Albany - NY, Oct. 20, 2015 (GLOBE NEWSWIRE) -- Transparency Market Research has published a new research report on the global radiofrequency identification (RFID) market. The report states that the global radiofrequency identification market was valued at US$1.9 bn in 2013 and will reach a value of US$5.3 bn by 2020. The report, titled 'Radiofrequency Identification (RFID) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020', states that the global radiofrequency identification market is expected to grow at a 13.90% CAGR during the period between 2014 and 2020 due to growth of the healthcare sector.
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Radiofrequency identification is based on wireless technology and uses radio waves to collect information from a tag that is attached to an object, for numerous purposes such as automatic identification and tracking of objects. Radiofrequency identification technology is applied in many sectors, such as supply chain management, manufacturing, retail, and government. Asset tracking and assess control are the two most important applications of radiofrequency identification technology.
The global radiofrequency identification market is segmented on the basis of geography, application, and components. By components, the global radiofrequency identification market is divided into tags, middleware, printers, cabinets, and readers. The tags and readers sector is further divided into passive components and active components. The passive tags sector led the global radiofrequency identification market in 2014 with a 70% market share.
By application, the global radiofrequency identification market is divided into healthcare, the retail industry, government, and supply chain and logistics. Although the healthcare sector accounts for a smaller share of the global market, it is expected to develop rapidly during the forecast period. Increasing scrutiny of medicines due to the occurrence of drug faking incidents, and theft or mismanagement of medical devices in hospitals will boost the growth of the radiofrequency identification activities in the healthcare sector. Growing need for efficient supply chain management systems in pharmaceutical firms and hospitals will drive the global radiofrequency identification market during the forecast period.
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By geography, the global radiofrequency identification market is divided into North America, Europe, Rest of the World, and Asia Pacific. Due to the economic crisis in 2008, most European countries trimmed hospital expenses. The global radiofrequency identification market is expected to face certain challenges due to the aftereffects of the same. Some of the smaller hospitals in Asia Pacific, North America, and Rest of the World, see radiofrequency identification technology as an unwanted expense, as their small number of patients and units of medical samples and medical devices can be easily managed through conventional methods.
Maintenance of integrated records is not possible unless suppliers, manufacturers, distributors, and other dealers implement radiofrequency identification technology as their primary asset tracking method. Irrespective of these hurdles, the market for radiofrequency identification technology in healthcare is expected to develop rapidly during the forecast period.
Considering the gradual recovery of the healthcare sector in developed countries, development of the European radiofrequency identification market is expected in coming few years. Some of the key players in the global radiofrequency identification market are Alien Technology, CAEN RFID, Applied Wireless Identifications Group, GAO RFID Inc., Intermec, Motorola Solutions (now Zebra Technologies), Invengo, Impinj, STiD, and Sato Holdings.
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Source:Transparency Market Research