“The global radio frequency identification (RFID) smart label market is estimated to grow at a CAGR of 17% from 2014 to 2019. The growth of the RFID market, among others, is due to the added protection to the RFID chip from heat, dust, and humidity. The surface area of RFID smart label is used for printing standard bar code or QR code and label text.
In this report, the RFID smart label market has been broadly classified into types, such as low frequency RFID, high frequency RFID, and ultra high frequency RFID. The use of ultra high frequency (UHF) RFID is estimated to grow the fastest at a CAGR of 20.1% from 2014 to 2019. The major reason behind the wide adoption of UHF RFID smart labels is their high memory which enables users to store extensive amount of data and allows them to read more labels at a time, which helps in reducing the process time and improves operational efficiency.
Geographically, being a strong economy with highly developed industries and strong focus on operational efficiency, the Americas have the highest market share in the RFID market. In 2014, the Americas command the largest share of the global RFID market and was valued at $899.1 million. It is estimated to grow at a favorable CAGR of 15.9% from 2014 to 2019. The Americas is followed by Europe. The Asia-Pacific RFID market is estimated to grow at the highest CAGR of 20.4% during the forecast period. Factors driving the growth of this technology in Asia-Pacific include strong government support, efforts towards standardization, expanding application segments, convergence of technologies, and rising awareness of RFID smart label.
There are a number of players in the global RFID market which makes it competitive. As of 2014, the global RFID market has top market players such as Avery Dennison Corporation (U.S.), Checkpoint Systems, Inc. (U.S.), CCL Industries, Inc. (Canada), SMARTRAC N.V. (The Netherlands), and SATO Holdings Corporation (Japan), among others. New product launches, partnerships, agreements, collaborations, and joint ventures are the major strategies adopted by most market players to achieve growth in the global RFID market.
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