The global radio frequency identification (RFID) technology market is estimated to reach USD 40.5 billion by 2025, according to a new report by Grand View Research, Inc. The industry is expected to witness a steady growth owing to the increasing demand from the retail sector and the healthcare industry.
RFID technology has been in use for several years now; however, the recent growth in its applications across a wide set of industries, such as retail, transport, medical, and defense, among others, has spurred its adoption. The retail industry is at the forefront and has witnessed its technological reconnaissance with the use of RFID tags. An interesting fact of the retail sector is the way it has successfully passed on the benefits of the technology to other industries in the supply chain with the help of the mandates.
An important aspect of the RFID technology market is the varying nature of manufacturing and evidently the related costs. The past decade has seen a considerable reduction in the production costs with the advent of many new technologies such as printing and ink-jet. As the vendors benefit from these trends in the market, the increasing penetration of cost-to-volume benefits is expected to perpetuate to the end users.
RFID devices are anticipated to witness a surge in demand as the technological proliferation has led to an extensive use of smart cards, access control, and other NFC applications. In addition, the use of Ubiquitous Sensor Networks (USNs) and many short-range wireless communications, such as WiFi and Zigbee, is expected to help in the RFID market growth. To sum up the trends in the market, the RFID industry is anticipated to witness a healthy growth in the coming years with technology, cost, and size fueling its rapid deployment.
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Global RFID technology market, by application, 2014 – 2025 (USD Billion)
Key Takeaways from the report:
- Government and industry specific mandates are expected to play a vital part in the deployment of RFID devices.
- The key focus of industry veterans is RFID tags while emphasis laid on frequency bands and size optimization.
- Numerous research and development activities are being carried out as the industry participants vie for the technological edge.
- The impact of global technology trends, such as Internet of Things (IoT) and wearables, is prominent on the market and is expected to define the industry’s direction for the next decade.
- The industry is fragmented in nature and there are several regional and global players operating in the market at various levels of the value chain.
U.S. RFID market, by frequency, 2015 (%)
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Grand View Research has segmented the Radio Frequency Identification (RFID) technology market on the basis of products, frequency, application, and region:
Product Outlook (Revenue, USD Million; 2014 – 2025)
- RFID Tags
- RFID Readers
Frequency Outlook (Revenue, USD Million; 2014 – 2025)
- Low Frequency
- High Frequency
- Ultra-high frequency
Application Outlook (Revenue, USD Million; 2014 – 2025)
- Financial Services
- Transport & Logistics
Regional Outlook (Revenue, USD Million; 2014 – 2025)
- North America
- Asia Pacific
- South America
- Middle East & Africa (MEA)
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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