RFID or Radio Frequency Identification is a type of wireless communication that uses the radio waves in order for capturing or read data which is stored on the tag of any person, object and animal. This device is a substitute of barcodes that provides a distinctive identification for the object to which it is attached. Key components of RFID system are readers, tags and software tools. RFID is accepted in extensive range of applications that includes consumer products, tracking livestock, vehicles and airline passengers among others. Rising demand for tracking, locating, and monitoring objects and beings for safety, security, and resource optimization are the key factors that are driving the market growth.
As per study, “Asia Pacific Radio Frequency Identification (RFID) Market 2020-2026 by Component, Product Type, Frequency Band, Wafer Size, Application, Industry Vertical, and Country: Trend Forecast and Growth Opportunity” the key companies operating in the Asia-Pacific RFID market include Copper spiral RFID Technologies Pvt., Ltd., Shanghai Super Electronic Technology Co., Ltd., AMS AG, BISA Technologies (Hong Kong) Limited, Alien Technology Corporation, Atmel Corp, Honeywell International, Free Alliance Sdn Bhd, Invengo Technology Pte. Ltd., GAO RFID, Inc., Datalogic S.p.A., Invengo Technology Pte Ltd., Protrac iD Pty. Ltd., Impinj Inc., Omni-Id, Inc., NXP Semiconductors, Shenzhen DDCT Technology Co., Ltd., Zebra Technologies Corporation, ThinkMagic (Trimble), Xerox Corporation.
By component, Asia-pacific RFID market is segmented as RFID readers, RFID, tags, software, middleware and services. By product type, market is segmented as active RFID, passive RFID and other RFID types. By frequency band, market is categorized as low frequency, high frequency and ultra-high frequency. By application, market is segmented as materials handling & logistics, military & aerospace, e-payments, asset tracking, identification & security, and other applications. In addition, by industrial vertical, market is bifurcated as automotive & manufacturing, financial services, logistics & transportation, healthcare & medical, consumer goods, retail & ecommerce, agriculture-farming & livestock and other industrial verticals.
The Asia-pacific RFID market is driven by rise in the usage of RFID in security & access control application, followed by favorable laws for labeling livestock, rise in demand of RFID technology in retail industry and growth in the number of installation of RFID in manufacturing units. However, high cost of RFID and device interoperability may impact the market. Moreover, IoT based RFID labeling and RFID tags with sensors are key opportunities for market. Furthermore, lack of adoption of RFID technology in emerging countries is a major challenge for market.
Based on country-wise analysis, the Asia Pacific RFID market is categorized into India, China, Japan, South Korea, Australia, Indonesia, New Zealand, and others. Among these countries, China country dominates the Asia Pacific RFID market and is estimated to maintain the dominance owing to increase in reliance on RFID in manufacturing facilities for applications like process automation, material flow management, and others during the forecast period. It is predicted that future of the Asia-pacific RFID market will be bright as a result of increase in size of high data generation coupled with growth in demand for the technology from the fast-developing countries such as India and China during the forecast period.
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Ankur Gupta, Head Marketing & Communications