RFID Market size worth USD 23.86 Billion, Globally, by 2030 at 10% CAGR: Verified Market Research®

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Aug 23, 2023, 10:15 ET

The "Global RFID Market Size By Product Type, By Tag Type, By Application, By Geographic Scope And Forecast" report has been published by Verified Market Research®. The report provides an in-depth analysis of the global RFID Market, including its growth prospects, market trends, and market challenges

JERSEY CITY, N.J. , Aug. 23, 2023 /PRNewswire/ -- The Global RFID Market is projected to grow at a CAGR of 10% from 2023 to 2030, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 11.13 Billion in 2022 and is expected to reach USD 23.86 Billion by the end of the forecast period.

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Browse in-depth TOC on "RFID Market"

202 - Pages
126 – Tables
37 – Figures

Revolutionizing Manufacturing Efficiency: RFID Systems Spearhead Productivity Surge

The global RFID Market manufacturing landscape is undergoing a transformative phase, with the increased integration of Radio Frequency Identification (RFID) systems emerging as a pivotal driver of productivity enhancement. In a bid to propel market growth, manufacturing units worldwide are harnessing the power of RFID technology to amplify efficiency through specialized tool integration and the adoption of quality management practices.

RFID Market Drivers

The escalating demand for heightened operational efficiency is fueling the rapid adoption of RFID systems in manufacturing facilities. These systems are strategically employed to monitor equipment status, assess performance metrics, detect process flaws, and avert system breakdowns, all of which are essential components for ensuring predictive maintenance of machinery and systems. The pivotal role of RFID technology in asset management within industrial plants is gaining traction as businesses seek to optimize performance through systematic monitoring and control.

RFID Market Outlook

The trajectory of the RFID market's growth is intrinsically tied to the augmentation of its adoption in manufacturing sectors globally. The ongoing global pandemic has underscored the importance of adaptability and remote monitoring within manufacturing units. In light of lockdowns and government restrictions, businesses have encountered operational delays, prompting a renewed focus on maintaining social distancing norms within the plant environment. Herein lies the potential of RFID technology, synergizing with industrial automation solutions to facilitate a swift recovery beyond initial projections. Producers are finding value in utilizing RFID to establish remote tracking systems for both products and equipment, allowing real-time monitoring and adherence to safety protocols.

RFID Market Key Players

The evolution of the RFID market is underscored by the contributions of key players that have pioneered innovations and advancements in the field. Some of the prominent names include:

Checkpoint Systems

Invengo

Smatrac

Avery Dennison

Alien Technology

NXP Semiconductors

Impinj

Mojix

Nedap

Zebra Technologies

These industry leaders have harnessed the potential of RFID technology, shaping its evolution and positioning it as a critical enabler of manufacturing efficiency and operational resilience.

In tandem with the increasing adoption of access control, smart cards, and NFC applications, the RFID market is poised for a substantial uptick in demand. The seamless integration of Ubiquitous Sensor Networks (USNs) and short-range wireless communication protocols like WiFi and Zigbee further augments this growth trajectory.

In summary, the global RFID Market industry is set to experience robust expansion in the forthcoming years, catalyzed by technological advancements, cost-effectiveness, and size optimization, all of which combine to drive its widespread deployment across manufacturing units worldwide.

To get market data, market insights, financial statements and a comprehensive analysis of the Global RFID Market, please Contact Verified Market Research®.

Based on the research, Verified Market Research® has segmented the global RFID Market into Product Type, Tag Type, Application, And Geography.

RFID Market, by Tags

Readers
Software and Services

RFID Market, by Tag Type

Active Tags
Passive Tags

RFID Market, by Application

Animal Tracking/Agriculture
Commercial
Transportation
Logistics and Supply Chain
Retail
Others

RFID Market, by Geography

North America

U.S
Canada
Mexico

Europe

Germany
France
U.K
Rest of Europe

Asia Pacific

China
Japan
India
Rest of Asia Pacific

ROW

Middle East & Africa
Latin America

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