|[April 20, 2017]
Global RFID Market Projected to be Worth USD 15.84 Billion by 2021: Technavio
According to the latest market study released by Technavio,
RFID market is projected to grow to USD 15.84 billion by
2021, at a CAGR of nearly 9% over the forecast period.
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Technavio has published a new report on the global RFID market from 2017-2021. (Graphic: Business Wire)
This research report titled 'Global
RFID Market 2017-2021' provides an in-depth analysis of the
market in terms of revenue and emerging market trends. This market
research report also includes up to date analysis and forecasts for
various market segments and all geographical regions.
The radio-frequency identification (RFID) technology uses the
electromagnetic signature that accompanies the radio frequency in a
specific spectrum to communicate information, which is mostly one
way. The increasing number of applications for the RFID technology
is one of the key factors responsible for the growth of the market.
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Based on the product type, the report categorizes the global RFID market
into the following segments:
Passive RFID systems
Active RFID systems
The top three revenue-generating product segments in the global RFID
market are discussed below:
"RFID tags are the most popular product offering of the market,
responsible for generating 40% of the overall global revenue. The growth
of the market through 2021 is expected to come from the increasing
application of RFID technology in the industrial and retail sectors,"
says Chetan Mohan, a lead analyst at Technavio for embedded
RFID tags are programmed to respond to a particular frequency and
wavelength, based on which they are further divided into low frequency,
high frequency, and ultra-high frequency segments. The falling average
selling price of these RFID tags is another factor that will drive the
unit sales of the product.
Middleware is currently the fastest-growing product in the RFID market,
with analysts projecting it to showcase a CAGR of over 11% through 2021.
RFID middleware is used in the accurate recording and analysis of
internal databases and integrating it with ERP, CRM, WMS, and track and
The growth of the segment is expected to originate from the increasing
number of vendors offering middleware solutions and the entry of global
players such Google (News - Alert) (Alphabet) and Microsoft in the software RFID
solutions segment. Also, the increase in demand for customized solutions
for small and medium-sized businesses is also expected to impact the
Passive RFID systems
"Passive RFID systems are expected to be worth over USD 3 billion
by 2021, due to the revenue generated from RFID readers and dedicated
antennas. Since a single RFID reader can read many multiple tags of
different frequencies at the same time, it is finding increasing adoption,"
Most organizations procure a limited number of RFID readers based on the
scale and size of the supply chain or inventory. Passive RFID systems
are configured to the frequency of RFID tags to read multiple
frequencies of RFID tags. Also, the falling average selling price of the
passive RFID systems are expected to promote the adoption of RFID
solutions among end-users.
The top vendors highlighted by Technavio's research analysts in this
Honeywell (News - Alert) International
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is a leading global technology research and advisory company. The
company develops over 2000 pieces of research every year, covering more
than 500 technologies across 80 countries. Technavio has about 300
analysts globally who specialize in customized consulting and business
research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research
techniques to ascertain the size and vendor landscape in a range of
markets. Analysts obtain information using a combination of bottom-up
and top-down approaches, besides using in-house market modeling tools
and proprietary databases. They corroborate this data with the data
obtained from various market participants and stakeholders across the
value chain, including vendors, service providers, distributors,
resellers, and end-users.
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View source version on businesswire.com: http://www.businesswire.com/news/home/20170420006281/en/
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