LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global RFID market is projected to grow to USD 15.84 billion by 2021, at a CAGR of nearly 9% over the forecast period.
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:
- RFID tags
- 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 systems research.
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 trace applications.
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 (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 market segment.
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,” says Chetan.
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 report are:
- Honeywell International
- Zebra Technologies
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