Radiofrequency Identification (RFID) Market will reach USD 22.0 Billion by 2020
Tags, readers and middleware are the key product segments of the RFID market. RFID tags and readers are further categorized into active and passive on the basis of their mechanism. The active RFID devices needs power, which they get from inbuilt power source. On the other hand, passive RFID devices get it from the electromagnetic waves discharge by the readers. The tags segment dominated the global RFID market in 2014. Passive tag accounted for over 70% share of the total RFID market in 2014. Reader is expected to be the fastest growing segment of RFID market during the forecast period.
On the basis of applications RFID market can be segmented as retail, supply chain, aviation, healthcare, smart cards, public transit and other applications. Retail application market holds the largest share of RFID market. Retail accounted for over 30% of the total RFID market in 2014. Strong economical growth in emerging economies has been resulted into increased demand for transport and logistics. This in turn fueled the rapid growth of RFID in emerging economies. Transport and logistics is expected to be the major application market over the forecast period followed by retail. Additionally, increasing applications of RFID in inventory, product management, asset tracking, and provide solutions for anti-counterfeiting is expected to have a positive impact on the market. However, lower level of awareness among end-users is expected to hold back the growth of RFID market to some extent.