Global RFID Market to Exhibit a CAGR of 7.9% during the Period 2017, Analysis and Forecasts 2024
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The Global RFID Market accounted to USD 17.0 billion in 2016 growing at a CAGR of 7.9% during the forecast period of 2017 to 2024. The upcoming market report contains data for historic years 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.
Major Market Drivers and Restraints:
• Increasing use of RFID in Manufacturing
• Government Initiatives
• High adoption of RFID technology in retail industry
• Laws for Compulsory Tagging of Animals
• High Installation Costs
Global RFID Market By Type (Tags, Readers, Software) By components (RFID Tags, RFID Readers, RFID Software and Middleware), By Application (Logistics and Transportation, Aerospace and Defense, Automotive, Retail and Consumer Goods, Agriculture Facility and Livestock, Healthcare, Medical and Pharmaceuticals, Government, Others) By Geography (North America, Europe, Asia-Pacific, Europe, South America, Middle East and Africa) – Industry Trends and Forecast to 2024
Major Market Competitors :-
• Alien Technology,
• Applied Wireless RFID,
• Avery Dennison,
• Caen RFID,
• Checkpoint Systems,
• GAO RFID,
• NXP Semiconductors,
• Smartrac Technology,
• Honeywell Aidc,
• Securitag Assembly Group (SAG),
• Savi Technology,
• Vizinex RFID among others.
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In 2017, Avery Dennison partnered with Target Corporation, as part of Target’s deployment of RFID technology to more than 1,600 stores to help maximize inventory availability and deliver an enhanced guest experience.
On the basis of type:- Tags, Readers, and Software.
On the basis of components:- RFID Tags, RFID Readers, RFID Software and Middleware.
On the basis of application:- Logistics and Transportation, Aerospace and Defense, Automotive, Retail and Consumer Goods, Agriculture Facility and Livestock, Healthcare, Medical and Pharmaceuticals, Government, Others.
On the basis of geography:- North America & South America, Europe, Asia-Pacific, and Middle East & Africa.
In 2017, North America is expected to dominate the market.
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