RFID Market

Analysis from GMI Research finds that the RFID Market earned revenues of USD 20.4 billion in 2022 and forecast to touch USD 48.7 billion in 2030 will grow at a CAGR of 11.5% from 2023-2030.

Introduction of the RFID Market Report

RFID, which stands for ‘radio-frequency identification’ can be defined as a technology that uses radio frequency waves to transfer data. The RFID system has two basic parts that includes tags and readers. The tag uses radio waves to communicate its identity and other information to a reader, which then transmits the information to an RFID computer program to convert the radio waves to a more usable form of data. It is used in several commercial and industrial application including inventory tracking, tool tracking, material management, and laundry management, among others.

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Market Dynamic

Major RFID Market Drivers

Increasing utilization of RFID tags in manufacturing, logistics and warehousing; rising need for tracking inventory and equipment in business operations; and increasing demand of RFID in supply chain management in retail business are some of the major factors expected to drive the growth of the RFID market size. Additionally, RFID helps in gathering the location data with the help of Real Time Location System RTLS to identify exact location of assets, which is further anticipated to boost the market growth during the forecast period.

Moreover, according to the Institute of Electrical and Electronics Engineers (IEEE), by 2020, more than 50 billion objects will be connected to the internet. Growing implementation of IoT in the supply chain across various sectors including pharmaceutical, manufacturing, retail, and logistics industry and advancements in printed electronics with 3D printing technology is expected to supplement the RFID market growth.

Restraint in the RFID Market

However, high installation cost of RFID System including tags, readers, software, IoT integration, and training cost is expected to restraint the growth of the RFIID market share over the forecast period. In addition, lack of device interoperability of secure exchange and use of information among one or more devices may further hamper the market growth.

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Product – Segment Analysis

Based on product, RFID middleware segment is expected to grow notably during the forecast period owing to the increasing adoption of cloud based technology for real time monitoring and tracking applications. Additionally, the ability of RFID middleware to centrally manage, monitor, and maintain a large population of readers dispersed across a large area is further expected to increase the market demand in the coming years.

Type – Segment Analysis

Based on type, passive RFID segment is expected to account for a prominent share in the market primarily due to its several benefits including less manufacturing cost, durability, low noise, small size, light weight, and battery independency. Moreover, increasing application of passive RFID tags for security and access control, payment, animal identification, waste management, work-in-process, asset tracking and electronic commerce is expected to support the market growth.

Frequency – Segment Analysis

Based on the frequency, the ultra-high frequency RFID segment is projected to witness high CAGR during the forecast period. This is primarily due to cheaper and easier manufacturing and quicker data transfer rate than low frequency and high frequency RFID tags. Rising demand for ultra-high frequency RFID for electronic toll collection and parking access control applications owing to its longer read range is anticipated to escalate the market growth.

Application – Segment Analysis

Based on the application, the retail segment is projected to hold a substantial market share during the forecast period. This can be attributed to its numerous applications including asset tracking, stock management, supply chain management, payment security, and store operation monitoring. Various leading retailers that includes Walmart Inc., Neiman Marcus Group Ltd LLC, Rebecca Minkoff, Amazon Com, Inc., and Inditex Group are utilizing RFID technology. This is expected to stimulate the market growth over the forecast period.

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Regional – Segment Analysis:

Based on region, North America is projected to hold a major share in the RFID market during the forecast period. This can be attributed to the rapid advancement in technology, increasing use of RFID technology in healthcare, retail, logistics sectors for asset management and tracking in the region. Moreover, presence of some of the leading players including GAO Group, Honeywell International Inc., Fujitsu Group, and Checkpoint Systems, Inc. among others are further supporting the market growth in North America.

Top Market Players

Several Leading players operating in the market, include, Avery Dennison Corporation, Alien Technology, LLC Zebra Technologies Corporation, Variuscard GmbH, NXP Semiconductors N.V., GAO Group, Honeywell International Inc., Fujitsu Group, RFID Global Solution, and Checkpoint Systems, Inc., among others. 

Key Developments:

• • In 2019, Avery Dennison Corporation, one of the leading intelligent label solutions providing companies partnered with Kit Check, Inc., a provider of automated medication tracking and detection solutions for hospital pharmacies. The partnership is for applying RFID tags to medication packaging that will help in improving patient safety with more accurate tracking and authentication of medication through the supply chain.

Segments Covered in the Report:

The global RFID Market has been segmented on the basis of type, end-use industry, application, and key regions. Based on product, the market is segmented into RFID tags, RFID readers, and middleware. Based on type, the market is segmented into passive RFID and active RFID. Based on frequency, the market is segmented into low frequency, high frequency, and ultra-high frequency. Based on application, the market is segmented into retail, financial services, healthcare, industrial, government, transport & logistics, and others. 

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Key questions answered in this research report:

• • At what pace is global RFID Market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in RFID Market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global RFID Market?
  • Which type generated maximum revenues in 2021 and identify the most promising type during the forecast period?
  • What are the various application areas of global RFID Market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global RFID Market by Product

• • RFID Tags
  • RFID Readers
  • Middleware

Global RFID Market by Type

• • Passive RFID
  • Active RFID

Global RFID Market by Frequency

• • Low Frequency
  • High Frequency
  • Ultra-high Frequency

Global RFID Market by Application

• • Retail
  • Financial Services
  • Healthcare
  • Industrial
  • Government
  • Transport & Logistics
  • Others

Global RFID Market by Region

• • North America RFID Market (Option 1: As a part of the free 25% customization)
    • By Product
    • By Type
    • By Frequency
    • By Application
    • US Market All-Up
    • Canada Market All-Up
  • Europe RFID Market (Option 2: As a part of the free 25% customization)
    • By Product
    • By Type
    • By Frequency
    • By Application
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific RFID Market (Option 3: As a part of the free 25% customization)
    • By Product
    • By Type
    • By Frequency
    • By Application
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW RFID Market (Option 4: As a part of the free 25% customization)
    • By Product
    • By Type
    • By Frequency
    • By Application
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the RFID Market (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Avery Dennison Corporation
  • Alien Technology, LLC
  • Zebra Technologies Corporation
  • Variuscard GmbH
  • NXP Semiconductors N.V.
  • GAO Group
  • Honeywell International Inc.
  • Fujitsu Group
  • RFID Global Solution
  • Checkpoint Systems, Inc.