NEW YORK, May 22, 2017 /PRNewswire/ --
Highlights
- The global radio frequency identification (RFID) technology
market is estimated to reach USD 40.5
billion by 2025, according to a new report by Grand View
Research, Inc.
- The industry is expected to witness a steady growth owing to
the increasing demand from the retail sector and the healthcare
industry.
- RFID technology has been in use for several years now; however,
the recent growth in its applications across a wide set of
industries, such as retail, transport, medical, and defense, among
others, has spurred its adoption.
- An important aspect of the RFID technology market is the
varying nature of manufacturing and evidently the related
costs.
- As the vendors benefit from these trends in the market, the
increasing penetration of cost-to-volume benefits is expected to
perpetuate to the end users.
The global radio frequency identification (RFID) technology
market is estimated to reach USD 40.5
billion by 2025, according to a new report by Grand View
Research, Inc.
The industry is expected to witness a steady growth owing to the
increasing demand from the retail sector and the healthcare
industry.
RFID technology has been in use for several years now; however,
the recent growth in its applications across a wide set of
industries, such as retail, transport, medical, and defense, among
others, has spurred its adoption. The retail industry is at the
forefront and has witnessed its technological reconnaissance with
the use of RFID tags. An interesting fact of the retail sector is
the way it has successfully passed on the benefits of the
technology to other industries in the supply chain with the help of
the mandates.
An important aspect of the RFID technology market is the varying
nature of manufacturing and evidently the related costs. The past
decade has seen a considerable reduction in the production costs
with the advent of many new technologies such as printing and
ink-jet. As the vendors benefit from these trends in the market,
the increasing penetration of cost-to-volume benefits is expected
to perpetuate to the end users.
RFID devices are anticipated to witness a surge in demand as the
technological proliferation has led to an extensive use of smart
cards, access control, and other NFC applications. In addition, the
use of Ubiquitous Sensor Networks (USNs) and many short-range
wireless communications, such as WiFi and Zigbee, is expected to
help in the RFID market growth. To sum up the trends in the market,
the RFID industry is anticipated to witness a healthy growth in the
coming years with technology, cost, and size fueling its rapid
deployment.
Further key findings from the report suggest:
Government and industry specific mandates are expected to play a
vital part in the deployment of RFID devices.
The key focus of industry veterans is RFID tags while emphasis
laid on frequency bands and size optimization.
Numerous research and development activities are being carried
out as the industry participants vie for the technological
edge.
The impact of global technology trends, such as Internet of
Things (IoT) and wearables, is prominent on the market and is
expected to define the industry's direction for the next
decade.
Read the full report:
http://www.reportlinker.com/p04899236/RFID-Radio-Frequency-Identification-Technology-Market-Analysis-By-Product-RFID-Tags-RFID-Readers-and-Middleware-By-Frequency-By-Application-By-Region-And-Segment-Forecasts.html
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