Global Radio Frequency Identification Market: Overview
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.
Global Radio Frequency Identification Market: Geographical Analysis
Driven by the extensive use of RF tags in healthcare as well as retail industries, North America is predicted to exhibit significant growth in the global radio frequency identification market in the years to come. Rise in the high volume shipments in the region, particularly in the US, in the last few years is expected to play a major role behind the growth of the market in the region.
Driven by India and China, Asia Pacific is likely to exhibit considerable growth in the years to come. Presence of several manufacturers in the region is likely to pave way for rapid growth of the region.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.