Latest News- Radio Frequency Identification (RFID) For Industrial Applications Market: RFID tags is expected to lead the Product segment during 2024-2028

The Radio Frequency Identification (RFID) For Industrial Applications Market is being driven by Evolution of industry 4.0

The Radio Frequency Identification (RFID) For Industrial Applications Market is expected to grow at a CAGR of 10.2% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 2331.1 million. RFID technology, which has gained significant traction in industries such as transportation, aerospace, IT, and logistics due to technological advancements, has yet to see widespread adoption in small- and medium-sized retail chains or stores. The primary reason for this is the substantial IT infrastructure requirements, which include databases, servers, and inter-/intra-networks, leading to high deployment and implementation costs. However, the emergence of cloud-based RFID solutions from providers like Terso Solutions, Tellago, and Nedap offers a cost-effective alternative. These solutions enable retailers to access RFID systems without the need for expensive servers, thereby reducing the risk of data loss and corruption through multiple redundancies at lower costs. 

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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
• Type
  • High frequency
  • Ultra-high frequency
  • Low frequency
• Geography
  • North America
    • Canada
    • US
  • APAC
    • China
    • Japan
  • Europe
    • Germany
  • 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: 

• Evolution of industry 4.0
• Increase in industrial applications of RFID
• High preference for RFID tags over barcodes

However, the market also witnesses some limitations, which are as follows:

• High initial investments associated with RFID solutions
• Data security and consumer privacy issues related to RFID solutions
• RFID reader collision

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Market Scope in Radio Frequency Identification (RFID) For Industrial Applications Market Research Report

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Research Analysis Overview

RFID technology, encompassing Passive RFID, Active RFID, and Semi-passive RFID, revolutionizes industrial applications through advanced frequency bands, including Ultra-high frequency (UHF), High frequency (HF), and Low frequency (LF. Cloud-based RFID systems and Edge computing enable real-time data processing, while AI and ML drive intelligent decisions from Big Data Analytics and Data Visualization. RFID optimizes supply chain, inventory, asset, warehouse, production, process automation, quality control, compliance, security, access, workforce, customer experience, remote monitoring, industrial robotics, automation, smart factories, digital transformation, energy efficiency, waste reduction, data security, and compliance regulations.

Market Research Overview

RFID technology, encompassing RFID tags, readers, middleware, antennas, systems, and solutions, falls under Technavio's classification of the global technology hardware, storage, and peripherals market. This market segment, a part of the broader global information technology sector, comprises manufacturers of various hardware devices and components, including cellular phones, personal computers, servers, electronic computer components, peripherals, data storage components, motherboards, audio and video cards, monitors, keyboards, printers, and other peripherals. Technavio's market analysis calculates the market size based on the revenue generated from sales of these hardware devices and components. The global technology hardware, storage, and peripherals market growth is driven by the burgeoning demand for data centers due to the increasing trend of remote work as a result of the COVID-19 pandemic.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/