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RFID market dynamics are shaped by many market factors. Demand for efficient supply chain management across industries is a major factor. RFID tracking reduces errors and improves operational efficiency by monitoring inventory in real time. Retail, manufacturing, and logistics, where efficient procedures save money and improve customer happiness, want this most.
RFID use is also driven by the desire to improve security and reduce counterfeiting. RFID tags verify product validity and track their circulation in healthcare and medicines. This protects the supply chain and customers against dangerous counterfeits.
Government requirements and regulations also affect RFID market dynamics. Many regulatory authorities worldwide seek traceability and visibility in particular businesses. RFID is being used in automotive and aerospace to meet regulatory compliance criteria and track parts and components. RFID technology use increases due to these laws, propelling market development.
Advances in RFID technology are crucial to the sector. RFID systems grow increasingly adaptable, cost-effective, and applicable to more applications as technology advances. Smaller, more durable, and energy-efficient RFID tags increase use cases and user base. Printable RFID tags and battery-free RFID devices are making RFID more accessible to many businesses.
Macroeconomic conditions and global trends affect markets. Investment decisions and RFID uptake can be affected by economic uncertainty. Companies may be more ready to invest in long-term technologies like RFID for operational efficiency amid economic expansion. However, economic downturns may reduce spending, lowering adoption.
RFID market dynamics depend on competition and industry cooperation. Established RFID solution providers and their strategic alliances boost industry growth. New players with novel ideas and competitive pricing can disrupt the market, stimulating healthy competition and technology breakthroughs.
The worldwide digital transformation push also drives the RFID industry. RFID becomes an enabler as industries adopt Industry 4.0 and invest in connectivity and data-driven decision-making technology. RFID's seamless integration with IoT and cloud computing makes it a key component of smart and connected ecosystems.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2022 | USD 17.09 Billion |
| Growth Rate | 13.20% (2022-2030) |
Radio Frequency Identification Market Highlights:
Global Radio-Frequency Identification (RFID) Market Overview:
Radio-Frequency Identification (RFID) Market Size was valued at USD 15.1 billion in 2021. The Radio-Frequency Identification (RFID) market industry is projected to grow from USD 17.09 Billion in 2022 to USD 40.71 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 13.20% during the forecast period (2024 - 2032). Increasing the use of RFID tags in several end-use industries and keeping track of inventory products are the key market drivers enhancing market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Radio-Frequency Identification (RFID) Market Trends
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Growing applications across various industrial verticals to boost the market growt,h
RFID is used for various applications in transportation, retail, healthcare, and BFSI, among others, owing to its applications. The demand for RFID is growing at a faster pace, especially UHF tags. The advantages provided by RFID tags are fueling their demand in the market. In comparison to other RFID tag frequencies, UHF tags have the quickest reading speed and the greatest read range, which, under ideal circumstances, can reach 150 meters. Additionally, UHF tags are more affordable than passive tags operating at low and high frequencies.
RFID tags are used in many industries as an alternative to traditional systems. For instance, RFID is used for the creation of personalized employee credentials. Many organizations are moving away from the use of passwords and PINs in favor of password-less authentication. These systems typically take the form of RFID-enabled secure smart cards. Moreover, RFID is being used by logistics companies to track cargo being shipped by land, air, and sea, as well as monitor the environment while it is being shipped. When conditions are not ideal, RFID tags alert the user so that immediate action can be taken. The entire supply chain, including warehousing and delivery, uses RFID.
In addition to helping businesses track specific items, this technology also helps them optimize their inventory and become cost-effective. Such growing applications are positively impacting the Radio-Frequency Identification (RFID) market CAGR across the globe in the coming years.
However, to cater to the rising demand, companies in the market are launching products that can be used for various applications, another factor driving the growth of the Radio-Frequency Identification (RFID) market revenue.
