Radio-Frequency Identification (RFID) Market 2019 Global Trends, Sales Revenue, Key Players Analysis and Industry Growth with 15.6% of CAGR by Forecast 2023

Market Research Future published a research report on “Global Radio-Frequency Identification (RFID) Market Research Report- Forecast 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.

Market Scenario:

Radio-Frequency Identification (RFID) are the radio waves that are utilized for reading and capturing the information that is stored on a tag attached to an object. These tags are used to store the product information electronically and also can be analyzed the object from distance. RFID can be used in manufacturing, logistics and warehousing, where keeping track of the inventory and assets is of prime importance as they found a significant improvement in the overall quality of data entry. It also facilitates to gather the location data with the help of RTLS to pinpoint an exact location and the identity of assets.

The study indicates that the Radio-Frequency Identification (RFID) market is boosted by the uses of electromagnetic fields that automatically identify and track tags attached to objects. The tags contains the information that can collect the information digitally in the form of a serial number, price, or count. Also, with the help of these tags, the data can be easily recorded and recognized. 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

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The global Radio-Frequency Identification (RFID) market is expected to grow at USD ~$31.8 Billion by 2023, at ~15.6% of CAGR between 2017 and 2023.

Industry News

February 2018, Panasonic and Trial Company had come aligned to engage the demonstration the first RFID based walk through checkout system solution. By this process, customers can automatically pass through checkout lane with their shopping bags containing RFID tags. This combination will scan the information and by default scan the product and payment would automatically will be detected through the prepaid cards which eventually reduce the checkout time.

January 2018, Blockchain industry leaders, Waltonchain, one of the Chinese and Korean developers who implements Radio Frequency Identification (RFID) to streamline businesses’ supply chain management and Loci,one of the platform providers of IP inventions and mining, had come aligned for a strategic partnership. This partnership will create the ocean of opportunities for Waltonchain to create more progressive inventions and innovations with the help of resources provided by Loci and their platform for IP research and development, marketplace and business enagagement.

Key Players

The prominent players in the Radio-Frequency Identification (RFID) 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.

Radio-Frequency Identification (RFID) Market Segmentation

The Radio-Frequency Identification (RFID) Market has been segmented on the basis of product type, wafer size, components, frequency, end users and region. Looking through the end-user segment it has been observed that healthcare sector is showing a rapid growth of usage of the RFID technology as it is being used widely in this sector for the medicine tracking, medical reports and blood transfer tracking. Furthermore, defense and the government sector is expected to grow as real time intelligence and NFC are getting good overview in these sector

Market Research Analysis:

On geographic basis, Radio-Frequency Identification (RFID) Market is studied in different regions such as North America, Europe, Asia-Pacific and Rest of world. It has been observed that 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.

In the European region there has been a major focus onto the drug tracking to equipment and patient identification to monitoring blood transfer and supply chain and is expected to boost the radio frequency identification market in this region. However, Asia Pacific region has been significantly growing well in Radio-Frequency Identification (RFID) market as these are the long term benefits which include cost savings, improved accuracy, and enhanced automation

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Intended Audience

• Software investors
• Security solution vendors
• RFID service providers
• Value-added Resellers
• Distributers
• Investors and Venture Capitalist
• Security Management Service Provider
• Security Equipment Providers
• Security Agencies
• System Integrators
• Research/Consultancy firms

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