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Report: Healthcare & Medical Fastest Growing RFID End-User Sector Through 2020

Global RFID Market 2015-2020 - Readers, Tags, Software and Services Healthcare & Medical is projected to be the fastest growing end use sector

Global RFID Market 2015-2020 – Readers, Tags, Software and Services Healthcare & Medical is projected to be the fastest growing end use sector

The early 2000s saw the emergence of RFID (Radio Frequency Identification) among the best technology not only in the supply chain but also in a host of other industry segments. This led several organizations to investing in R&D projects for deriving the maximum benefit as promised by RFID, with a few companies succeeding and many failing. The build-up surrounding RFID technology began to slowdown and reached a stage where the previous proponents of RFID technology started adopting a wait and watch strategy in the anticipation that RFID would eventually address the demands required of it.

In current times; Retail, healthcare and manufacturing constitute some of the most rapidly expanding sectors that would be instrumental in driving future demand for RFID technology. While the general consensus among experts has been a saturation of RFID adoption across various industries, the actual scenario has been one of a bit slow and steady growth. Coupled with wider adoption rates, the factor of innovative technologies will play a major role in making RFID more reliable and cost-effective for a host of application areas.

Research and Markets recently came out with a report on the Global RFID Market between 2015 and 2020. The report estimates the global market for RFID at US$10.4 billion in 2015.

Automobile/Transportation constitutes the largest end use sector with an estimated US$3.5 billion in 2015 while Healthcare & Medical is projected to be the fastest growing end use sector with 2014-2020 CAGR of 21% to touch US$620 million by 2020. The global markets for Readers, Tags, Software and Service RFID product segments and the application areas are analyzed in terms of value in USD in the report.

Retail, healthcare and manufacturing constitute some of the most rapidly expanding sectors that would be instrumental in propelling demand for RFID technology in the years to come. While the general consensus among experts has been a surfeit of RFID adoption across the board, the actual scenario has been one of a bit slow and steady growth. Coupled with wider adoption rates, the factor of innovative technologies will play a major role in making RFID more reliable and cost-effective for a host of application areas.

The report by ‘Industry Experts’ reviews, analyses and projects the global market for RFID product segments and end-use applications areas for global and the regional markets including North America, Europe, Asia-Pacific, South America and Rest of World. The regional markets further analyzed for 14 independent countries across North America – The United States, Canada and Mexico; Europe – France, Germany, Italy and the United Kingdom; Asia-Pacific – Australia, China, India, Japan and South Korea; and South America – Argentina and Brazil. The report can be found here.

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