 |
| RFID Market |
Radio Frequency Identification (RFID) technology is primarily used for supply chain and logistics management. It helps in tracking inventory levels and optimizing supply chain efficiencies. RFID tags attached to products facilitate scanning of multiple items simultaneously without a direct line of sight. This helps organizations in counting inventory accurately and reduces labor costs associated with manual checking. RFID is gaining widespread acceptance across various industries like retail, healthcare, transportation, and manufacturing due to benefits like real-time visibility, automated processes, and improved security.
The global RFID Market is estimated to be valued at US$ 15.8 Bn in 2023 and is expected to exhibit a CAGR of 3.2% over the forecast period
2023 to 2030, as highlighted in a new report published by Coherent Market
Insights.
Market key trends:
The adoption of RFID is accelerated by rising inventory management needs of
organizations. As product variety increases and supply chains expand globally,
efficient tracking of shipments and stocks has become crucial. RFID assists in
optimal inventory levels by automating replenishment processes. This saves
costs associated with stock-outs and overstocking. Moreover, counterfeiting and
theft losses are controlled through real-time item monitoring. As such, major
retailers and manufacturing companies are increasingly implementing RFID
solutions to gain operational efficiencies in the highly competitive business
environment.
Segment Analysis
The global RFID market is dominated by the active RFID segment. Active RFID
tags have an in-built battery that increases their range and allows
communicating with readers from greater distances. As a result, they are highly
adopted across industries that require tagging over long-ranges like supply
chain management and logistics. Their advantages over passive RFID tags
including improved signal strength and two-way communication capabilities have
accelerated their demand.
Key Takeaways
The global RFID
Market Growth is expected to witness high growth. The global RFID
Market is estimated to be valued at US$ 15.8 Bn in 2023 and is expected to
exhibit a CAGR of 3.2% over the forecast period 2023 to 2030.
Regional
analysis related content comprises: North America currently holds the largest
share in the global RFID market owing to high technology adoption across
industries like retail, healthcare, manufacturing etc in the US and Canada.
However, Asia Pacific is expected to register the fastest growth during the
forecast period due to rising adoption of RFID technology across industries in
emerging economies like China and India.
Key players related content comprises: Key players operating in the RFID market
are Basilea Pharmaceutica Ltd, Astellas Pharma Inc., SCYNEXIS, Inc., NovaDigm
Therapeutics, Mycovia Pharmaceuticals, Inc., Pfizer Inc, and Viatris Inc.,
among others. Basilea Pharmaceutica Ltd is a commercial stage biopharmaceutical
company committed to discovering, developing and commercializing innovative
pharmaceutical products to meet medical needs of patients.
For more insights, read- https://www.newsanalyticspro.com/rfid-market-trends-size-and-share-analysis/
0 Comments