RFID Market worth $35.6 billion by 2030 - Exclusive Report by MarketsandMarkets™
CHICAGO, June 22, 2022 /PRNewswire/ -- According to a research report "RFID Market by Offering (Tags, Readers, Software & Services), Tag Type (Passive, Active), Wafer Size, Frequency, Form Factor (Card, Implant, Key Fob, Label, Paper Ticket, Band), Material, Application & Region - Global Forecast to 2030", published by MarketsandMarkets™, the RFID market is projected to reach USD 35.6 billion by 2030 from USD 14.5 billion in 2022; it is expected to grow at a CAGR of 11.9% from 2022 to 2030.
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RFID technology uses radio waves to identify/detect people or objects. RFID tags are small electronic devices that send/receive data to/from RFID readers. RFID tags can be incorporated into products, animals, or humans for identification and data collection. This technology is a modern solution for industrial and consumer applications due to the increasing adoption of information technologies. RFID solutions involve a label or tag, and a reader to communicate with the tags. The availability of handheld readers or sled readers has enhanced the capabilities of RFID solutions, as they help track assets more conveniently at a low cost. Manufacturing facilities need to monitor equipment condition and performance, defects in processes, and system failures, and ensure predictive maintenance of equipment and systems through the integration of specialized tools and adoption of quality management practices. The use of RFID technology for plant asset management helps manufacturers achieve this goal. The RFID market for real-time monitoring has witnessed rapid growth, with an increasing number of players entering this market with innovative features. More than 150 players are active in the market, offering solutions for real-time monitoring. The top companies majorly focus on healthcare, retail, logistics and supply chain, and manufacturing industries, and have introduced industry-specific solutions. Players in this ecosystem continuously strive to develop more robust and innovative solutions to stay ahead in the competition. As a result, active ultra-high frequency and Bluetooth Low Energy (BLE) technologies have made a mark recently, and are expected to witness exponential growth in the near future.
In application type, the logistics & supply chain application is expected to hold the highest market share of the RFID tags market during the forecast period
The logistics and supply segment accounted for the largest market share in 2021, and this trend is expected to continue during the forecast period. The dominance of this segment is due to the high adoption of tracking systems by logistics organizations to track and monitor their cargo in transit. Companies are also using sensor-based RFID tagging systems to monitor environmental conditions around the products being transported. Any deviation in the properties or external parameters is notified to the stakeholders so that adequate action can be taken to prevent damage. RFID tags has helped government officials in monitoring assets and assort the legal supply of products. Such measures to prevent loss of product in transit have largely contributed to the adoption of RFID tags in the logistics and supply chain application. The logistics and supply chain segment includes the use of RFID tags in applications such as postal and courier, asset tracking, freight tracking, cargo tracking, container tracking, and other supply chain activities. RFID solutions help industries optimize their supply chain by better managing warehouse inventory, tracking shipments, and streamlining the best route for the supply chain. By adopting an electronic and paperless environment through RFID technology, suppliers and wholesalers can attain inventory accuracy of over 99.9% by avoiding human errors. Using RFID solutions, real-time information can be kept in a database, including information on stocks in warehouses and transit.
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In form factor segment, the label form factor is expected to hold the highest market share of the RFID tags market during the forecast period
Label tags account for the largest share, in terms of value, of the RFID tag market. Labels are the most common, inexpensive, and extensively used tags. Labels are put on assets in IT parks, industrial material, industrial equipment, data center assets, hospital equipment and drugs, and many other products and objects. Labels are mostly provided by the manufacturer in reel/bundle as a bulk purchase. The tags are mostly used as single-use products; therefore, the number of tags used is high in every end-user industry. Some companies also provide non-tear labels, which can be used for a long time and in extreme environments. The high adoption of label tags by almost every industry largely contributes to the growth of the market.
The Asia Pacific RFID market is projected to have the highest market share during the forecast period
The Asia Pacific region is expected to witness the highest growth in the RFID tag market during the forecast period. In 2021, China was the largest RFID tag market in Asia Pacific. The market in Japan is expected to grow at the highest CAGR during the forecast period. The healthcare and retail industries in Japan are among the early adopters of RFID solutions. In addition to the adoption of RFID in healthcare and industrial sectors, the sports & entertainment vertical is showing heightened interest in RFID technology. The presence of baseball leagues in Japan and South Korea, along with various sports organizations and associations in Australia and New Zealand, is expected to boost the adoption of RFID technologies in the sports industry. Catapult Sports is one of the prominent RFID solutions providers from Australia operating in the sports industry. The manufacturing, retail, healthcare, oil & gas, and mining industries are expected to contribute majorly to the growth of the RFID market in Asia Pacific. Automotive manufacturing, heavy equipment manufacturing, and other ancillary manufacturing are the major industries in the region. These industries present massive growth opportunities for the RFID market, owing to the increasing awareness about the benefits of RFID such as cost efficiency, asset visibility, less waste of time, and ease of auditing. All these benefits are expected to lead to increased adoption of RFID solutions, especially in countries such as Japan, China, and India.
Key Players of RFID Market:
Zebra Technologies (US), Alien Technology (US), CAEN RFID (Italy), Impinj (US), Avery Dennison (US), Honeywell (US), NXP Semiconductors (Netherlands), GAO RFID (Canada), HID Global (US), Invengo (China), Infotek Software & Systems (P) Ltd (i-TEK) (India), Bartronics India Ltd. (India), Bartech Data Systems Pvt. Ltd., Bar Code India Ltd. (BCI) (India), ORBCOMM Inc. (US), GlobeRanger (US), Mojix (US), Securitag Assembly Group (SAG) (Taiwan), Linxens (France), Checkpoint Systems (US), Identiv (US), Confidex (Finland), Datalogic (Italy), Nedap (Netherlands), ThingMagic (Jadak Company) (US), and Omni-ID (US).
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