The RFID System Market is witnessing rapid growth, with substantial increases in market size observed over recent years. Projections indicate significant expansion throughout the forecast period from 2020 to 2027. Key drivers of this growth include the increasing deployment of RFID in manufacturing units to enhance productivity, rising adoption of security and access control applications, government initiatives, and widespread adoption of RFID technology across retail industries.
The market overview highlights growing advancements in navigation tracking systems for automotive RFID systems, evident in modern car models such as Mercedes Benz S-class, BMW 7series, Audi R8, and Jaguar XJ. Moreover, stringent regulations in the automotive industry regarding identification and tracking, coupled with global regulatory initiatives, are expected to further propel market growth.
However, challenges such as the high installation cost of RFID systems and device interoperability issues hinder market expansion. Interoperability challenges arise when organizations use multiple frequency tags and single readers, leading to complexities in reading multiple frequencies
The report provides detailed segmentation analysis based on product, application, and geography. In terms of products, the market is divided into passive RFID systems and active RFID systems with passive systems expected to dominate due to their smaller size, lower cost and longer lifetime. Key application segments include industrial, retailing, institutions, hospitality, and others with the industrial sector projected to hold the largest market share.
Key players in the market include Datalogic, Honeywell International, Zebra Technologies, Acreo Swedish ICT, Alien Technology, Avery Dennison, Checkpoint Systems, CipherLab, CoreRFID, FEIG ELECTRONIC, Fujitsu, GAO RFID, Impinj, ORBCOMM, Smartrac and Unitech Electronics.
The report offers valuable insights into the competitive landscape, financial performance, product benchmarking, and SWOT analysis of major market players, aiding stakeholders in making informed decisions.