RFID Market Outlook 2031
The global RFID market size was valued at USD 11.42 Billion in 2022, is anticipated to reach USD 26.06 billion by 2031, and expanding at a CAGR of 9.6% during the forecast period, 2023–2031. The growth of the market is attributed to the increasing adoption of information technology.
Radio waves are a method used in radio frequency identification to gather digital data from RFID chips or smart labels. An integrated circuit and an antenna are features of RFID tags that are used to send data to an RFID reader.
An RFID tag received a signal from an RFID reader, and the tag responded with a signal holding information. Additionally, using a communications interface, the data gathered by readers from the RFID tags is forwarded to a host computer system where it may be kept in a database and analysed later.
Additionally, an RFID chip may hold a variety of data, from a single serial number to many pages of information. Automatic identification and data collection are two categories under which RFID technology falls. The AIDC techniques automatically identify objects, gather data, and input the data into the computer program, without human assistance.
By providing improved and affordable asset tracking and monitoring solutions, RFID technology has completely transformed the worldwide logistics, industrial, and security industries. In the next years, the expansion of the RFID market is anticipated to be fueled by an increase in the use of RFID technologies to assist healthcare organizations in controlling the spread of COVID-19.
In contrast, a number of challenges brought about by the COVID-19 epidemic in the retail, industrial, and logistics sectors, such as the lack of qualified personnel to implement RFID technologies, had a significant negative impact on the market.
RFID Market Trends, Drivers, Restraints, and Opportunities
- Increasing need of RFID in manufacturing units for productivity and availability of cost-effective RFID solutions is expected to drive the market.
- Rising need for improving inventory management is projected to propel the market during the forecast period.
- Limited shelf life of RFID solutions is anticipated to hinder the market.
- High initial cost associated with installation of RFID systems is expected to hamper the market in the coming years.
- Increasing demand for hybrid RFID solutions is projected to create lucrative opportunities for market players.
Scope of RFID Market Report
The report on the global RFID market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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RFID Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2021
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Historic Data
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2019–2020
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Forecast Period
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2022–2030
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Segmentation
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Frequency (Ultra-high Frequency, Low Frequency, and High Frequency), Products Types (Software & Services, Readers, and Tags), and End-users (Animal Tracking, Commercial, Transportation, Security & Access Control, Agriculture, Healthcare, Retail, Logistics & Supply Chain, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Invengo Technology; GEO RFID; Honeywell; NXP Semiconductor; Avery Dennison; Zebra Technology; Impinj; HID Global; Datalogic; and Identiv
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RFID Market Segment Insights
Ultra-high frequency segment to expand at a considerable CAGR
On the basis of frequency, the RFID market is segmented into ultra-high frequency, low frequency, and high frequency. The ultra-high frequency segment is projected to expand at a considerable CAGR during the forecast period.
Out of all the frequencies, UHF RFID tags have the greatest read range and reading speed. Ultra-high frequency passive tags can be read from a typical distance of roughly 5-6 meters; under ideal circumstances, bigger ultra-high frequency passive tags may be read from a distance of more than 30 meters.
The high frequency segment is anticipated to account for a major market share during the forecast period. Moderate interference sensitivity affects high-frequency systems. Applications for data transfer, payment, and ticketing frequently employ high-frequency RFID.
Tags segment to hold a significant share of the market
Based on products types, the market is divided into software & services, readers, and tags. The tags segment is expected to hold a significant share of the market in the coming years. RFID tags are frequently used to track commodities in the pharmaceutical, supply chain, retail, corporate, and other sectors for a variety of purposes.
The readers segment accounts for a significant market share. The tags are activated by the readers by receiving a low-power radio signal that is transmitted through the antenna. The tag then checks the information and sends it to the reader.
Logistics & supply chain segment to expand at a substantial CAGR
On the basis of end-users, the market is segregated into animal tracking, commercial, transportation, security & access control, agriculture, healthcare, retail, logistics & supply chain, and others.
The logistics & supply chain segment is anticipated to expand at a substantial CAGR during the forecast period, owing to high adoption of tracking systems by logistics organizations to track and monitor their cargo in transit through road, air, or sea. The agriculture segment is expected to hold a significant share of the market, owing to increasing agriculture productivity with RFID tagging.
Regional Analysis
In terms of regions, the RFID market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to constitute a key share of the market during the forecast period, owing to advancements in healthcare, retail, and manufacturing sectors along with the adoption of new technologies.
The market in North America is anticipated to expand at a rapid pace during the forecast period. Major businesses and government agencies in the region are heavily investing in the technology.
Segments
The global RFID market has been segmented on the basis of
Frequency
- Ultra-high Frequency
- Low Frequency
- High Frequency
Products Types
- Software & Services
- Readers
- Tags
End-users
- Animal Tracking
- Commercial
- Transportation
- Security & Access Control
- Agriculture
- Healthcare
- Retail
- Logistics & Supply Chain
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the global RFID market are Invengo Technology; GEO RFID; Honeywell; NXP Semiconductor; Avery Dennison; Zebra Technology; Impinj; HID Global; Datalogic; and Identiv. Few of the big competitors now control the majority of the industry in terms of market share. These significant firms, who hold a sizable portion of the industry, are concentrating on growing their consumer base internationally.
The corporations are utilizing strategic joint projects, to improve their market share and profitability. It is anticipated that the rivalry, quick technical improvements, and frequent changes in customer tastes would pose a threat to the market's growth of the firms, during the projection period.
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