At 8.3% CAGR, the South & Central America RFID Market is projected to be worth US$ 1,002.73 million by 2030, says Business Market Insights

According to Business Market Insights research, the South & Central America RFID market was valued at US$ 573.30 million in 2023 and is expected to reach US$ 1,002.73 million by 2030, registering a CAGR of 8.3% from 2023 to 2030. Increasing uses of RFID technology in healthcare and retail industries and rising deployment of RFID technology are the critical factors attributed to the South & Central America RFID market expansion. 

RFID tags can be attached to patients' wristbands or belongings to track their location and status. It helps prevent patient abductions and improve patient care. RFID tags can be attached to medication bottles to track their inventory and ensure patients receive the correct medications. It prevents medication errors, which can be harmful to patients. The benefits of RFID deployment boost the adoption of RFID technologies in the healthcare industry.

RFID can be used to track inventory in real time, which can help retailers to improve their inventory accuracy and reduce stockouts. RFID can prevent theft and fraud by deterring shoplifters and ensuring that only authorized personnel can access inventory. In May 2023, SML Group partnered with PervasID to provide retail stores and brands with real-time product visibility and regular information on stock levels through a unique combination of PervasID's RFID reader technology and SML's Clarity enterprise software solutions. Such types of partnerships are helping to boost the adoption of RFID technology in retail industries.

On the contrary, availability of RFID alternatives hampers the South & Central America RFID market.

Based on type, the South & Central America RFID market is segmented into active and passive. The passive segment held 68.1% share of South & Central America RFID Market in 2023, amassing US$ 427.07 million. It is projected to garner US$ 688.95 million by 2030 to expand at 7.1% CAGR during 2023–2030. 

Based on frequency band, the South & Central America RFID market is segmented into low frequency, high frequency, and ultrahigh frequency. The high frequency segment held 57.6% share of South & Central America RFID Market in 2023, amassing US$ 330.44 million. It is projected to garner US$ 586.07 million by 2030 to expand at 8.5% CAGR during 2023–2030.

Based on end user, the South & Central America RFID market is segmented into public sector, healthcare, education, sports & recreation, hospitality, residential, BFSI, manufacturing, telecommunications, and others. The hospitality segment held 21.6% share of South & Central America RFID Market in 2023, amassing US$ 124.03 million. It is projected to garner US$ 242.74 million by 2030 to expand at 10.1% CAGR during 2023–2030.

Based on product, the South & Central America RFID market is segmented into cards, key fob, smartphones, band, and others. The cards segment held 50.6% share of South & Central America RFID Market in 2023, amassing US$ 258.64 million. It is projected to garner US$ 450.53 million by 2030 to expand at 8.3% CAGR during 2023–2030.

Based on offering, the South & Central America RFID market is segmented into tags, readers, and software & services. The tags segment held 61.9% share of South & Central America RFID Market in 2023, amassing US$ 354.97 million. It is projected to garner US$ 616.50 million by 2030 to expand at 8.2% CAGR during 2023–2030.

Based on application, the South & Central America RFID market is segmented into parcel & mailboxes, lockers, ticketing, and others. The others segment held 63.3% share of South & Central America RFID Market in 2023, amassing US$ 362.88 million. It is projected to garner US$ 657.01 million by 2030 to expand at 8.9% CAGR during 2023–2030.

Based on country, the South & Central America RFID market has been categorized into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that Brazil captured 66.1% share of South & Central America RFID Market in 2023. It was assessed at US$ 379.13 million in 2023 and is likely to hit US$ 661.21 million by 2030, exhibiting a CAGR of 8.3% during the forecast period.      

Key players operating in the South & Central America RFID market are Assa Abloy AB; dormakaba Holding AG; Honeywell International Inc; OMRON Corp; Siemens AG; and Zebra Technologies Corp, among others.

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