The global data center RFID market size is projected to reach USD 5.53 billion by 2024, according to the latest report by Market Research Future (MRFR). It can expand at 36.3% CAGR from 2019 to 2024. MRFR’s report on the data center RFID market comprises growth drivers, challenges, and trends on the industry for the forecast period (2020-2027). The COVID-19 pandemic and its implications are explored in depth in the market.
Market Scope
The global data center RFID market is driven by pressure on managers to assure the security of data storage solutions. Rising cases of theft and cyber fraud can influence the demand for RFID equipment. Automation imparted by RFID provides transparency, automation, and control over assets. The RFID tags can accumulate useful data for assets and measure their performance as well as enhance operational efficiency.
Tracking of mission critical assets and advantages of accuracy, efficiency, and curbing of expenses can spur market demand. Dependence on data centers by large organizations as well as management of assets by decreasing reliance on human workforce will culminate in higher numbers of data center RFID. Penetration of IoT can provide a bevy of opportunities to the market as industries can use it measure the performance of their equipment. Rising number of data centers is also certain to influence market demand.
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But high costs of data center RFID solutions may hamper market growth.
COVID-19 Impact
The data center RFID market can prosper during the pandemic as more organizations opt for remote working and organizations adapt software for tracking critical equipment within hospitals. This can lead to effective use of space for keeping equipment and increase productivity.
Segmentation
BFSI Vertical to Dominate Market Demand
The BFSI vertical is bound to command a major portion of the data center RFID market owing to various financial transactions and exchange of data between companies and clients. Strict regulations and adherence to security requirements coupled with privy to confidential data from governments and high net worth individuals can augur favorably for the market. On the other hand, the retail sector is likely to command market share for improving supply chains effectively and assuring seamless operations.
Regional Analysis
North America to Lead in Global Data Center RFID Market
North America is expected to take the lead in the global data center RFID market owing to adoption of data centers. Storage of large sets of data and low latency expected by customers on websites and mobile applications can drive its demand significantly. RFID tags attached to equipment and accessories can assist in asset management effectively. Surge in social media platforms coupled with growing number of users can positively impact market growth.
Competitive Analysis
GAO RFID Inc. (Canada), Alien Technology Corporation (US), IBM Corporation (US), Impinj, Inc. (US), Zebra Technologies Corporation (US), Invengo Information Technology Co. (China), Ltd, Omni-ID, Ltd. (US), Avery Dennison Corporation (US), RF Code Inc. (US), and HP Inc. (US), and others are key players in the global data center RFID market. Investments in research and development and mergers & acquisitions are likely to be witnessed in the market.
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Industry News
RF Code has reached a milestone of selling 3 million RFID tags to data centers. The adoption of IoT by corporations and industries can be lucrative for the company in the coming years.
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