RFID Market to Reach $32.4 Billion by 2029 - Market Size, Share, Forecasts, & Trends Analysis Report with COVID-19 Impact by Meticulous Research®
However, the high capital requirements for deploying RFID technology restrain the growth of this market.
REDDING, Calif., Sept. 27, 2022 /PRNewswire/ -- According to a new market research report titled, "RFID Market by Component (Hardware (Printers, Antenna, Readers, Labels, Card, Tags, Implant), Software), Frequency (Ultra-high Frequency), Type (Active, Passive), End-user (Transportation & Logistics, Retail), Geography - Global Forecast to 2029", the global RFID market is expected to grow at a CAGR of 10.8% from 2022 to 2029 to reach $32.4 billion by 2029.
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RFID systems are widely used for large volume inventory security, location mapping, content mapping, and movement of goods in facilities such as retail stores and supermarkets, among others. Radio Frequency Identification (RFID) is a form of wireless communication that incorporates electromagnetic or electrostatic coupling in the radio frequency portion of the electromagnetic spectrum to uniquely identify an object, animal, or person.
The benefits offered by RFID technology have influenced many end-use industries for its adoption. Market players in this ecosystem continuously strive to develop more robust and innovative solutions to stay ahead of the competition. Technological advancements are further widening the application areas of RFID technology, which is also expected to contribute to the growth of the RFID segment over the coming years.
The growth of this market is driven by the rising need to eliminate manual data capture & entry errors, supportive government initiatives encouraging the use of AIDC technologies, and the increasing adoption of RFID technology among manufacturing industries. However, the high capital requirements for deploying RFID technology restrain the growth of this market. The increasing deployment of RFID systems for Industry 4.0 and smart manufacturing applications is expected to create market growth opportunities.
However, the vulnerability to cyber threats is a major challenge for the players operating in this market. Additionally, smart mirrors, chip less RFID devices, the integration of Artificial Intelligence with RFID systems, the use of RFID technology for Industrial IoT applications, and the adoption of RFID technology across the retail sector are major trends in the global RFID market.
Increasing adoption of RFID technology among manufacturing industries is expected to drive the RFID market
RFID technologies are transforming the manufacturing sector by simplifying operations such as monitoring complex supply chains, ensuring quality control, tracking inventories, and reducing human effort. Growing automation in the manufacturing sector and its supply chains has led to the emergence of smart monitoring and decision-making processes, creating vast opportunities for incorporating RFID technologies to economize supply chains and production. RFID technology offers enhanced visibility into manufacturing operations via real-time updates and helps automate manual tasks to reduce labor costs. Growing applications related to Industry 4.0 and smart cities and the digitalization of the manufacturing sector have transformed product design and fabrication. Leading manufacturers are increasingly deploying RFID devices to increase operational efficiency, improve workflows, and reduce costs, boosting the growth of the RFID market.
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The need for visibility/transparency for production optimization and asset management has encouraged market leaders to increase investments in deploying RFID technologies. For instance, in 2021, SATO Holdings Corporation (Japan) (SATO Europe) partnered with Xerafy Singapore Pte. Ltd. (Singapore) to provide metal skin radio frequency identification (RFID) labels to global automotive, manufacturing, and healthcare markets through its range of RFID-enabled printers. In 2019, PragmatIC (U.K.) partnered with Mühlbauer Group (Germany) to deliver robust and durable RFID manufacturing solutions. Such developments, along with the increasing adoption of RFID technology among manufacturing industries, are expected to drive the growth of the RFID market.
To provide efficient analysis, Meticulous Research® has segmented this market based on component (hardware (RFID printers/recorders, RFID mobile computers, RFID labels printers, RFID readers (handheld scanners, fixed scanners), RFID labels, RFID card & badges, RFID tags, RFID implant, RFID key fob, RFID band), software), frequency (low frequency, high frequency, ultra-high frequency (UHF)), type (active RFID, passive RFID), application (people tracking, animal tracking, document management, inventory management, security & access control, and other applications), end user (retail, BFSI, government, manufacturing, healthcare, agriculture, sports & entertainment, aerospace & defense, transportation & logistics, consumer goods manufacturers, other end-users), and geography (Asia-Pacific, Europe, North America, Latin America, and the Middle East and Africa).
Based on component, the global RFID market is segmented into hardware and software. In 2022, the hardware tools segment accounted for the largest share of the RFID market. This segment is also projected to register the highest CAGR during the forecast period. This is mainly attributed to the increasing installation of RFID systems in manufacturing equipment, the rising need for RFID tags for convenient tracking of products, technological enhancements in contactless smartcards, and a surge in demand for RFID printers/recorders, tags, readers, and labels.
