|05-17-2018 04:01 PM CET - Business, Economy, Finances, Banking & Insurance||
Global RFID Market Expected to Grow CAGR of 14.3% During the Forecast Period 2017-2027
Press release from: Market Research Reports Search Engine - MRRSE
The global RFID market is expected to witness significant revenue growth during the forecast period. This growth is mainly driven by rising demand for RFID solutions in supply chain management, healthcare sector and the retail and consumer sector. The Global RFID Market is projected to register a CAGR of 13.2% in terms of value during the forecast period 2017 – 2027. The global RFID market was valued at US$ 12.03 Bn in 2016 and is estimated to reach a market valuation in excess of US$ 47 Bn by 2027 end. The global RFID market is expected to represent incremental opportunity of US$ 30.80 Bn between 2017 and 2027.
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RFID tags segment by component likely to create high incremental opportunity in the global RFID market
Revenue from the RFID tags segment in the global RFID market was US$ 3,646.2 Mn in 2016, representing a CAGR of 17% from 2012 to 2016. According to Future Market Insights forecast, revenue from the RFID tags segment in the global RFID market is anticipated to increase from more than US$ 4,200 Mn in 2017 to over US$ 16.3 Bn by 2027 end, representing a CAGR of 14.3% from 2017 to 2027. The RFID tags segment is expected to create incremental opportunity of US$ 12.05 Bn between 2017 and 2027. Revenue from the RFID readers segment in the global RFID market is anticipated to increase from more than US$ 5,500 Mn in 2017 to over US$ 18 Bn by 2027 end, representing a CAGR of 12.2% from 2017 to 2027. The RFID readers segment is expected to create incremental opportunity of US$ 12.3 Bn between 2017 and 2027.
Increasing use of RFID tags in supply chain management and in the healthcare sector anticipated to boost segmental revenue growth in the global RFID market
Increasing need for RFID tags across the globe is driven by robust opportunities in the healthcare sector. In the healthcare sector, an increasing focus on RFID technology for tracking and classification of medical instruments has been driving the demand for RFID tags worldwide. This technology holds immense potential for improving supply chain efficiency and ensuring patient safety while at the same time reducing human errors in healthcare processes. Healthcare management and monitoring of critical care equipment represent other interesting areas of application for the RFID market.
The adoption of RFID solutions has increased from larger customers such as Airbus, Boeing and the U.S. Department of Defense. Aerospace companies are increasingly leveraging RFID technology to garner benefits such as improved supply chain visibility, asset management and utilisation, work-in-process (WIP) tracking, improved maintenance tracking and efficient logistics and manufacturing operations. An increasing use of RFID solutions is the main driving force behind revenue growth in the global market.
Rising need for efficient supply chain management is expected to support the growth of the North America RFID market during the forecast period. RFID stores detailed information related to the product on which it is tagged. The prices and details of the products with RFID tags are automatically recorded when the customer approaches the counter, without the need to scan each and every product, which saves the time of the customer. Moreover, it allows cost tally in one scan, which saves the time of the user as well as the product retailer. These advantages have encouraged retail and manufacturing companies to adopt RFID for tagging their products.
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