Radio Frequency Identification (RFID) Market - 40% of Growth to Originate from North America, Technavio

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Apr 03, 2024, 05:40 ET

NEW YORK, April 3, 2024 /PRNewswire/ -- The global radio frequency identification (rfid) market size is estimated to grow by USD 14.20 bn from 2024 to 2028, according to Technavio. The market is estimated to grow at a CAGR of 12.83% during the forecast period. North America held the largest share of the global market in 2023, and the market in the region is estimated to witness an incremental growth of 40%.

Technavio has announced its latest market research report titled Global Radio Frequency Identification (RFID) Market 2024-2028

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North America is expected to play a pivotal role in propelling the global radio frequency identification (rfid) market

Geographic Landscape:

The RFID market is experiencing robust growth, driven by the expansion of smart factories and industries in the Americas. RFID technology, including FASTag, Gantry, and NFC, is integral to this digital transformation, streamlining inventory management and logistics. The total transborder freight between the US and its North American neighbors surged in 2021, underscoring the opportunity for RFID in import/export analysis. Geographic expansions and government mandates fuel market growth. Companies like GuardRFID lead the RFID market ecosystem, offering RFID readers, solutions, and tags. Technological innovations, such as IoT and sensor networks, enhance real-time intelligence and resource optimization. However, challenges persist, including interference, technical limitations, and pricing analysis. Product approvals and launches, production analysis, and consumption analysis are crucial for market success. RFID solutions find applications in manufacturing facilities, retail, and supply chain management. Despite these advancements, security remains a concern. Restraints like tag costs and production consumption analysis must be addressed for continued growth. Recent developments include RFID technology's integration with middleware and Mixed Pallets. Stay tuned for more updates on the evolving RFID market.

Market Drivers

The RFID market presents a significant opportunity for growth, driven by the increasing adoption of RFID technology in various sectors. Pestle analysis reveals key factors such as government investment in infrastructure projects, retail applications, and supply chain management as major growth drivers. Passive tags, RFID readers, and UHF technology are leading the market, offering long read ranges and real-time intelligence. Recent developments include product approvals, launches, and production analysis, with resource optimization and security being major concerns. Technological advancements and innovations, such as sensor networks and transponders, are addressing these challenges. However, tag costs and technical limitations remain key restraints. The RFID market ecosystem consists of RFID readers, RFID solutions, RFID tags, and RFID technology providers. Real-time intelligence from RFID technology is revolutionizing industries, from warehousing and logistics to retail and sports infrastructure. UHF technology and ultra-high frequency RFID are gaining popularity due to their long read ranges and ability to handle large volumes of data. Trade regulations and pricing analysis are also important considerations in the RFID market. The value chain optimization of RFID solutions is driving efficiency and productivity in various industries, making it an essential technology for businesses seeking to streamline their operations.

Market Overview

RFID Market: A Growing Technology Landscape The RFID market is experiencing significant growth, driven by the increasing adoption of this technology in various industries. Markets like retail, healthcare, logistics, and manufacturing are leveraging RFID for inventory management, supply chain optimization, and asset tracking. The technology's contactless feature and ability to provide real-time data make it an attractive solution for businesses. Moreover, advancements in RFID technology, such as the use of UHF and NFC frequencies, have expanded its applications. These technologies enable long-range reading and contactless payments, respectively. Additionally, the integration of RFID with IoT and cloud technologies has further enhanced its capabilities. The RFID market is expected to continue its growth trajectory, with a CAGR of over 15% between 2021 and 2026. Key players in this market include NXP Semiconductors, STMicroelectronics, and Infineon Technologies. As the technology becomes more accessible and affordable, its penetration into new markets and applications is expected to increase.

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Key Topics Covered:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio