Growing adoption of radio frequency identification technology amongst the customers of aircrafts have been contributing significantly towards the growth of radio frequency identification market on a larger basis. Rise in the need for effective supply chain management has been driving the production sales of radio frequency identification. Aerospace and automotive industries are likely to increase the usage of radio frequency identification technology for the purpose of outlook on logistics operations, inventory organization of the spare parts as well as tracking of vehicles.
Analysts from the research firm, Future Market Insights have been involved in a wide-ranging study based on the report, radio frequency identification market. This wide-ranging study has helped analysts reveal some figures and facts in relation to radio frequency identification market across the globe. The global report reveals that radio frequency identification market is likely to develop at 14.5% CAGR during the assessment period, for surpassing a value of nearly US$ 54Bn by the end of 2028.
Analysts also mentioned that introducing advanced and effective radio frequency identification will be considered as a noteworthy trend positively impacting development of radio frequency identification market globally. Analysts from the research firm have been taking immense efforts for meeting the day-to-day concerns of market eyewitnesses and industry performers in the radio frequency identification market worldwide.
Mention the factors trending in the radio frequency identification market.
The agricultural sector is likely to gain significant traction in the radio frequency identification market in the near future with regards to revenue share. Rapid improvement in economical cost and technology, radio frequency identification technology has been witnessing growing adoption amongst the medium and small enterprises.
What are manufacturers planning for benefitting the radio frequency identification market?
Manufacturers are planning to integrate radio frequency identification with IoT for object identification in real-time. Increasing need for reducing human errors and ensuring patient safety has been taken into consideration by the manufacturers in radio frequency identification market and are working towards expanding the customer-base in the global market.
What are the major aspects fuelling the growth of radio frequency identification market?
Well, rapidly increasing need for effective supply chain management especially in the developing regions is one of the major aspect fuelling the growth of radio frequency identification market in the coming years. Apart from this, rising need for classification and tracking of the medical instruments is leading to surging demand for radio frequency identification technology across the globe.
Mention lucrative insights regarding the regional landscape in radio frequency identification market.
Well, North America is likely to dominate the radio frequency identification market globally. China is expected to create lucrative growth avenues for radio frequency identification market in the coming years.
Can you name some major players working in the radio frequency identification market?
Certainly yes. Major players working in the radio frequency identification market include Molex Inc., Impinj, Inc., Thin Film Electronics ASA, Zebra Technologies Corporation, Omni-ID, Ltd., GAO RFID Inc. and Invengo Information Technology Co., Ltd.
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