Albany, New York, October 31, 2017:For most organizations, incorporating radio frequency identification (RFID) into their businesses involves more than simply inserting a new technology into existent business practices. Market Research Reports Search Engine reveals in its new report that organizations are changing their underlying business processes and even their strategies, both of which are driving the need for specialized RFID integration services.
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RFID is a technology that uses radio frequency waves to exchange data between a reader and a movable object in order to locate, identify or track the object.
The Global Market for RFID technologies should reach $16.2 billion and $38 billion in 2016 and 2021, respectively, demonstrating a five-year compound annual growth rate (CAGR) of 18.6%. Tags, readers, and other hardware as a segment should reach $27.5 billion by 2021, up from $12.1 billion in 2016, reflecting a five-year CAGR of 17.9%. As a segment, software and integration services should reach $4.1 billion and $10.5 billion in 2016 and 2021, respectively, at a five-year CAGR of 20.6%.
Tags, readers and other hardware accounted for the bulk ($10.5 billion, or 75%) of the global RFID market in 2015. Hardware expenditures are growing slower than software and integration services due in part to declining tag costs. As a result, hardware is expected to represent a smaller share (72.4%) of the RFID market by 2021.
North America was the largest geographical market for RFID in 2015, with 35% of total sales, followed by Asia-Pacific at 30%. The percentage share of North America should decline to 29.1% by 2021. Asia-Pacific and other markets should gain market share at the expense of North America and Europe. Asia-Pacific should be the largest geographical market by 2021.
By 2021, consumers as an end-user segment should replace transportation and logistics as the largest end-user segment with 22.7% of the market, up from 16.7% in 2015. The market share of transportation and logistics should fall to 17.4% by 2021 from 27.4% in 2015. Retail and personal services should increase its 2015 market share by 1.5%, reaching 17% by 2021.
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RFID tags segment by component likely to create high incremental opportunity in the global RFID market
Revenue from the RFID tags segment in the global RFID market was US$ 3,646.2 Mn in 2016, representing a CAGR of 17% from 2012 to 2016. According to Future Market Insights forecast, revenue from the RFID tags segment in the global RFID market is anticipated to increase from more than US$ 4,200 Mn in 2017 to over US$ 16.3 Bn by 2027 end, representing a CAGR of 14.3% from 2017 to 2027. The RFID tags segment is expected to create incremental opportunity of US$ 12.05 Bn between 2017 and 2027. Revenue from the RFID readers segment in the global RFID market is anticipated to increase from more than US$ 5,500 Mn in 2017 to over US$ 18 Bn by 2027 end, representing a CAGR of 12.2% from 2017 to 2027. The RFID readers segment is expected to create incremental opportunity of US$ 12.3 Bn between 2017 and 2027.
Increasing use of RFID tags in supply chain management and in the healthcare sector anticipated to boost segmental revenue growth in the global RFID market
Increasing need for RFID tags across the globe is driven by robust opportunities in the healthcare sector. In the healthcare sector, an increasing focus on RFID technology for tracking and classification of medical instruments has been driving the demand for RFID tags worldwide. This technology holds immense potential for improving supply chain efficiency and ensuring patient safety while at the same time reducing human errors in healthcare processes. Healthcare management and monitoring of critical care equipment represent other interesting areas of application for the RFID market.
The adoption of RFID solutions has increased from larger customers such as Airbus, Boeing and the U.S. Department of Defense. Aerospace companies are increasingly leveraging RFID technology to garner benefits such as improved supply chain visibility, asset management and utilisation, work-in-process (WIP) tracking, improved maintenance tracking and efficient logistics and manufacturing operations. An increasing use of RFID solutions is the main driving force behind revenue growth in the global market.
Rising need for efficient supply chain management is expected to support the growth of the North America RFID market during the forecast period. RFID stores detailed information related to the product on which it is tagged. The prices and details of the products with RFID tags are automatically recorded when the customer approaches the counter, without the need to scan each and every product, which saves the time of the customer. Moreover, it allows cost tally in one scan, which saves the time of the user as well as the product retailer. These advantages have encouraged retail and manufacturing companies to adopt RFID for tagging their products.
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