Based on type, the global RFID Market is segmented into active RFID and passive RFID. In 2022, the passive RFID segment is expected to account for the largest share of the RFID market. The large share of this market is attributed to the increasing demand for inexpensive and small RFID in the manufacturing industry for tracking goods, the increasing adoption of RAIN RFID frequency by organizations, and the growing need to improve productivity in the pharmaceutical, retail, transportation, and BFSI industries. However, the active RFID segment is also projected to register the highest CAGR during the forecast period due to the increasing demand for long-range and robust data storage capacity RFID devices and the rising demand for RFID devices in the logistics industry.
Based on application, the global RFID market is broadly segmented into people tracking, animal tracking, document management, inventory management, security & access control, and other applications. In 2022, the security & access control segment is estimated to account for the largest share of the global RFID market. The large share of this market is attributed to the increasing adoption of smart inventory management systems due to the growing need to enhance inventory management across various sectors, including transportation & logistics, manufacturing, and healthcare.
However, the inventory management segment is expected to record a higher CAGR during the forecast period, which is mainly attributed to the increasing adoption of smart inventory management systems due to the growing need to enhance inventory management across various sectors, including transportation & logistics, manufacturing, and healthcare.
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Based on end user, the global RFID market is segmented into retail, BFSI, government, manufacturing, healthcare, agriculture, sports & entertainment, aerospace & defense, transportation & logistics, consumer goods manufacturers, and other end users. In 2022, the transportation & logistics segment is estimated to account for the largest share of the global RFID market. However, the healthcare segment is expected to record a higher CAGR during the forecast period, which is mainly attributed to the rising need for enhanced patient safety & asset tracking, better management of surgical instruments, efficient authentication of quality & sterilization processes, and automated billing & supply chain management.
Based on geography, Asia-Pacific accounted for the largest share of the RFID Market in 2022. The large market share of Asia-Pacific is attributed to the increasing deployment of location-based services across the Asian countries, the surge in installation of RFID systems in the transportation & logistics industry, the need for real-time traceability & asset management visibility, rising acceptance of electronic identity cards & RFID tags, and the expansion of Industrial 4.0 in the region. Asia-Pacific also is expected to register the highest CAGR during the forecast period. The high growth of this market is attributed to the rapid technology adoption across various end-use industries, government encouragement to incorporate contactless data acquisition practices, the need for contactless techniques across transportation & logistics industries, and the proliferation of e-commerce.
Some of the key players operating in the RFID market are HID Global Corporation (U.S.) (Assa Abloy AB), Avery Dennison Corporation (U.S.), Zebra Technologies Corporation (U.S.), GAO RFID Inc. (Canada), Honeywell International Inc. (U.S.), Identiv, Inc. (U.S.), Impinj, Inc. (U.S.), Invengo Information Technology Co., Ltd. (Singapore), NXP Semiconductors N.V. (Netherlands), Alien Technology, LLC. (U.S.), Nedap N.V. (Netherlands), William Frick & Company (U.S.), SML Group. (China), 4ID Solutions (Australia), Datalogic S.p.A. (Italy), CAEN RFID S.r.l. (Italy), Jadak (U.S.), TSC Auto ID Technology Co. Ltd. (Taiwan), Seagull Scientific, Inc. (U.S.), Bluebird, Inc. (South Korea), and Unitech Electronics Co. Ltd. (Taiwan).
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Scope of the Report:
RFID Market, by Component
- Hardware
- RFID Printers/Recorders
- RFID Antenna
- RFID Readers Wind
- Handheld Scanners
- Fixed Scanners
- RFID Labels
- RFID Card & Badges
- RFID Tags
- RFID Implant
- RFID Key Fob
- RFID Band
- Software
RFID Market, by Frequency
- Low Frequency
- High Frequency
- Ultra-high Frequency (UHF)
RFID Market, by Type
- Active RFID
- Passive RFID
RFID Market, by End User
- Retail
- BFSI
- Government
- Manufacturing
- Healthcare
- Agriculture
- Sports & Entertainment
- Aerospace and Defense
- Transportation & Logistics
- Consumer Products
- Other End-users
RFID Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Netherlands
- Denmark
- Sweden
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Singapore
- Malaysia
- Australia & New Zealand
- Indonesia
- Vietnam
- Rest of Asia-Pacific
- Latin America
- Mexico
- Brazil
- Rest of Latin America
- The Middle East and Africa
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