The market analysis report titled ‘Global RFID market Size study, by Product type (tags, readers, services & software) by frequency (low frequency, high frequency, ultra-high frequency) by application (agriculture, commercial, transportation, healthcare, logistics and supply chain, aerospace, defence, retail, security and access control, sports, animal tracking, ticketing) by form factor (card, implant, key fob, label, paper ticket, bands, others) and Regional Forecasts 2021-2027’, available with MarketStudyReport, global RFID market, worth USD 9.71 Bn in 2020, is expected to amass a valuation of USD 19.16 Bn by the end of the forecast period, recording a healthy growth rate of 10.2% through 2027.
 

As per the report findings, increase in the demand for tracking systems in manufacturing units is augmenting global RFID market growth.
 

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For the uninitiated, Radio Frequency Identification or RFID systems are wireless systems that utilize electromagnetic fields to track and recognize tags attached to different objects.
 

Speaking of the challenges in the industry, the expenditure incurred for purchasing, installing and maintaining RFID systems may hamper revenue flow in the upcoming years.
 

Apart from the growth drivers and challenges, the research report also encompasses a comprehensive segmental analysis that highlights the current growth rate as well as the potential of each segment, so that stakeholders can make informed decisions and extract strong returns.
 

Moving on to the regional landscape, major growth avenues in global RFID market are North America, Europe, Asia Pacific and Latin America.  Among these, the North America market is slated to amass significant returns during the analysis period owing to rapid installation of RFID systems due to proliferation of Covid-19 in the United States.
 

Meanwhile, the industry in the Asia Pacific region is skated to grow extensively during 2021-2022, mainly due to the adoption of advanced technologies across various business verticals such as aerospace, healthcare, commercial, and agricultural sectors.
 

The competitive landscape of this business sphere is majorly influenced by Checkpoint Systems, Honeywell International Inc., Motorola Solutions Inc., Alien Technology, Impinj Inc., Savi Technology, Applied Wireless Identifications Group, Inc., Invengo information Technology Co. Ltd., and Caen RFID. These players are analyzed thoroughly on the basis of research methodologies, business overview, product offerings, and financial standing.