CHICAGO, Oct. 17, 2023 /PRNewswire/ -- The RFID Market is projected to reach USD 40.9 billion by 2032 from USD 15.8 billion in 2023; it is expected to grow at a CAGR of 11.1% from 2023 to 2032 according to a new report by MarketsandMarkets. Increasing need for RFID systems in manufacturing units for improving productivity, increasing government initiatives and regulations for safety and security and rising need for improving inventory management for logistics and supply chain to drive the growth of the RFID market.
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Browse in-depth TOC on "RFID Market"
278 - Tables
60 - Figures
240 - Pages
RFID Market Report Scope:
Report Coverage | Details |
Market Revenue in 2023 | $ 15.8 billion |
Estimated Value by 2032 | $ 40.9 billion |
Growth Rate | Poised to grow at a CAGR of 11.1% |
Market Size Available for | 2022-2032 |
Forecast Period | 2023-2032 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Offering, Tag Type, Wafer Size, Frequency, Form Factor, Material, Application and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Technical limitations with RFID integrated systems |
Key Market Opportunities | Reduction in tag costs |
Key Market Drivers | Surge in demand for RFID in Electronic Toll Collection |
The RFID market has a promising growth outlook due to its increasing adoption across various industries. With the integration of RFID into the Internet of Things (IoT) ecosystem and its expanding use in sectors such as healthcare and pharmaceuticals, retail, logistics, and manufacturing, the market is set to expand.
The Logistics & Supply Chain application is expected to hold the largest market share of the RFID tags market during the forecast period.
In 2022, the logistics and supply segment held the largest market share, and this pattern is expected to persist in the forecast period. The predominance of this sector can be attributed to the extensive adoption of tracking systems by logistics companies to monitor and oversee their cargo in transit. Additionally, organizations are increasingly implementing sensor-based RFID tagging systems to oversee environmental conditions surrounding transported products. Any deviations in product attributes or external factors trigger notifications to relevant stakeholders, enabling timely action to prevent damage. RFID tags have proven invaluable to government authorities for asset monitoring and ensuring the legal flow of products. These proactive measures against transit product loss have significantly bolstered the adoption of RFID tags in logistics and supply chain applications. This sector encompasses RFID tag usage in diverse applications, including postal and courier services, asset tracking, freight tracking, cargo monitoring, container tracking, and other supply chain operations. RFID solutions empower industries to optimize their supply chains by enhancing warehouse inventory management, shipment tracking, and route optimization. Transitioning to an electronic and paperless environment via RFID technology allows suppliers and wholesalers to achieve inventory accuracy exceeding 99.9%, eliminating human errors. The use of RFID solutions enables the real-time maintenance of a comprehensive database, including information on warehouse stocks and products in transit.
The Label Form Factor segment of RFID Tags is expected to hold the highest market share of the RFID tags market during the forecast period.
In terms of value, label tags represent the largest share in the RFID tag market. Labels are the most prevalent, cost-effective, and widely employed tags, commonly affixed to assets in various settings such as IT parks, industrial materials, industrial equipment, data center assets, hospital equipment, pharmaceuticals, and a multitude of other products and items. Manufacturers typically supply labels in bulk as reel/bundle purchases. These tags are predominantly designed for single-use applications, resulting in their widespread use across various end-user industries. Some companies also offer durable, tear-resistant labels suitable for long-term and challenging environmental conditions. The extensive adoption of label tags across virtually every industry significantly contributes to market growth.
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The Asia Pacific RFID market is projected to have the highest market share during the forecast period.
During the forecast period, Asia Pacific region is poised to experience the most significant growth in the RFID tag market. In 2022, China held the largest share of the RFID tag market in the Asia Pacific. However, Japan is projected to exhibit the highest CAGR in the foreseeable future. Notably, the healthcare and retail sectors in Japan have been early adopters of RFID solutions. Moreover, the sports and entertainment industry in the region is demonstrating a growing interest in RFID technology. The presence of prominent baseball leagues in Japan and South Korea, coupled with various sports organizations and associations in Australia and New Zealand, is expected to drive RFID technology adoption in the sports sector. Catapult Sports, a prominent RFID solutions provider based in Australia, is actively involved in the sports industry. The manufacturing, retail, healthcare, oil and gas, and mining sectors are anticipated to play a substantial role in propelling the RFID market's growth in the Asia Pacific. The automotive manufacturing, heavy equipment manufacturing, and other related industries in the region offer significant growth potential for the RFID industry due to increasing awareness of RFID benefits, including cost efficiency, enhanced asset visibility, time savings, and simplified auditing processes. These advantages are likely to drive greater adoption of RFID solutions, particularly in countries like Japan, China, and India.
Key Players of RFID Companies:
Zebra Technologies Corp. (US), Alien Technology, LLC (US), CAEN RFID S.r.L. (Italy), Impinj, Inc. (US), Avery Dennison Corporation (US), Honeywell Internartional Inc. (US), NXP Semiconductors (Netherlands), GAO Group (Canada), HID Global Corporation (US), Invengo Information Technology Co., Ltd. (China), Infotek Software & Systems (P) Ltd (i-TEK) (India), Bartronics India Limited (India), Bartech Data Systems Pvt. Ltd., ORBCOMM Inc. (US), GlobeRanger (US), Mojix (US), SAG Securitag Assembly Group Co., Ltd. (SAG) (Taiwan), Linxens (France), Checkpoint Systems, Inc. (US), Identiv, Inc. (US), Confidex (Finland), Datalogic S.p.A. (Italy), Nedap N.V. (Netherlands), Jadak (US).
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