New York, USA, May 11, 2021 (GLOBE NEWSWIRE) – New report on global market for radio frequency identification (RFID) has been added by Research Dive to its repository. According to the report, the market is expected to recover $ 21,361.9 million by 2027, up 9.9% from 2020 to 2027 CAGR. This report provides detailed information on the current state and future of global industry. The report is formulated by expert market analysts and promises to be a reliable source of data and comprehensive market information for new entrants, investors, dominant market participants, stakeholders, shareholders, etc.
Download a free sample Global Radio Frequency Identification (RFID) market report: https://www.researchdive.com/download-sample/6063
Factors influencing market growth:
Growing applications of RFID technology for operational purposes in various end-use industries; for example: the growing demand for RFID in the retail sector to track stocks throughout the supply chain stimulates the growth of the global RFID market. In addition, raising awareness of the environmental impact of greenhouse gas emissions and the growing focus on reducing the carbon footprint are expected to create profitable market growth opportunities over the forecast period. However, the high costs associated with the production of RFID tags are expected to hamper market growth.
See how COVID-19 affects the global RFID market. Click here to speak to our analyst: https://www.researchdive.com/connect-to-analyst/6063
Impact of the COVID-19 pandemic on the market:
The sudden rise of the COVID-19 pandemic has had a positive impact on the growth of the global RFID sector. This is mainly because RFID technology is widely used in many ways in the healthcare sector to maintain social distance. For example, RFID is widely used to track medical equipment and other valuable medical devices to find them easily and quickly in hospital facilities.
The report segments the global RFID market for product, material, end user, frequency, type and region.
Access to a variety of market reports, carrying out an extensive analysis of the market situation, updated with the impact of COVID-19: https://www.researchdive.com/covid-19-insights
Highlight a sub-segment to dominate market growth
Among the product segment, the marker sub-segment is expected to lead the market, growing by a significant CAGR of 10.3% over the forecast period. The growth of this sub-segment is mainly due to the growing demand for RFID tags to track all types of devices.
Subsegment of plastic materials for monitoring the highest growth
Among the materials segment, the plastics sub-segment is expected to grow the most, reporting a CAGR of 10.6% over the forecast period. The growth of this sub-segment is mainly due to the growing use of plastic materials in RFID technologies used for operational purposes in manufacturing and other end-use industries.
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Retail sub-segment to grab the highest market share
Among end-user segments, the retail sub-segment is expected to hold the highest market share and grow with a CAGR of 8.9% over the forecast period. The growth of this sub-segment is mainly due to the growing introduction of RFID technology in the retail sector for tracking products in the supply chain.
The North American region to dominate the world market
The report analyzes the global market for radio frequency identification (RFID) in several regions such as North America, Europe, Asia-Pacific and LAMEA. Among them, the North American region market is expected to lead the world market, growing with a CAGR of 9.0% over the forecast period. The growth of this regional market is mainly due to the growing applications of RFID technology for various operational purposes in numerous end-use industries in this region.
Major market players:
2. NXP semiconductors
3. Avery Denison
4. Zebra Technologies
6. HID Global
7. GAO RFID
For example, in January 2020, Identiv, Inc., a global provider of physical security and secure identification, announced the launch of its Environmental Radio Frequency Identification (RFID) and NFC tags. Clean, green radio frequency identification (NFC) inlays emphasize the safer Internet of Things (IoT) market, meeting the unique requirements of other environmental companies and aiming to protect the planet.
The report also provides an overview of many important aspects, including financial performance of key players, SWOT analysis, product portfolio and the latest strategic developments. Click here to get a summary of the absolute best company development strategies.
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