Press release
Global RFID Market to Experience Significant Growth during the Forecast Period 2024| Key Players includes martarc N.V. and CCL Industries Inc. along with others such as Alien Technology, LLC, AWID, CAEN RFID S.r.l, GAO RFID Inc., Impinj, Inc., Invengo Tec
Global RFID Market
Global RFID Market, By Product Type (Tags, Readers, Software), By End User (Industrial, Transportation, Retail, Consumer Package Goods, Healthcare, Education, Others) By Geography (North America, Europe, Asia-Pacific, South America, Middle East and Africa)- Industry Trends and Forecast to 2024
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Global RFID Market is expected to reach USD 44,351.6 million by 2024 from USD 13,378.7 million in 2016, at a CAGR of 16.3% in the forecast period 2017 to 2024. The new market report contains data for historic years 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.
The major factors driving the growth of this market are increase demand of RFID Technology in retail industry, enforced laws for labelling animals, increasing use of security and access control application and increasing installation of RFID in manufacturing units and for productivity improvement. On the other hand, high cost of RFID and device interoperability may hinder the growth of the market.
Market Segmentation:
The global RFID market is segmented on the basis of products, end user and geography. The global RFID-market is segmented into tags, readers and software tools. In 2017, the tags segment is expected to dominate the market with a share of 56.5% and is expected to continue this trend till 2024.
Based on end user, the global RFID-Market is segmented into industrial, transportation, retail, consumer package goods, healthcare, education and others.
Drivers: Global RFID Market
Some of the major factors driving the market for RFID market are increase demand of RFID technology in retail industry and enforced laws for labelling animals. These factors increase the demand for RFID market. Increasing installation of RFID in manufacturing units and for productivity improvement and increasing use of security and access control application are the other major factors driving the growth of the non-destructive testing equipment market
RISING DEMAND OF RFID TECHNOLOGY IN RETAIL INDUSTRY
RFID tags usage in animals has been considered as one of the oldest method use in the rough terrain and large ranges, especially in the outbreak of mad cow disease. RFID tags are important in animal industry to manage exotic and endangered animals for preserves. Tagging of animals in livestock industry helps the farmers to identify animals with respect to its pedigree and medical information.
FAVOURABLE LAWS FOR LABELLING LIVESTOCK
Non-destructive equipment is majorly found in the end user industries. Therefore, government are making stringent rules and regulation regarding quality control and personnel safety. Instances such as leakages in nuclear reactors, explosions of pipelines and refinery blasts had made the government to set up the safety guidelines, as a result, leads to drive the NDT equipment market.
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GROWTH IN THE USAGE OF RFID IN SECURITY AND ACCESS CONTROL APPLICATION
RFID are beneficial with the respect to profitability, safety and security enhancement, reusability and reliability. RFID tags are used with respect of personal identification task as it can be engineered by tampered resistant, and has some cryptographic algorithm’s internal state. RFID tags helps in letting the specific person enter into the specific area.
Key Drivers: Global RFID Market
Some of the major factors driving the market for RFID market are increase demand of RFID technology in retail industry and enforced laws for labelling animals. These factors increase the demand for RFID market. Increasing installation of RFID in manufacturing units and for productivity improvement and increasing use of security and access control application are the other major factors driving the growth of the non-destructive testing equipment market
• High cost of RFID and device interoperability are the factor which may hinder the growth of this market
• Many companies are increasingly focusing on variability in the RFID tag with sensors and IOT based RFID labelling in order to strengthen their product portfolios in the RFID market.
Key Points: Global RFID Market
GlobeRanger is going to dominate the RFID market following with Smartarc N.V. and CCL Industries Inc. along with others such as Alien Technology, LLC, AWID, CAEN RFID S.r.l, GAO RFID Inc., Impinj, Inc., Invengo Technology Pte. Ltd., Mojix, Inc., Nedap N.V., ThingMagic, Honeywell International Inc., and ZIH Corp. among others.
• Tags market is growing with the highest CAGR
• Plastic material are driving the market with highest market share
• Industrial are dominating the RFID market
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