RFID Market: Market Shares, Trends, Top Key Players, Industry Overview and Global Forecast to 2023

RFID Market by Product (Tags, Reader, and Software), Wafer Size, Working (Passive, and Active), Frequency( Low, High, Ultra-high), Applications, Form Factor (Button, Card, Electronic Housing, Implants), Label Type, and Region
By: Marketsandmarkets
 
 
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Rfid Market

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NORTHBROOK, Ill. - Oct. 3, 2018 - PRLog -- The function of term radio-frequency identification (RFID) systems involves using information and data from the tagged items to significantly improve the business performance of the end-user while cutting the costs. The RFID systems have been used in the operations across various industries such as retail, sports, logistics and supply chain, commercial, healthcare, aerospace, defense, security and access control. The RFID market is expected to be valued at USD 31.42 billion by 2023, growing at a CAGR of 7.7% between 2017 and 2023. The growth of this market is propelled by the increasing penetration of RFID technology in various industries, the gradual evolution of Internet of Things (IIoT), and increasing installation of RFID in manufacturing units for productivity improvement.

Impinj (US), NXP Semiconductors (Netherlands), Alien Technology (US) Avery Dennison (US), and Smartrac (Netherlands) are the leading players in the RFID market. New product launches and developments, contracts, agreements, expansions, acquisitions, partnerships, and collaborations are some of the key strategies adopted by the major players to gain a competitive edge in this market.

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Impinj is one of the key players in the RFID market that develops and sells item intelligence products and solutions using RAIN RFID technology services. The company caters to the need of various applications such as inventory management, patient safety, asset tracking, and item authentication; delivering real time information to the companies. Impinj's two biggest verticals (retail and healthcare) continued to see acceleration in RFID adoption, but management acknowledged demand was also robust from a variety of other industries. New product launches and partnerships are the key strategies adopted by the company in the recent years. For instance, in September 2016, Impinj (US) unveiled a new RAIN RFID gateway – xSpan. It is a new RAIN RFID gateway that detects real-time identity and transition of inventory, assets and other business-critical items. This gateway can be useful in facility entrances and exits, doorways, hallways, hospital rooms and others.

NXP Semiconductors is one of the largest players in the RFID market. The company is popular among the industries and sectors for manufacturing chips, thus catering to growing demand for RFID among industrial end users. The company has very strong supply chain in Europe that enables it to generate more revenue from this region. NXP Semiconductors has been collaborating and partnering with major RFID players to boost its product portfolio. For instance, in September 2016, it partnered HID Global to introduce new RFID tags - Seal Tag eTamper Transponders. These new tags help to protect merchandise and the contents of sealed containers offering evidence of security or breach detectability by standard RFID readers. In October 2016, it collaborated with Avery Dennison to develop a 12-inch wafers for long range solutions as compared to current industry standard of 8-inch wafer.

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Other major companies operating in the RFID market are Alien Technology (US), Smartrac (Netherlands), Avery Dennison (US), Invengo (Singapore), Zebra Technologies (US), Checkpoint Systems (US), Mojix (US), Nedap (Netherlands), and GAO RFID (US).

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Tags:Rfid Market
Industry:Technology
Location:Northbrook - Illinois - United States
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