The global radio frequency identification (RFID) system market is expected to grow at a significant CAGR during the forecast period. The rapidly growing adoption of RFID in various sectors including logistics and retail are significantly driving the market growth. Further, the access control applications and security offered by the RFID System is boosting the market growth. RFID System has been widely installed by manufacturing units to ensure performance and operations of the assets, to monitor the activity, to identify the defects, induce high productivity and detect system failure. Additionally, the increasing penetration of RFID systems to track the process components and manufacturing equipment or on any movable assets during the production is projected to surge the growth opportunities for the market.
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Furthermore, the global radio frequency identification (RFID) system market is segmented by product type, component type, frequency, application and region. Based on product type, the market is classified into RFID tags, RFID readers, and software. The RFID tag segment is growing at a steady pace as these are primarily used to track the devices and equipment and to monitor the activities of the process. Based on the tag type, the market is bifurcated into passive RFID and active RFID. The market is dominated by the passive RFID segment as it has wide applications to track goods in several industrial verticals including pharmaceuticals, supply chain, enterprises, retails and others.
Based on frequency, the market is classified into low frequency, high frequency, and ultra-high frequency. The ultra-High Frequency segment holds a significant share which has a range of about 860 MHz- 960 MHz that was considered as an ideal range of frequency to perform the operations of the RFID system. These are widely applicable in-vehicle tagging, asset tracking, tagging of manufacturing products and equipment, asset counting and supply chain management applications. Based on the application, the market is further segmented into transportation and logistics, retail, healthcare, aerospace and defense, government, and others. Transportation and logistics are projected to hold the largest share as it primarily uses RFID systems to track and monitor the assets and to detect cargo in air, road or marine verticals and optimize the supply chain with better ability.
Market Coverage
· The market number available for – 2020-2027
· Base year- 2020
· Forecast period- 2021-2027
· Segment Covered
· Competitive Landscape- Avery Dennison Corp., Honeywell International Inc., and Alien Technology, among others.
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Global Radio Frequency Identification (RFID) System Market Report Segment
By Product Type
· RFID Tags
· RFID Readers and Software
By Component Type
· Passive RFID
· Active RFID
By Frequency
· Low Frequency
· High Frequency,
· Ultra High Frequency
By Application
· Transportation and Logistics
· Retail
· Healthcare
· Aerospace and Defence
· Government
· Others
(This release has been published on Global Market Post. Global Market Post is not responsible for any content included in this release.)
