RFID Market was valued USD 18.3 billion in 2021 and expected to reach USD 43.7 billion in 2029 and estimated to grow at a CAGR of 11.5% from 2022-2029.
Major RFID Market Trends and Drivers
Major factors driving global RFID market are growing demand for inventory management and supply chain optimization across different industry verticals like healthcare and retail, favourable government policies and emerging need to improve security and authentication. Companies are increasingly using RFID tags and sensors in locations like conveyor, cameras and tanks in manufacturing facility to track equipment condition and defects in different processes. RFID solutions helps companies to track parts and equipment remotely, provide real-time information about inventory and product location, save time and cost, improve health and safety and identify items and components efficiently.
RFID technology is increasingly used in the aviation industry for providing services like real-time baggage tracking. As per recent estimates, RFID labels can reduce the mishandling rates in the aviation industry by more than 12% and cut down the ramp loading time by 4 mins. Moreover, hybrid RFID solutions are gaining traction across various end-use industries, as it can help in minimizing infrastructure costs, provides more reliability, are easy to install, capture fast-moving assets and can deliver with high precision.
Increasing adoption of RFID technology in industry 4.0 for tracking personnel in manufacturing facilities and different stages of production, is propelling the RFID market growth. Additionally, on an average, initial installation cost of RFID systems can vary from USD 2-5 million, which restricts many companies to adopt these systems as they have budget constraints coupled with lack of back-end data support, are some of the factors hampering the growth of RFID market.
As per RFID market forecast, RFID Tags segment is projected to hold the largest RFID market share.
RFID tags are increasingly used by companies to identify person or asset. Electronic circuitry, antenna and battery are some of the most commonly used RFID tags. As the number of assets rises in company, need for installing more tags increases, which is one of the major factors driving the segment’s growth.
According to RFID market analysis, Passive Tags segment is forecast to expand at a faster rate.
Passive RFID tags are gaining popularity in the RFID market as it less expensive as compared to active tags, can efficiently transmit information at a distance of 10 feet and does not require any external power source like battery. Additionally, these tags are widely used in industries like pharmaceutical and retail to track products.
As per RFID market research report, Asia-Pacific region is estimated to grow at a faster CAGR.
Asia-Pacific RFID market is propelled by growing adoption of industry 4.0 practices, rapid growth in the retail sector and rise in the installation of RFID tags in manufacturing facilities. Various enterprises across India, China, South Korea, and Australia are increasingly adopting latest technologies to improve their operational efficiencies which is boosting the demand for RFID systems in this region.
Top RFID Manufacturers
Some of the major RFID companies operating in the market are Zebra Technologies Corporation, Variuscard GmbH, NXP Semiconductors N.V., Avery Dennison Corporation, Alien Technology, LLC, RFID Global Solution, Checkpoint Systems, Inc., GAO Group, Honeywell International Inc., and Fujitsu Group, among others.
• In March 2022, Avery Dennison Corporation acquired linerless label technology, which is developed by Catchpoint Ltd. Through this acquisition company will have access to intellectual property rights, which will help it to meet its sustainability goals of minimizing environment impact in operations.
• In June 2021, Impinj, a major radio-frequency identification company based out of United States launched 3 next generation RAIN-RFID reader chips to cater the growing demand for item connectivity across industries like supply chain and logistics and consumer electronics.
• In March 2019, Avery Dennison Corporation, a major adhesive manufacturing company based out of United States entered into partnership with Kit Check Inc., to develop solutions which can help in improving patient safety.
Segmentation by Product
• RFID Tags
• RFID Readers
Segmentation by Type
• Passive RFID
• Active RFID
Segmentation by Frequency
• Low Frequency
• High Frequency
• Ultra-high Frequency
Segmentation by Application
• Financial Services
• Transport & Logistics
Segmentation by Region
• Asia Pacific
o Rest of APAC
• North America
o United States of America
o United Kingdom
o Rest of Europe
o South Africa
o Saudi Arabia
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and businesss decisions.
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