Press release
Radio-Frequency Identification Technology (RFID) Market Demands, Trends, Industry Analysis, Segmentation, Insight, Scope, & Forecast by 2029.
Radio-Frequency Identification Technology (RFID) Market, Radio-Frequency Identification Technology (RFID) Market Insight, Radio-Fr
The rise in use of the technology in manufacturing sector is escalating the growth of radio-frequency identification technology (RFID) market. Global Radio-Frequency Identification Technology (RFID) Market was valued at USD 8.1 billion in 2021 and is expected to reach USD 41.88 billion by 2029, registering a CAGR of 22.80% during the forecast period of 2022-2029. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
An international RFID (radio frequency identification) market report consists of basic, secondary, and advanced information associated with the global status, recent trends, market size, sales volume, market share, growth, future trends analysis, segment and forecasts from 2022 - 2029. This business report is prepared by taking into consideration the client's requirements with respect to the market type, size of the organization, accessibility on-premises and the end-users' organization type, and availability at global level in areas such as North America, South America, Europe, Asia-Pacific, Middle East and Africa. The persuasive RFID (radio frequency identification) market report supports in adjusting the production depending on the conditions of demand in the market which avoids the wastage of goods.
RFID (Radio Frequency Identification) is a type of wireless communication which utilizes the radio waves in order to read or capture data which is stored on the tag of any person, an animal or object. RFID device is an alternative of barcodes.
Major factors that are expected to boost the growth of the RFID (radio frequency identification) market in the forecast period are the rise in the utilization of safety and access control applications. Furthermore, the growing initiative from the government is further anticipated to propel the growth of the RFID (radio frequency identification) market. Moreover, the improved installation of RFID (radio frequency identification) in the manufacturing units for productivity enhancements is further estimated to cushion the growth of the RFID (radio frequency identification) market. On the other hand, the rise in the expenses related to the installation of RFID (radio frequency identification) systems is further projected to impede the growth of the RFID (radio frequency identification) market in the timeline period.
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