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
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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.
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Global RFID Market Market Definition:
RFID technology uses the electromagnetic signature that uses the radio frequency in a specific spectrum to communicate information, which is mostly one way. This process is carried out by the RFID microchip.
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The reader reads the information from RFID tags, and RFID middleware uses the data to create analytical insights. The latest trend in this market are use of RFID tags and others in the field of manufacturing and retails for the automatic pricing system i.e.
when customer leaves the shop, with the help of RFID tags the bill will automatic generate these type of facilities related to RFID will make the market grow in future. There is need of RFID for several applications like Logistics and Transportation, Aerospace and Defense, Automotive, Retail and Consumer Goods, Agriculture Facility and Livestock, Healthcare, Medical and Pharmaceuticals, Government, Others will create a huge market for the RFID.
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Global RFID Market Competitive Analysis:
RFID Market is highly fragmented and is based on new product launches and clinical results of products. Hence the major players have used various strategies such as new product launches, clinical trials, market initiatives, high expense on research and development, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market.
The report includes market shares of flow cytometry market for global, Europe, North America, Asia Pacific and South America.
Global RFID Market Segmentation:
On the basis of type the RFID market is segmented into Tags, Readers, and Software. The tags market is expected to grow in the forecasted period.
On the basis of components the RFID market is segmented into RFID Tags, RFID Readers, RFID Software and Middleware. The RFID readers market is expected to grow in the forecasted period.
On the basis of application the RFID market is segmented into Logistics and Transportation, Aerospace and Defense, Automotive, Retail and Consumer Goods, Agriculture Facility and Livestock, Healthcare, Medical and Pharmaceuticals, Government, Others. The retail and consumer goods market is expected to grow in the forecasted period.
On the basis of geography, RFID market report covers data points for 28 countries across multiple geographies such as North America & South America, Europe, Asia-Pacific, and Middle East & Africa. Some of the major countries covered in this report are U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa, and Brazil among others.
In 2017, North America is expected to dominate the market.
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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
Major Market Competitors of Global RFID Market
Some of the major players operating in RFID market are Alien Technology, Applied Wireless RFID, Avery Dennison, Caen RFID, Checkpoint Systems, GAO RFID, Globeranger, Impinj, Invengo, Mojix, Motorola, Nedap, NXP Semiconductors, Smartrac Technology, Thingmagic, Zebra, Honeywell Aidc, Securitag Assembly Group (SAG), Identiv, Confidex, Omni-ID, Savi Technology, Vizinex RFID among others. 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.
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