RFID Instruments Tracking Market to Surge Past a Revenue CAGR of 8.2%, During the Forecast Period 2023 to 2031, Growth Plus Reports Study

Newark, New Castle, USA, May 01, 2023 (GLOBE NEWSWIRE) — As per the report by Growth Plus Reports, the global RFID Instrument Tracking Market is expected to register a revenue CAGR of 8.2% by 2031.

The RFID instruments tracking market was assessed and is expected to expand with a sizable revenue share during the forecast period. RFID (Radio Frequency Identification) instrument track is a real-time identification and tracking system that employs radio waves to identify and monitor things, often instruments or tools. RFID tags or labels are affixed to the monitored things, and RFID readers emit radio waves to read the information recorded on the tags.

Recent Development in RFID Instruments Tracking Market: 

• In November 2022, LM-Dental created the LM Dental Tracking System (LM DTS), the first commercially available system in the dentistry industry that uses sophisticated radio-frequency identification (RFID) technology to identify and monitor dental tools, handpieces, and supplies from various manufacturers.
• In March 2022, Vistara Airlines collaborated with ASD, an Irish business, to install RFIDAeroCheck technology for faster scans, assuring accurate data and timely information about forthcoming requirements.

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                           RFID Instruments Tracking Market Scope

Key Takeaways: 

• Increased demand for RFID solutions in the banking and healthcare industries is driving market revenue growth.
• The market revenue is propelled by increased government attempts to promote RFID-based solutions.
• Supply chain management and logistics are making widespread utilization of RFID technology.

Market Drivers and Restraints: 

The rising need for real-time tracking and automation across numerous sectors is driving the revenue of the active RFID market. The rise of the e-commerce and logistics industries, as well as the rising need for supply chain visibility, are driving its demand.

However, using an RFID monitoring system necessitates a considerable initial expenditure, which may be prohibitive for certain firms, particularly small enterprises and other competitions related to IoT, which may limit the market revenue growth. 

Market Segmentation: 

Segmentation By Offerings

Based on the offering, the global RFID instruments tracking market is segmented into tags, readers, and software. The tags segment accounts for the largest market revenue share. This large revenue share is attributed to the real-time tracking of the object’s radio waves to identify. 

Segmentation By End-User

Based on end-user, the global RFID instruments tracking market is segmented into healthcare facilities, pharmaceutical manufacturers, and others. The healthcare facilities segment accounts for the largest market revenue share. The need to decrease the danger of lost or misplaced instruments, the need to increase asset utilization, and the need to comply with regulatory standards are some of the important drivers for market revenue. 

Regional Growth Dynamics

Based on the region, the global RFID instruments tracking market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America accounts for the largest revenue share in the global market. This large revenue share is attributed to the large-scale use of RF tags in the healthcare sectors, the presence of large market players, and significant suppliers for RFID hardware.

Competitive Landscape

A list of the market player operating in the global RFID instruments tracking market are: 

• Alien Technology, LLC
• Zebra Technologies Corp
• Impinj, Inc
• Xerafy Singapore Pte Ltd
• NXP Semiconductors

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Report Coverage 

The study examines the fundamental market characteristics, important investment areas, analytics of regional growth, revenue prediction, prominent market players, and partnerships. The report also thoroughly analyzes the RFID instruments tracking market globally.

Table of Content

1. INTRODUCTION
   1. Market Ecosystem
   2. Timeline Under Consideration
      1. Historical Years – 2021
      2. Base Year – 2022
      3. Forecast Years – 2023 to 2031
   3. Currency Used in the Report
2. RESEARCH METHODOLOGY 
   1. Research Approach
   2. Data Collection Methodology
   3. Data Sources
      1. Secondary Sources 
      2. Primary Sources
   4. Market Estimation Approach
      1. Bottom Up
      2. Top Down 
   5. Market Forecasting Model
   6. Limitations and Assumptions
3. PREMIUM INSIGHTS
   1. Current Market Trends (COVID-19 Perspective)
   2. Key Players & Competitive Positioning (2022) 
4. MARKET DYNAMICS
   1. Drivers
   2. Restraints/Challenges
   3. Opportunities
5. GLOBAL RFID INSTRUMENTS TRACKING MARKET – ANALYSIS & FORECAST, BY OFFERING
   1. Tags
   2. Readers
   3. Software & Services
6. GLOBAL RFID INSTRUMENTS TRACKING MARKET – ANALYSIS & FORECAST, BY END USER
   1. Healthcare Facilities
   2. Pharmaceutical Manufacturers
   3. Others

RFID INSTRUMENTS TRACKING MARKET TOC

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VALUE PROPOSITIONS RELATED TO THE REPORT:

• Powered with Complimentary Analyst Hours and Expert Interviews with Each Report
• Comprehensive quantitative and qualitative insights at segment and sub-segment level
• Covid 19 impact trends and perspective
• Granular insights at global/regional/country level
• Deep-rooted insights on market dynamics (drivers, restraints, opportunities) and business environment
• Blanket coverage on competitive landscape
• Winning imperatives
• Exhaustive coverage on ‘Strategic Developments’ registered by leading players of the market

CUSTOMIZATION OPTIONS:

• Distributor Landscape Assessment
• Pricing Intelligence
• Customer Base Assessment
• Investment & Initiatives Analysis
• ‘Business Profile’ of Key Players

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