern, which is leading to market growth.
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The demand for smart stores is one of the key RFID market trends, that will positively impact the market. Smart stores are brick and mortar stores which use technologies such as smart cards, facial recognition, AI, and others. RFID is used in smart stores for product delivery and check-out services. The success of smart stores will create a new avenue of opportunity for RFID market. The RFID market report predicts the market will grow at a CAGR of over 9% during the forecast period.
