Increasing Adoption of RFID Tags to Augment Growth of the Global RFID Market
SAN FRANCISCO, CALIFORNIA, UNITED STATES, September 14, 2022 /EINPresswire.com/ — ??????? ?? ??? ?????? –
Global RFID Market, by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa) – Size, Share, Outlook, and Opportunity Analysis, 2018 – 2026
This research was divided into categories, end users, applications, and regional markets. The major industries and businesses operating there are described in the market study on RFID Market. so that users of research can understand how the leading market players are still succeeding in the industry. It provides details on current affairs, new product launches, and player mergers & acquisitions that can help in the development of effective company plans.
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RFID (Radio Frequency Identification) is a form of wireless communication, which uses tags in order to track the details of the objects. RFID tags use radio frequency to search, identify, track, and communicate with people or items. Moreover, RFID tags store valuable information from serial numbers, to a short description, and even pages of data. RFID uses electromagnetic waves to automatically identify and track tagged objects attached to baggage, packages, and/or other items with a hard or plastic cover. RFID has a wide variety of benefits for both businesses and consumers. Apart from enhancing security and tracking systems, RFID tags can track and monitor the products inside a warehouse. Moreover, RFID help increase the security of the data from the cyber threat, which help control data loss and secure data from unauthorized access.
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Major players operating in the global RFID market are – The industry is marked by the presence of many global vendors, such as Alien Technologies, Honeywell International, Inc, NXP Semiconductors, Inc, Smartrac N.V, and Zebra Technologies. Some other prominent players include RFID4U, Tibco Software, Mojix, Inc, Impinj, Inc, and TIBCO Software, Inc.
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The following table lists the segments of the RFID Market research study that are geographical (country), company, type, and application-specific. The study provides in-depth information on new products, local investments, and market investments. The market research study on RFID Market keeps track of new developments and fashions. The analysis also takes into account the most recent market dynamics, such as driving and impeding factors, as well as business news like mergers and acquisitions and investments. This study of current market trends is provided for each of the sub-segments from 2022 to 2030.
On the basis of PDU Types, the global Radio Frequency Identification (RFID) Market is segmented into:
• Basic PDU
• Metered PDU
• Smart PDU
• Switched PDU
• Others
On the basis of application, the global Radio Frequency Identification (RFID) Market is segmented into:
• Banking
• Financial Services and Insurance
• Energy
• Government
• Healthcare
• Telecom & IT
• Others
On the basis of regions, the global Radio Frequency Identification (RFID) Market is classified into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East
• Africa
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Increasing demand for or adoption of RFID from various end-use industries is expected to aid in the growth of the RFID market during the forecast period. RFID tags can be used in various end-use industries, such as retail, healthcare, aerospace, defense, logistics, manufacturing, and government, among others. For instance, in August 2020, Fresenius Kabi launched RFID smart labels for a range of essential medicines frequently used in the operating room in the U.S. The smart label enables hospitals to automatically identify, locate, and manage their inventory.
Moreover, increasing installation of RFID tags in manufacturing units to improve productivity due to COVID-19 is expected to augment growth of the RFID market. For instance, in February 2022, SML RFID, RFID tag provider, announced the addition of four new features to its Clarity software application suite to assist retailers as they emerge from COVID-19 related shutdowns, as well as to enable efficient supply chain and inventory management for retailers affected by the outbreak of COVID-19 (global pandemic).
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Each regional market segment is researched and analyzed in the market study in light of the significant regional market reach. The study also provides a comprehensive evaluation of key insights related to import, export, development, demand, and consumption.
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The emergence of COVID-19 has immensely affected the growth of the RFID market. COVID-19 pandemic not only impacted the operations of the various RFID companies, but also affected the businesses of their partners and/or distributers. However, the healthcare sector is taking an advantage of RFID-enabled technology to better manage patient and employee safety during the COVID-19 pandemic. This in turn is expected to augment the market growth.
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The RFID market is expected to exhibit a CAGR during the forecast period due to the government policies favoring digital development. For instance, in August 2021, the South Delhi Municipal Corporation (SDMC), India mandated commercial vehicles to carry RFID tags to enter the national capital. Now, for commercial vehicles, toll tax can be paid only through RFID tags or systems.
Among regions, North America, Europe, and Asia Pacific are expected to witness robust growth in the RFID market owing to the increasing implementation of RFID tags, growing acceptance of RFID tags, rising adoption of Industry 4.0, IoT, and smart manufacturing, favorable government policies, and the outbreak of COVID-19 in these regions.
For instance, in September 2020, Avery Dennison announced the launch of the AD-332u8 RAIN RFID inlay that excels in high density, close proximity conditions, and can be used for inventory accuracy and supply chain management.
Moreover, in September 2021, Nedap NV announced the launch of the Nedap iD Cloud Platform, an integrated suite of SaaS solutions purposefully built for RFID technology.
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(1) The RFID Market research provides extensive data on market size, revenue, and industry analysis.
(2) How will the market size and growth rate increase by the end of the projected period?
(3) What are the main trends encouraging the development of the global RFID Market ?
(4) What key findings emerged from the SWOT analyses of the prominent companies in the RFID Market ?
(5) What possible growth opportunities and risks do the major market competitors face?
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