The global radio frequency identification market is predicted to observe substantial growth in the timeframe of analysis due to rise in demand for the technology for various purposes. The demand for radio frequency identification technology is likely to be driven by the rising demand for monitoring, tracking, and locating human beings and objects for resource optimization, safety, and security. The entire world is making a shift toward internet of things (IoT), sensor networks, and real time location system (RTLS), the global radio frequency identification market is likely to witness considerable growth over the tenure of assessment,
The radio frequency identification systems are set up in the industry and comprise three important elements, which are middleware, readers, and tags. The tags are estimated to comprise leading chunk of the market and are estimated to witness major developmental activities. Both active and passive tags are gathering momentum due to rise in the use of these products in many applications in the last few years.
Application, product, and region are the three important parameters based on which the global radio frequency identification market has been categorized. The sole aim of such segmentation is to offer a clearer and detailed view of the global radio frequency identification market.
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Global Radio Frequency Identification Market: Notable Developments
One of the developments that offer a glimpse of the market dynamics about the global radio frequency identification market is mentioned below:
- In January 2017, Zebra Technologies Company released Zebra Smart Sense RFID for use in the retail spaces in a bid to figure out and track the location of products, consumers, and associates in the stores in real-time.
Some of the prominent organizations in the global radio frequency identification market include the below-mentioned:
- Zebra Technologies Corporation
- RFID Global Solution, Inc
- NXP Semiconductors N.V
- Checkpoint Systems
- Applied Wireless
- Alien Technology
Global Radio Frequency Identification Market: Key Trends
The global radio frequency identification market is characterized by the presence of the following restraints, drivers, and opportunities.
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Augmented Use of Tags in the Healthcare and Retail Sectors to Trigger Market Demand
The major trends that are predicted to assist in the growth of the global radio frequency identification market are near field communication (NFC), asset tracking and payments, real-time intelligence, supply chain management, and automation. The governments have mandated the use of RFID tags so as to keep a track of the several industry products, such as data centers, livestock, and defense products. This factor is likely to propel growth of the global radio frequency identification market in the years to come.
Technological progress made in the ultra high frequency technology coupled with the convergence of radio frequency (RF) devices are predicted to play the role of a catalyst in driving demand for radio frequency identification technology in the near future. Besides, efficient use of memory, hybrid systems, and pre-printed tags are estimated to offer plethora of opportunities for the vendors in the market. This factor is predicted to shape the contours of global radio frequency identification market in the forthcoming years.