Radio-Frequency Identification (RFID) Market Segment Insights:
Radio-Frequency Identification (RFID) Product Type Insights
The Radio-Frequency Identification (RFID) Market segmentation is based on tags, readers, and software. The tags segment held the majority share in 2021, contributing to around ~45-48% of the Radio-Frequency Identification (RFID) Market revenue. This segment is also anticipated to be the fastest-growing in the market. This is primarily owing to the rising use of tags in various industrial verticals. The growing installation of tags owing to the easy trackability of these tags is also propelling the market growth.
June 2022: Delhi airport introduced RFID tags for tracking check-in luggage. The bags will be called Bagg Trax.
Figure 2: Radio-Frequency Identification (RFID) Market, by Product Type, 2021 & 2032 (USD Million)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Radio-Frequency Identification (RFID) Vertical Insights
The Radio-Frequency Identification (RFID) Market segmentation, based on vertical, includes transportation, BFSI, animal tracking/agriculture, commercial, retail, government, healthcare, logistic aerospace, and security control & defense. The retail segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2024-2032. This is due to the increasing RFID adoption by a number of businesses as a method to manage inventories. RFID technology is in high demand in retail for tracking various products. RFID tags facilitate a more efficient workflow in retail stores by allowing the items to be tracked against specific shipments. Such a growing rate of radio-frequency identification (RFID) positively impacts market growth.
January 2023: SML RFID, an end-to-end RFID solution provider for global retailers, announced the launch of part one of its State of Retail 2022/2023 report, and it reveals that 48% of retailers believe that frequently out-of-stock items are the biggest obstacle to providing excellent customer service in the current retail environment. This approval has further broadened the growth opportunity for the Radio-Frequency Identification (RFID) industry.
Radio-Frequency Identification (RFID) Wafer Size Insights
The Radio-Frequency Identification (RFID) Market data has been bifurcated by wafer size into 200mm, 300mm, 450mm, and Others. The 200mm segment dominated the market in 2021. The growing product launches and the rising adoption of RFID in various industries are propelling market growth.
Radio-Frequency Identification (RFID) Frequency Insights
Based on frequency, the global Radio-Frequency Identification (RFID) industry has been segmented into low frequency, high frequency, ultra-high frequency, and active ultra-high frequency. Ultra-high frequency held the largest segment share in 2021, owing to the rapid adoption of UHF tags as they are more affordable and can read the tags from a far distance of up to 15 meters which is higher compared to low-frequency as well as high-frequency RFID.
Radio-Frequency Identification (RFID) Component Insights
Based on components, the global Radio-Frequency Identification (RFID) industry has been segmented into Passive, Active, and Others. Passive RFID held the largest segment share in 2021, owing to the rapid adoption and demand of Radio-Frequency Identification (RFID) for tracking products in several end-use industries. Moreover, these tags are powered by energy from radio waves, do not require a battery, and thus are more convenient.
Radio-Frequency Identification (RFID) Regional Insights
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. North America Radio-Frequency Identification (RFID) market accounted for USD 6.5 billion in 2021 and is expected to exhibit a substantial CAGR growth during the forecast period. This is attributed to the rising demand for storage and tracker solutions, and several companies have adopted RFID across the region.
Further, the major countries studied in the market report are: The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: Radio-Frequency Identification (RFID) Market SHARE BY REGION 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Radio-Frequency Identification (RFID) market accounts for the second-largest market share due to the extensive use of RFID technology, increasing adoption of automation, and increasing demand for RFID tags in the aviation sector. Further, the Germany Radio-Frequency Identification (RFID) market held the largest market share, and the UK Radio-Frequency Identification (RFID) market was the fastest-growing market in the European region.
The Asia-Pacific Radio-Frequency Identification (RFID) Market is expected to grow at the fastest CAGR from 2024 to 2032. This is due to expanding retail sector and increasing adoption of automation and IoT in the retail sector. Moreover, China Radio-Frequency Identification (RFID) market held the largest market share, and the India Radio-Frequency Identification (RFID) market was the fastest-growing market in the Asia-Pacific region.
