RFID Technology Market Size Worth USD 41.6 Billion By 2025 | CAGR: 15.1%
Published Date : 18 / 01 / 19 | Report Format: PDF
The global water RFID (Radio Frequency Identification) technology market is expected to grow at growth rate of 15.1% to reach USD 41.6 billion by 2025.
RFID (Radiofrequency identification) works on radio frequency technology, wherein digital information is encoded in smart labels or RFID tags. This technology is based on wireless technology that utilizes radio-frequency electromagnetic waves for transferring data from a tag attached to an object, for various reasons such as tracking of objects and automatic identification. The RFID technology is designed to replace manual entry of data stored and used for tracking, inventory and other IT-based supply chain systems. Unlike the traditional bar-code technology, this system supports a larger set of unique ids and incorporates additional data such as product type, manufacture details etc.
RFID industry has been continuously evolving since its invention and the upcoming chip fewer tags are gaining popularity worldwide owing to its reduced size and portability. Current trends indicate that the market will grow fast in the next 8-10 years. With 6.9 billion having been sold worldwide in 2014, the value of the market is anticipated to increase by a factor of ten during 2017-2025. Growing application of RFID in the healthcare industry, raising concerns regarding counterfeiting, growing need for tracking and localizing medical equipment, and increasing demand for reducing medication errors support the growth of this technology in medical applications.
On contrary, high cost and difficulties in identification of metals and liquids present significant challenges for the growth of this industry. This proposed report is an effort to identify factors, which will be the driving force behind the global and country-specific healthcare radiofrequency identification market. The industry report provides extensive analysis of the RFID products, industry drivers and challenges, current market trends, and key players’ strategies.
- In terms of products, this system comprises three major components namely tags, readers and middleware. Tags accounted for USD 1.79 billion in 2017 and are anticipated to dominate the market over the forecast period.
- Depending upon the application, tracking medical hospital equipment segment is the highest revenue generating segment
- Regionally, U.S. recorded the highest revenue in 2017 and is determined to cross more than USD 1.3 billion during the same year
- Countries like the U.S. is generally open to innovative high-tech solutions, and have a long-standing tradition of being at the forefront of developing automated medical operations, driving this industry demand significantly
- On the flip side, regions such as Latin America and the Middle East are developing slowly, although there is a clear interest in exploring new medical applications for RFID technology
- Companies namely Atmel, Accenture, HITACHI, 3M, IBM, Siemens, and AAID Security Solutions are operating in this market. Key players such as 3M, Atmel and Accenture captured over 40% revenue share collectively in 2017.
- Healthcare companies are increasingly deploying Auto-ID procedures in their supply chains. RFID solutions usually go beyond enterprise boundaries and have to be integrated with extensive IT systems.
KEY BENEFITS OF THE REPORT:
- The report presents macro and micro-level outlook regarding the industry. Thus, it becomes easy for our clients to perceive the business landscape and take a glimpse of their own standing in it.
- Thorough analysis of relevant statistical data to estimate the market paradigms
- Exceptional understanding of region and country specific markets. The report will answer some of the toughest questions regarding the market shares, sizes, forecasts segmentations, and growth specific to the countries.
- Well-designed strategic framework analyzes the market movements including regional expansion, mergers & acquisitions, and new product developments
The scope of this report covers the market by its major segments, which include as follows:
MARKET, BY PRODUCTS
MARKET, BY APPLICATION
- Hospital Equipment Tracking
- Blood Transfer Monitoring
- Pharmacy – Patient Medication Tracking
- Patient Identification
MARKET, BY REGION
- North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Rest of the World
- Middle East and Africa
- Latin America
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