RFID Market Research Reports, Analysis and Trends

RFID Market Research Reports, Analysis & Trends

Radio-frequency identification i.e. RFID is a wireless non-contact system that uses radio-frequency electromagnetic fields to transfer data from a tag attached to an object, for the purposes of automatic identification and tracking.

Uses of RIFD Applications:

The RFID applications are used for security or access control, toll collection, animal tracking, automobile immobilization, etc. RFID tags are used in many industries, for example a RFID tag which is attached to an automobile during production can be used to track its progress through the assembly line, and similarly even pharmaceuticals can be tracked through warehouses.

Benefits of RIFD Applications. Because of the increased consumer goods item level tagging, it will open new leads in the RFID market which can reduced cost and labours of the vendors and also lesser crimes against theft. By investment in the RFID sector, even areas such as better customer satisfaction can be tapped easily.

RFID Industry Overview:

As per the reports, there is a growth in RFID applications in the healthcare industry, which include tracking medical hospital equipment, blood transfer monitoring, patient identification, and tracking medication from pharmacy to patient.
Tracking medical hospital equipment segment of the RFID application market is the largest revenue generating segment and is expected to reach market value of USD 1,173.1 million in 2018 upto a CAGR of 17.3% from the 2012 value of USD 449.5 million.
The blood transfer monitoring application market for RFID is one of the fastest growing markets across the world because blood banks need to maintain the integrity and authenticity of the blood bags delivered.

RIFD Industry Current Trends

As per the industry statistics, the worldwide market for RFID technology was US $1.49 billion in 2004 and US $1.95 billion in 2005 and is expected to reach US $26.9 billion in 2015. And the RFID vendors are increasingly gaining from the sale of RFID hardware components.
According to the reports, the RFID tags segment occupies about 61% of the global RFID technology in the healthcare market. Rising issues of counterfeiting, need for tracking and localizing medical equipment, and enhancing safety and efficiency of healthcare delivery are some of the major contributing factors for the high growth rate of RFID technology in healthcare sector.

Major RIFD Industry Players

Some of the major RIFD Industry players are 3M, Atmel, Accenture, HITACHI, Motorola, ACC Systems Inc, Aaid Security Solutions Inc, Siemens, ADR Advisors Inc., IBM, AdvantaPure¸ Alvin Systems, American RFID Solutions, and Bearing Point etc.