Global Radio Frequency Identification (RFID) Technology Market to Reach $64.9 Billion by 2027
Amid the COVID-19 crisis, the global market for Radio Frequency Identification (RFID) Technology estimated at US$ 27.1 Billion in the year 2020, is projected to reach a revised size of US$ 64.9 Billion by 2027, growing at a CAGR of 13.3% over the analysis period 2020-2027. Tags, one of the segments analyzed in the report, is projected to record a 15% CAGR and reach US$ 33.1 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Readers segment is readjusted to a revised 11.3% CAGR for the next 7-year period.
The U.S. Market is Estimated at $7.5 Billion, While China is Forecast to Grow at 16.8% CAGR
The Radio Frequency Identification (RFID) Technology market in the U.S. is estimated at US$ 7.5 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$ 16.2 Billion by the year 2027 trailing a CAGR of 16.8% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 10.1% and 12.2% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 11.8% CAGR.
Software Segment to Record 13.9% CAGR
In the global Software segment, USA, Canada, Japan, China and Europe will drive the 13.6% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$ 3.1 Billion in the year 2020 will reach a projected size of US$ 7.5 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$ 10.8 Billion by the year 2027, while Latin America will expand at a 14.2% CAGR through the analysis period.
Select Competitors (Total 114 Featured):
Amid the COVID-19 crisis, the global market for Radio Frequency Identification (RFID) Technology estimated at US$ 27.1 Billion in the year 2020, is projected to reach a revised size of US$ 64.9 Billion by 2027, growing at a CAGR of 13.3% over the analysis period 2020-2027. Tags, one of the segments analyzed in the report, is projected to record a 15% CAGR and reach US$ 33.1 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Readers segment is readjusted to a revised 11.3% CAGR for the next 7-year period.
The U.S. Market is Estimated at $7.5 Billion, While China is Forecast to Grow at 16.8% CAGR
The Radio Frequency Identification (RFID) Technology market in the U.S. is estimated at US$ 7.5 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$ 16.2 Billion by the year 2027 trailing a CAGR of 16.8% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 10.1% and 12.2% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 11.8% CAGR.
Software Segment to Record 13.9% CAGR
In the global Software segment, USA, Canada, Japan, China and Europe will drive the 13.6% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$ 3.1 Billion in the year 2020 will reach a projected size of US$ 7.5 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$ 10.8 Billion by the year 2027, while Latin America will expand at a 14.2% CAGR through the analysis period.
Select Competitors (Total 114 Featured):
- 3M Company
- ACTAtek Technology, Inc.
- Alien Technology
- Ascendent ID, Inc.
- Avery Dennison Corporation
- Checkpointt System Inc.
- Impinj, Inc.
- NXP Semiconductors NV
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I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
3. MARKET TRENDS & DRIVERS
III. MARKET ANALYSIS
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Impact of COVID-19 Pandemic and a Looming Global Recession
- Role of RFID Solutions in Improving Safety During the COVID-19 Pandemic
- RFID Technology Helps Tackle Infection Outbreaks
- RFID Technology Usage Holds Importance Amidst the Ongoing COVID-19 Pandemic
- Effective Cold Storage of COVID Vaccines with RFID Chips
- Weak Global Economic Environment & Negative Tide in GDP Forecasts Discourage the Market
- EXHIBIT 1: World Economic Growth Projections (Real GDP, Annual % Change) for 2019, 2020 & 2021
- An Introduction to Radio Frequency Identification (RFID) Technology
- Functioning of RFID System
- RFID Technology Components
- Key End-Use Applications of RFID Technology
- RFID Tags Vs Bar Codes
- RFID Technology: Using Radio Waves to Identify & Capture Information About Asset
- Global Market Prospects & Outlook
- RFID Tags Emerge as the Largest Revenue Contributor
- RFID Readers Market Poised for Stable Growth
- Developed Regions Lead, Developing Markets to Turbocharge Future Growth
- Competition
- World Brands
- Recent Market Activity
3. MARKET TRENDS & DRIVERS
- Supply Chain Management Emerges as a Key Application of RFID in Different End-Use Industries
