The Radio Frequency Identification (RFID) Market is being driven by Adoption of inventory management systems
The Radio Frequency Identification (RFID) Market is expected to grow at a CAGR of 14.6% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 18767.9 million. In today's data-driven business landscape, data centers have become critical infrastructure for enterprises, housing servers, storage devices, routers, switches, and other network equipment to deliver secure information. Data center management faces constant pressure to optimize resource utilization and enhance asset value. Integrating Radio Frequency Identification (RFID) technology into critical assets such as servers, routers, switches, and other network equipment can significantly improve management efficiency. RFID technology, which includes Near Field Communication (NFC), enables automation, reduces human error, and optimizes operational processes. By integrating RFID into data center assets, organizations can gain real-time visibility and control, ultimately improving overall operational efficiency and effectiveness.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Product (RFID tags, Middleware, Passive RFID systems, Active RFID systems) End-user (Industrial, Retail, BFSI, Logistics, Others) Geography (North America, APAC, Europe, South America, Middle East and Africa).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Radio Frequency Identification (RFID) Market Research Report
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RFID technology refers to the use of RFID solutions, which include RFID tags and readers, to manage inventory and track assets in manufacturing facilities and warehouses. RFID tags emit radio-frequency signals that are read by transponders or readers, enabling real-time tracking and resource optimization. Applications include inventory management, electronic toll collection via FASTag, and sensor networks. The market covers a geographical coverage that includes Pestle Analysis of the economic, social, technological, political, legal, and environmental factors. 5G technology is expected to enhance the capabilities of RFID systems, while middleware facilitates data processing and integration with other systems.
The RFID market is a significant segment of the global technology hardware, storage, and peripherals market, which encompasses manufacturers of cellular phones, personal computers, servers, electronic components, data storage devices, and peripherals. According to Technavio, this market is expected to experience substantial growth due to the increasing demand for accurate data units and automation in various industries. Key drivers include the proliferation of 5G technology, the need for asset tracking and payments, and the automatic identification of items. The market size is determined by the revenue generated from sales of RFID hardware, tags, and components. The global technology hardware, storage, and peripherals market growth is primarily influenced by the escalating volume, velocity, veracity, and variety (4Vs) of data, necessitating advanced data storage solutions.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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