Retail and Healthcare Sectors Leads RFID Market Growth to Reach $24.3 billion by 2020

Thursday 02 Apr 2015

Industry Experts has today released the new market research report on RFID. As per the new global report ‘Global RFID Market – Readers, Tags, Software and Services‘, Software & Middleware is expected to be the fastest grwoing RFID product segment with a 2014-2020 CAGR of 22% to reach a market worth US$7.9 billion by 2020. RFID Tags estimated to be the largest segment with 2015 market reaching to US$4 billion.

The early 2000s saw the emergence of RFID as the best technology not only in the supply chain but also in a host of other areas. This led several organizations to investing in research and development projects for deriving the maximum benefit as promised by RFID, with a few succeeding and many others failing. The buildup surrounding RFID began to wane and reached a stage wherein the previous proponents of this technology started adopting a wait and watch strategy in the anticipation that RFID would eventually address the demands required of it.

Retail, healthcare and manufacturing constitute some of the most rapidly expanding sectors that would be instrumental in propelling demand for RFID technology in the years to come. While the general consensus among experts has been a surfeit of RFID adoption across the board, the actual scenario has been one of a bit slow and steady growth. Coupled with wider adoption rates, the factor of innovative technologies will play a major role in making RFID more reliable and cost-effective for a host of application areas.

The global markets for the above mentioned RFID product segments and the application areas are analyzed in terms of value in USD. Automotive/Transportation constitutes the largest end use sector with an estimated US$3.5 billion in 2015 while Healthcare & Medical is projected to be the fastest growing end use sector with 2014-2020 CAGR of 21% to touch US$620 million by 2020. The global market for RFID is estimated to be US$10.4 billion in 2015.

RFID product segments analyzed in this report include RFID Tags, RFID Readers, RFID Software & Middleware and Services. The report also analyzes the RFID applications areas comprising Automotive/Transportation, Finance, Healthcare & Medical, Land- Sea & Postal Logistics, Livestock Tracking & Farming, Manufacturing, Retail and Other Applications. The report reviews, analyses and projects the global market for RFID product segments and end-use applications areas for global and the regional markets including North America, Europe, Asia-Pacific, South America and Rest of World. The regional markets further analyzed for 14 independent countries across North America – The United States, Canada and Mexico; Europe – France, Germany, Italy and the United Kingdom; Asia-Pacific – Australia, China, India, Japan and South Korea; and South America – Argentina and Brazil.

This 481 page market research report includes 231 charts (includes a data table and graphical representation for each chart), supported with meaningful and easy to understand graphical presentation, of market numbers. This report profiles 35 key global players and 37 major players across North America – 22; Europe – 8; and Asia-Pacific – 7. The research also provides the listing of the companies engaged in research and development, manufacturing and supply of RFID products and services. The global list of companies covers addresses, contact numbers and the website addresses of 326 companies.

Hyderabad, India based Industry Experts is a multi industry focused business information provider.

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