The Radio frequency identification (RFID) denotes to the technology, which utilizes the radio frequency electromagnetic fields or electrostatic fields to recognize objects carrying tags when they come close to a reader. The RFID delivers automatic item documentation on mixed pallets, shipping & receiving applications, and suggests the monitor unattended items in the store.
According to the report analysis, ‘Global Radio Frequency Identification (RFID) Market 2020-2026 by Component, Product Type, Frequency Band, Wafer Size, Application, Industry Vertical, and Region: Trend Forecast and Growth Opportunity’ states that Alien Technology Corporation, AMS AG, Atmel Corp, CipherLab Co., Ltd., Confidex Ltd, Datalogic S.p.A., GAO RFID, Inc., Honeywell International, Impinj, Inc., Invengo Technology Pte. Ltd., NXP Semiconductors, Omni-Id, Inc., RF Code, SMARTRAC N.V., Technology Solutions UK Ltd. (TSL), ThinkMagic (Trimble), Xerox Corporation, Zebra Technologies Corporation and several others are the great players in global radio frequency identification (RFID) market more positively for leading the highest market growth and dominating the great value of market share while delivering the better consumer satisfaction, employing the young work force, spreading the awareness connected to the applications of such, establishing the several research and development programs, developing the qualitative and quantitative measures of such, analysing the strategies and policies of the government as well as other companies, employing the young work force and opting the strategies of profit making and enlargements.
In addition, the market for radio frequency identification (RFID) for automotive is projected to expand at a proficient pace during the forecast duration due to increasing global requirement for smart systems that function on the basis of previously stored data, such as automatic vehicle identification, passive entry system, and vehicle immobilizer. The significant growth in requirement for vehicles loaded with automatic systems and improved safety features is probable to influence the RFID market for automotive.
Not only has this, the RFID devices are mostly employed in premium vehicles and augment in per capita income and growth in purchase power parity are playing an essential role in driving the requirement for premium vehicles, which in turn is influencing the RFID market for automotive. Availability of several finance structures is another key aspect driving the premium vehicles market. Great price of vehicles with automatic systems is probable to limit the RFID market for automotive in the near future. Furthermore, some advantages such as electronic toll collection system demand infrastructure for the application of this advantages, thus a shortage of infrastructure in a few regions is predicted to negatively affect the market for the systems such as smart toll collection system.
Nonetheless, the RFID devices are projected to witness a surge in requirement as the technological proliferation has led to an extensive usage of smart cards, access control, and several other NFC applications. In addition, the usage of Ubiquitous Sensor Networks (USNs) and several short-range wireless communications, such as WiFi and Zigbee, is projected to support in the RFID market growth. To sum up the trends in the market, the RFID industry is projected to observe a healthy growth in the forthcoming years with technology, cost, and size propelling its rapid deployment.
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Ankur Gupta, Head Marketing & Communications