RFID Tags Category to Reflect High Growth Potential and High Incremental Opportunity in the Global RFID Market

Market Research Report Search Engine (MRRSE) has added a new research study on the RFID market in its research repository. The report titled “RFID Market: Global Industry Analysis, Share, Trends, Size, Growth and Forecast (2017-2027)” covers the global market trends, competitive landscape, challenges, opportunities, growth drivers etc., for the assessment period of 2017-2027. The analysis of the RFID market is carried out covering all important geographies around the globe. Regional analysis pertaining to North America, Asia Pacific excluding Japan (APEJ), Eastern Europe, Western Europe, Latin America, Japan and Middle East and Africa (MEA) is included in this comprehensive research study. In-depth scrutiny of this market can be attributed to a deep market segmentation that covers all angles within the market across the above mentioned regions.

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Global RFID Market: Forecast

The worldwide RFID market stood at a valuation of about US$ 12 Bn at the end of 2016. It is expected to grow at a robust CAGR of 13.2% during the assessment period to reflect a value of around US$ 47 Bn towards the end of 2027.

Global RFID Market: Segmental Analysis

  • RFID tags category by component is expected to show high growth and potential in the coming years. RFID tags segment is poised to grow at a robust CAGR of 14.3% throughout the period of assessment 2017-2027, and is projected to reflect a value of about US$ 16 Bn by the end of 2027
  • RFID readers category by component is also predicted to show high growth during the forecast period 2017-2027. This category is poised to grow at a high CAGR of 12.2% during the forecast period, and is estimated to be valued at about US$ 18 Bn towards the end of 2027

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Global RFID Market: Dynamics

The global market for RFID is likely to witness substantial growth owing to several aspects that fuel the adoption of RFID technology. Healthcare sector, an emerging domain since the past few years, finds RFID technology useful in classification as well as tracking of medical devices. This factor has been contributing to the growth of RFIDs to a large extent on a global basis. RFID tags segment has been promoting the growth of the overall RFID market owing to its immense use in several applications and also provides huge opportunities in the coming years. RFID tags technology has huge potential with respect to supply chain efficacy and also ensures safety of patients simultaneously decreasing errors while carrying out healthcare procedures. Healthcare domain is one of the most important domains that uses RFID technology. RFID also finds use in aerospace, automotive, logistics and transportation, retail and consumer goods and agriculture. The use of RFID technology has risen owing to adoption by larger players like Boeing, Airbus and U.S Department of Defense. Companies involved in the aerospace domain are deploying RFID technology in order to reap benefits; for instance, improvement in the visibility of the supply chain, asset utilization and management, WIP (Work In Progress) tracking, efficiency in manufacturing processes and logistics as well as enhanced maintenance tracking. To infer, rising adoption of RFID technologies is a major aspect pushing the growth of the global RFID market.

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