RFID Market by Communication Frequency (Low & High Frequency Band and Ultra-High Frequency Band), Product (RFID reader, RFID Middleware & Services, and RFID Tag), Type (Battery-Assisted Passive and Active & Passive RFID), and Application (Government, Automation & transportation, Manufacturing, Healthcare, BFSI, Retail, and Others): Global Market Size Estimates and Forecast (2022–2030)

BMIRE00025913 | Pages: 100 | Electronics and Semiconductor | Sep 2022 | Type: Global | Status: Published

The RFID market is expected to cross US$ 13.50 billion in 2022 and is projected to hit US$ 36 billion by 2030, recording a CAGR of 12% during the forecast period.

Demand for RFID Tags is Contributing Massively towards RFID Adoption

The emergence of smart-sensing RFID solutions is expected to have a snowballing impact of RFID market. Development of smart-sensing RFID would bring IoT to modern warehouse. In new solutions, sensors will permit the system to track temperature and different factors which could influence the supply chain operations. Therefore, development of advanced RFID solutions would create lucrative business opportunities for RFID market players. Moreover, with rising applications of RFID such as inventory control, vehicle tracking, and inventory management, the scope of using RFID tags is getting broaden which in turn is fueling the RFID market.

The RFID tags segment is expected to pace up in the market, as tags are the crucial components of RFID solutions. The installation of RFID tags is much higher than readers and therefore are required in bulk for various use cases. Additionally, increasing scope of asset tracking is expected to drive the demand for RFID tags in the future, which is also expected to gain traction during the forecasted year.

Within the report, the market is segmented into communication frequency, product, type, application, and geography. Based on communication Frequency, the RFID market is segmented into low & high frequency band and ultra-high frequency band). By product, the RFID market is categorized into RFID reader, RFID middleware & services, and RFID Tag. Based on type, the RFID market is divided into battery-assisted passive and active & passive RFID. Ans, by application, the RFID market is subsegmented into government, automation & transportation, manufacturing, healthcare, BFSI, retail, and others. Geographically, the market is subsegmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa

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Advent of Hybrid RFID Solutions Projected to Empower More Installation of RFID.

The technology for transferring data from an electronic tag using radio waves is known as RFID. The term RFID stands for Radio Frequency Identification. It is basically an electronic label or tag attached with the products, this electronic tag is capable of being read through a reader for the purpose of tracking or identifying the product. Since past few years this industry has improved its standards by removing majority of the technological glitches which has led to make this industry capable of catering the interoperable requirements. Also this industry has reinforced the promotional and educational efforts by introduction of EPC Gen2 (Electronic Product Code Version 2) and UHF RFID (Ultra High Frequency RFID) types. The RFID technology is steadily transforming into a reliable and authentic choice for documentation. Though it took long for the RFID market to reach where it is today, with the improvising technologies this market is expected to witness a sharp growth in next few years.

Rising Adoption of RFID Solutions in Diversified Industrial Sector is One of the Major Factors Accelerating the Market Growth.

In manufacturing industry, the RFID solutions assist in supporting processes which requires remarkable quality. The RFID tags monitor the work-in progress process and report data at all the critical production stages. The result from monitoring can be later used for performing root cause analysis in case any manufacturing flaws or damage occurs. Adoption of passive RFID tags is gaining momentum in manufacturing industries.

Retail, healthcare and automotive are another prominent industry installing numerous RFID tags and readers for tracking challenging sites and damage reporting and diagnosis purposes.

Recent strategic developments in RFID market

The RFID market has undergone several significant developments, and a few of these have been mentioned below:

  • In September 2022, Avery Dennison Label & Packaging Materials has showcased RFID/intelligent labeling capabilities. As the demand for RFID in labeling industry is gaining momentum, the company is seeking forward to introduce intelligent label solutions.
  • In August 2022, the leading automation provider in Medication Intelligence named Kit Check has declared about incorporation of RFID technology in new KinetiX Propofol syringes. These syringes are developed by a pharmaceutical company Genixus. As Propofol is one of a commonly used products in health and hospitals systems, Kit Check is focusing on changing acute and critical care medicines.

The RFID market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Alien Technology Corporation; Zebra Technologies Corporation; Toppan Forms Co. Ltd.; Dai Nippon Printing Company Limited; 3M Company; Avery Dennison Corporation; Checkpoint Systems, Inc.; Confidex Ltd.; Intermec Inc.; and BASF SE are among the prominent players operating in the RFID market.

Target audience for the report:

  • RFID raw material and component providers
  • RFID providers
  • RFID-related service providers
  • RFID related associations, organizations, and alliances
  • Government bodies, such as regulating authorities and policy makers
  • Venture capitalists, private equity firms, and start-up companies
  • RFID distributors, sales firms, and third party distributors
  • End users of RFID
  • Research institutes and consulting companies

Scope of the report:

In this report, the market has been segmented on the basis of:

  • Communication Frequency:
    • Low & High Frequency Band
    • Ultra-High Frequency Band
  • Product
    • RFID reader
    • RFID Middleware & Services
    • RFID Tag
  • Type
    • Battery-Assisted Passive
    • Active & Passive RFID
  • Application
    • Government
    • Automation & transportation
    • Manufacturing
    • Healthcare
    • BFSI
    • Retail
    • Others
  • Region
    • North America
    • Europe
    • Asia Pacific
    • South & Central America
    • Middle East & Africa
  • Companies profiled
    • 3M Company
    • Checkpoint Systems, Inc.
    • Zebra Technologies Corporation
    • BASF SE
    • Alien Technology Corporation
  • 3M Company
  • Checkpoint Systems, Inc.
  • Zebra Technologies Corporation
  • Alien Technology Corporation
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