Radio-Frequency Identification (RFID) Key Market Players & Competitive Insights
Major market players are investments and funds for R&D anticipated to positively impact the Radio-Frequency Identification (RFID) market. Market participants are taking a range of organic and inorganic strategies to grow their global footprint, with key market developments such as new product launches, mergers and acquisitions, growing investments, and collaboration with other companies.
One of the primary business strategies adopted by manufacturers in the global Radio-Frequency Identification (RFID) industry is launching new products in the market to meet the rising demand. In recent years, Radio-Frequency Identification (RFID) industry has raised funds for the R&D of RFID technology such that it is applicable in various industries. The Radio-Frequency Identification (RFID) market major players such as NXP Semiconductors N.V (Netherlands), Alien Technology (US), 3M Company (U.S), ACTAtek Technology (U.S), Axcess International Inc. (U.S), Impinj Inc. (US), Ascendent ID (U.S), Checkpointt System Inc. (U.S), Avery Dennison Corporations (US), and others are working on expanding the market demand by investing in research and development activities.
NXP Semiconductors N.V. (Netherlands) is a technological solutions provider increasing for digitalization that ensures a safer society through secure contactless interactions. In May 2017, the company introduced its new global UCODE 8 RAIN RFID chip platform, NXP. This platform enables omnichannel retailers to improve supply chain management, generate more revenue, transform consumer shopping experiences, and enable brand protection.
Also, Avery Dennison Corporation (US) is a materials science company that manufactures various labeling and functional materials. In April 2019, Avery Dennison Corporations announced the release of its newest line of On-Metal UHF RFID solutions, which were created especially for tagging goods that traditional RFID technologies find difficult. Retailers' growing desire for RFID to play a larger role in enhancing and automating supply chains and retail, especially in the food and beauty segments, is reflected in the new tags, which have been optimized for performance when applied to objects containing metal, foil, and liquids.
Key Companies in the Radio-Frequency Identification (RFID) market includes
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NXP Semiconductors N.V (Netherlands)
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Alien Technology (US)
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3M Company (U.S)
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ACTAtek Technology (U.S)
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Axcess International Inc. (U.S)
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Impinj Inc. (US)
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Ascendent ID (U.S)
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Checkpointt System Inc. (U.S)
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Avery Dennison Corporations (US), among others
Radio-Frequency Identification (RFID) Industry Developments
May 2022: HID Global acquired Vizinex RFIDfor increasing their presence and relevance in key vertical markets such as healthcare/medical, oil & gas, manufacturing, data centers, among others.
May 2021: SML Group ("SML"), launched its Technology Innovation Development Center ("TIDC"), a Radio Frequency Identification ("RFID") inlay Research & Development (R&D) center and production hub in Hong Kong.
March 2019: Radar, a platform that combines radio frequency identification (RFID) with computer vision for enabling retailers to automate inventory management raised USD 16 million in a round of funding.
January 2018: GAO RFID announced the launch of a complete range of state-of-the-art Active 2.45 GHz RFID Readers which are capable of identifying tagged items that are up to 100 meters away.
Radio-Frequency Identification (RFID) Market Segmentation:
Radio-Frequency Identification (RFID) Product Type Outlook
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Tags
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Reader
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Software
Radio-Frequency Identification (RFID) Vertical Outlook
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Transportation
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BFSI
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Animal Tracking/Agriculture
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Commercial
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Retail
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Government
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Healthcare
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Logistic Aerospace
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Security Control & Defense
Radio-Frequency Identification (RFID) Wafer Size Outlook
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200mm
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300mm
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450mm
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Others
Radio-Frequency Identification (RFID) Frequency Outlook
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Low Frequency
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High Frequency
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Ultra-high Frequency
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Active Ultra-High Frequency
Radio-Frequency Identification (RFID) Frequency Outlook
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Passive RFID
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Active RFID
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Other
Radio-Frequency Identification (RFID) Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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