- RFID Technology Revolutionizes Inventory Management
- Source Tagging to Improve Supply Chain Transparency
- Blockchain and NFC-RFID Technologies Lead to Smarter Supply Chains
- Passenger Transportation & Automobile Applications to Drive Long-term Growth
- Rising Investments in Intelligent Transport Systems: A Business Case for RFID Solutions
- EXHIBIT 2: Sheer Increase in Vehicular Population to Propel Investments into ITS, Presenting Opportunities for RFID Technology: Number of Vehicles in Millions for Years 2015, 2025 & 2040
- EXHIBIT 3: Rising Prominence of ITS in Reducing Accidents to Fuel RFID Demand: Rise in Number of Deaths Caused by Road Accidents Worldwide by Region for the Years 2017 & 2030
- Growth of ETC Projects to Boost Demand for RFID Technology
- EXHIBIT 4: Electronic Toll Collection (ETC) Market by Technology (in %) in North America for 2020E
- Security and Access Applications Present Considerable Growth Opportunities for RFID Technology
- NFC-RFID Technology Adoption Rises for Electronic Identification and Authentication
- Widespread Deployment of RFID Technology in Logistics Industry
- Increasing Adoption of RFID Tags in Retail Application to Drive Strong Growth
- Growing Role of Retail E-Commerce Platforms Enhances Significance of RFID Technology
- EXHIBIT 5: COVID-19 Driven Rise in E-Commerce Sales Benefit Functional Apparel Market: Global Retail E-Commerce Website Traffic in Average Monthly Visits (in Billions) for Jun-2019 to Jun-2020
- Strict Laws Mandating Tagging of Livestock and Pets to Drive Growth in RFID Market
- Adoption of RFID Technology in Manufacturing Units Continues to Grow
- Automotive Manufacturing Takes Early Lead in Adoption of RFID Technology
- Healthcare & Pharmaceutical Sector Emerges as a High Growth Market
- Significant Capabilities and Advantages of RFID Technology Continues to Boost Adoption
- Major Application Areas of RFID in Healthcare Facilities
- Tracking Technologies Gradually Gain Adoption in the Healthcare Sector
- RFID Based Sample Transport System Facilitates Tracking
- Focus on Pharmaceutical Drug Counterfeiting Propels Use of RFID Technology
- EXHIBIT 6: Global Number of Pharmaceutical Counterfeiting Incidents for Years 2000, 2005, 2010, 2015, 2019 & 2022
- EXHIBIT 7: Most Widely Counterfeited Pharmaceuticals Worldwide: Percentage Share of Value of Fake Drugs Seized
- Item Level Tagging: A Market with Huge Potential Fuels Research
- Food & Beverage Industry Turns to RFID Technology to Improve Efficiency
- EXHIBIT 8: Number of Food Allergen Recalls in the US: Breakdown by FDA-Regulated Foods and FSIS-Regulated Foods for 2019
- EXHIBIT 9: Number of Food Recalls in the US: Breakdown by Class I Recalls and Class II & III Recalls for 2014-2019
- EXHIBIT 10: Need to Avoid Food Waste Turns Focus onto RFID Technology: Percentage Breakdown of Food Waste by Source
- RFID and IoT: Critical Technologies Enabling Smart Airport Architecture
- RFID Technology Playing a Vital Role in Reducing Baggage Mishandling Rates
- EXHIBIT 11: Growing Role of RFID Technology in Reducing Baggage Mishandling: Percentage Breakdown of Delayed Bags by Reason for 2019
- Expanding Role of IoT and Wearables and Widening Use of Smart Devices & Applications to Influence Market Growth
- EXHIBIT 12: Global Number of IoT Connected Devices (In Billion) for the Years 2016, 2018, 2020, 2022 & 2025
- Hospitality Sector: RFID Sector Emerges as a Promising Technology
- EXHIBIT 13: Global Hotels and Hospitality Market: Growth Outlook (In %) For Years 2019 Through 2025
- Active RFID to Make RTLS More Reliable and Cost-Effective
- Technology Developments Boost Prospects for RFID Technology Market
- Emerging RFID Applications to Fight COVID-19 Pandemic
- Key Challenges Confronting RFID Technology Market
III. MARKET ANALYSIS
- UNITED STATES
- Market Overview
- Growing Use in Vehicles Drives the US RFID Tags Market
- Market Analytics
- CANADA
- JAPAN
- CHINA
- Market Overview
- Market Analytics
- EUROPE
- FRANCE
- GERMANY
- ITALY
- UNITED KINGDOM
- SPAIN
- RUSSIA
- REST OF EUROPE
- ASIA-PACIFIC
- Market Overview
- Market Analytics
- AUSTRALIA
- INDIA
- SOUTH KOREA
- REST OF ASIA-PACIFIC
- LATIN AMERICA
- ARGENTINA
- BRAZIL
- MEXICO
- REST OF LATIN AMERICA
- MIDDLE EAST
- IRAN
- ISRAEL
- SAUDI ARABIA
- UNITED ARAB EMIRATES
- REST OF MIDDLE EAST
- AFRICA
- Total Companies Profiled: 265
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