Radio Frequency Identification (RFID)Systems Market Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2019-2025

Radio Frequency Identification (RFID)Systems Market:

Executive Summary

The global Radio Frequency Identification (RFID) systems hit a significant high in the year 2018 and are expected to grow exponentially in the forthcoming years. The system finds its application in varied industries and is commonly used for identity verification purposes. However, the low distance limits the implementation of the system. Important sectors where the item finds its applications are retail, security, and aerospace. On the other hand, the lenient protocols, coupled with readily available products, ensure that the demand for Radio Frequency Identification (RFID) systems always remain in demand.

When it comes to RFID systems, there is a slew of factors that come into play. From the easy availability of the systems to a robust supply chain, the industry has exploded in recent past years. On the other hand, the application of the device in almost every primary industry has helped the industry grow by leap and bound in the last few years. Radio Frequency Identification (RFID) systems find their application in inventory management systems. And as the e-commerce industry continues to boom, the industry is expected to mark some significant adoption of RFID based systems.

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Despite the advantages, the industry is prone to technological advancements. The introduction of the latest and better technologies pose a threat to the existence of Radio Frequency Identification (RFID) systems. However, the analysts remain positive about the growth of the industry as the industry continues to see several innovative approaches in recent times. For instance, RFID systems find their application in walkie-talkies, which are used by police all across the globe. These factors ensure the growth prospects of the industry.

Segmentation

The Radio Frequency Identification (RFID) systems can be segmented on several factors, with each element playing a critical role in the growth and development of the industry. Some of the crucial factors based on which the industry can be segmented into are the product, frequency band, type, and application. Based on the product, the industry finds its application in tags, software, and reader. On the other hand, based on the frequency band, the Radio Frequency Identification (RFID) systems industry can be divided into low frequency, high frequency, and ultrahigh frequency. While based on type, the industry can be segmented into active and passive. Based on the application, the industry is segmented into access control, livestock tracking, cashless payment, ticketing, and inventory management.

Regional Overview

The Radio Frequency Identification (RFID) systems find its application in major industries all across the globe but have the lion share in developed nations like the United States and Europe. The system is used extensively in the region for all major purposes. On the other hand, the Asia Pacific region also shows some significant signs of growth led by China and India in the region. China, with its hundreds of factories, shows some promising signs in the application of RFID systems in the area.

Industry News

Africa based company GSM Logistica, announced cost reduction and increase in profitability and efficiency on the account of using RFID in place of Bar code. The company highlighted how bar code proved to be erroneous in nature and how the company registered a growth of 250% in just one year.

Continuous…

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