Press release
RFID Market Set to Soar, Projected Worth of $32.4 Billion by 2029
Meticulous Research®, a leading global market research company, has unveiled its latest research report titled "RFID Market by Component (Hardware - Printers, Antenna, Readers, Labels, Card, Tags, Implant; Software), Frequency (Ultra-high Frequency), Type (Active, Passive), End-user (Transportation & Logistics, Retail), and Geography - Global Forecasts to 2029."
According to this comprehensive publication from Meticulous Research®, the global RFID market is on a trajectory to achieve a remarkable CAGR of 10.8% from 2022-2029, ultimately reaching an impressive valuation of $32.4 billion by 2029. The driving forces behind this anticipated growth include the escalating demand for RFID technology for operational use across diverse industries, the surge in RFID solution installations in healthcare, retail, and manufacturing sectors, and increasing government initiatives promoting the use of Automatic Identification and Data Capture (AIDC) technology.
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Market Overview: In the realm of technological evolution, the global RFID market is poised for unparalleled growth, projected to surge at a remarkable CAGR of 10.8% from 2022-2029, ultimately reaching an impressive $32.4 billion by 2029. Key catalysts driving this surge include the escalating demand for RFID technology across diverse industries, increased government initiatives endorsing AIDC technology, and the growing adoption of RFID solutions in healthcare, retail, and manufacturing sectors.
Major Benefits of RFID Technology:
• Operational Efficiency
• Elimination of Human Error
• Reduction in Capital Costs
• Access to Real-Time Data
• Insights for Better Decision Making
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/rfid-market-5272
Growth Opportunities and Trends: The rise in adoption of RFID tags for Industry 4.0 and smart manufacturing presents significant growth opportunities. However, challenges such as vulnerability to cyber threats and high capital expenditure for deploying RFID pose hurdles to the market's growth.
Technology Trends:
• Artificial Intelligence (AI) in RFID
• Smart Mirrors
• Hybrid and Chipless RFID Solutions
Market Segmentation: The global RFID market is segmented based on component, frequency, type, and end user, offering a comprehensive analysis for industry stakeholders.
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Geographic Insights: Asia-Pacific is poised to command the largest share of the global RFID market in 2022, driven by increasing awareness, high adoption of AIDC technology, surging government investments, and the rapid expansion of Industry 4.0 and digital transformation.
Key Players: Leading industry players influencing the RFID market include Merck KGaA, Thermo Fisher Scientific Inc., Cytiva, Lonza Group Ltd., Corning Incorporated, Becton, Dickinson and Company, Avantor, Inc., Bio-Rad Laboratories, Inc., HiMedia Laboratories, Sartorius AG, Eppendorf SE, FUJIFILM Holdings Corporation, Agilent Technologies, Inc., Getinge AB, Greiner Bio-One GmbH, and Miltenyi Biotec B.V. & Co. KG.
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