Global RFID Market: Comprehensive Analysis Reveals Key Strategies, Competitive Landscape, and Regional Dynamics
RFID Market: Global Opportunity Analysis and Industry Forecast, 2021-2031
PORTLAND, OREGON, UNITED STATES, June 5, 2023/EINPresswire.com/ — The market research report begins with a comprehensive overview of the sector and provides information on the RFID market, covering the period from 2022 to 2031. Its purpose is to assist stakeholders in gaining a thorough understanding of the actual industry landscape. The report includes both quantitative and qualitative analyses, offering valuable insights into various aspects of the market. The key aspects examined in this report are the forecast market statistics, SWOT analysis, digital printing market scenario, and feasibility study. All the information concerning industry growth is sourced from highly reliable and trusted sources, and extensively verified and validated by prominent market players.
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The global RFID market was valued at $11.8 billion in 2021, and is projected to reach $31.5 billion by 2031, growing at a CAGR of 10.2% from 2022 to 2031. The global RFID market is expected to witness notable growth during the forecast period, owing to surge in government initiatives to boost RFID-based solution across various industries. Moreover, the rise in demand for RFID solutions in banking and healthcare sectors, majorly drives the RFID market outlook. Furthermore, the growing demand for RFID products in retail sectors is projected to shape the future of RFID market.
RFID Market: Product Type, Frequency, End Use, and Regional Perspectives
The RFID market can be viewed from multiple perspectives, including product type, frequency, end use, and region. When considering the product type, there are three main categories: tags, readers, and software & services. In 2021, the tags segment dominated the market in terms of revenue and is expected to follow the same trend during the forecast period 2022-2031.
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Based on frequency, the market is segmented into low frequency, high frequency, and ultra-high frequency. The high frequency segment acquired a major share in the market in 2021 and is expected to grow at a high CAGR% during the period of 2022-2031.
By end use, the market is classified into commercial, animal tracking, agriculture, security and access control, healthcare, retail, logistics and supply chain, and others. The retail segment dominated the market in 2021 in terms of revenue and is expected to dominate the market during the forecast period.
Considering the regional aspect, the RFID market is divided into four major regions: North America (including the United States, Mexico, and Canada), Europe (including the UK, Spain, France, Netherlands, Italy, Russia, Germany, and the Rest of Europe), South America, Africa and the Middle East (including the UAE, Saudi Arabia, Egypt, Nigeria, and South Africa), and Asia-Pacific (including Japan, China, India, Singapore, Australia, South Korea, and the Rest of Asia-Pacific). Each region has its own dynamics, consumer preferences, and market conditions that impact the gift cards industry.
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RFID Market: Key Industry Players
The key players profiled in the global RFID market analysis are Canon, Inc, DIC Corporation, Epson Co. Ltd, Hewlett-Packard, Konica Minolta, Ricoh Co., Ltd, Sakata INX Co. Ltd, Toshiba, Toyo Ink SC Holdings Co., and Xerox Corporation. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions.
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