RFID Market For Industrial Applications Market size is set to grow by USD 2677.78 million from 2023-2027,evolution of industry 4.0 boost the market- Technavio

NEW YORK, April 8, 2024 /PRNewswire/ -- The global rfid market for industrial applications market  size is estimated to grow by USD 2677.78 million from 2023-2027, according to Technavio. The market is estimated to grow at a CAGR of  10.63%  during the forecast period.  The RFID market for industrial applications is experiencing significant growth, driven by Industry 4.0's transformation. This technology enables asset tracking with real-time data, improving operations in organizations through automation and efficiency. With a CAGR of X%, the market is expanding in regions like Europe and Asia, leveraging IoT sensors, AI, and identification systems for inventory management and supply chain optimization. RFID's long range and self-diagnosis capabilities contribute to increased productivity and monitoring in industrial processes. 

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Segment Overview 

This rfid market for industrial applications market report extensively covers market segmentation by Product (RFID tags, Middleware, Passive RFID systems, Active RFID systems ) Type (High frequency, Ultra-high frequency, Low frequency ) Geography (North America, APAC, Europe, South America, Middle East and Africa)

Market segmentation by Product

RFID technology, specifically HF RFID operating at 13.56 MHz, is widely used in various industries for applications that demand higher data transfer rates and enhanced security. Industries utilize RFID for storage solutions, enabling contactless and seamless interaction between devices in close proximity. HF RFID finds extensive use in access control, secure authentication, and identification processes. Notably, it powers near-field communication (NFC) systems, such as contactless payment systems, where users can make transactions by simply tapping their NFC-enabled cards or devices.

Geography Overview

The RFID market for industrial applications in the Americas is driven by sectors such as automotive, consumer electronics, and aerospace and defense. Factors fueling adoption include the integration of digitalized processes and IoT. RFID solutions provide valuable data for industries, enhancing operational efficiency. Key players like Zebra and Honeywell have a significant market share due to their long-term presence. The US, with its automotive production growth due to declining oil prices, contributes to the market's trends and demand. Overall, the RFID market for industrial applications in the Americas is experiencing robust growth. 

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• RFID technology, an advanced identification system, is revolutionizing industrial asset tracking and inventory management. With a CAGR expected during the forecast period, RFID tags are replacing barcodes in organizations due to their extended range, automation capabilities, and superior efficiency in supply chain operations. RFID tags, utilizing sensors for real-time identification, offer significant benefits in management and tracking applications across various regions.
• The RFID market for industrial applications has experienced significant growth, expanding beyond supply chain and inventory management. Notable industries benefiting from RFID technology include construction and data centers. RFID enables asset tracking, identification, and automation in organizations, enhancing efficiency and management of expensive assets such as servers and equipment. With a CAGR of X%, the technology's range extends to regions like Europe, Asia-Pacific, and North America, revolutionizing operations through sensors and real-time data.

Insights on Market Drivers, trends, & Challenges, historic period(2017 - 2021) and forecast period(2023-2027)- Request a sample report!

Market Research Overview

The RFID market for industrial applications is experiencing significant growth due to the increasing adoption of automation and digitization in various industries. RFID technology (Radio Frequency Identification) offers numerous benefits, including enhanced inventory management, improved supply chain visibility, and increased productivity. The market is driven by factors such as the need for real-time data, the growing demand for automation in manufacturing processes, and the increasing focus on reducing labor costs. The RFID market for industrial applications is segmented into various end-use industries, including healthcare, retail, logistics, and manufacturing. In the manufacturing sector, RFID is being used for tracking raw materials, work-in-progress, and finished goods. In the logistics sector, RFID is being used for real-time tracking and monitoring of goods in transit. In the retail sector, RFID is being used for inventory management and supply chain optimization. The RFID market for industrial applications is expected to grow at a CAGR (Compound Annual Growth Rate) of over 15% during the forecast period. The growth is attributed to the increasing adoption of RFID technology in various industries, the growing demand for real-time data, and the increasing focus on automation and digitization. The market is also expected to be driven by the growing trend of Industry 4.0 and the increasing adoption of IoT (Internet of Things) in various industries.

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

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