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Radio Frequency Identification (RFID) Market: Meticulous Research® Reveals Why this Market is Growing at a CAGR of 9.7% to Reach $31.4 Billion by 2029
RFID
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Meticulous Research®, in its latest publication on the RFID Market, states that the global RFID market will grow at a CAGR of 9.7% from 2022-2029 to reach $31.4 billion by 2029.
The growth of this market is attributed to the increasing demand for RFID technology to manage inventory, growing government investments in AIDC technology, and the rising adoption of RFID systems in the retail, healthcare, manufacturing, and transportation sector. In addition, the increasing significance of RFID tags for shipping, receiving products, and asset tracking in the transportation & logistics industry is also driving the market's growth. The rise in the adoption of RFID tags for Industry 4.0 and smart manufacturing is expected to offer significant growth opportunities for this market. However, the high capital expenditure for deploying RFID restrains the growth of this market up to a certain extent.
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To provide efficient analysis, Meticulous Research® has segmented this market based on component (hardware (RFID printers/recorders, RFID antenna, RFID readers (handheld scanners, fixed scanners), RFID labels, RFID card & badges, RFID tags, RFID implant, RFID key fob, RFID band), software), frequency (low frequency, high frequency, ultra-high frequency (UHF)), type (active RFID, passive RFID), end-user (retail, BFSI, government, manufacturing, healthcare, agriculture, sports & entertainment, aerospace & defense, transportation & logistics, consumer products, other end-users), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa).
Based on end user, the RFID market is segmented into retail BFSI, government, manufacturing, logistics & supply chain, healthcare, agriculture, sports & entertainment, aerospace and defense, transportation & logistics, consumer products, and other end-users. In 2022, the transportation & logistics segment is expected to account for the largest share of the overall RFID market and is expected to grow at the highest CAGR during the forecast period. This is mainly attributed to the increasing demand for supply chain management and shipment tracking applications, the rising need to enhance customer experience and accuracy of delivery solutions, and the growing adoption of RFID tracking systems to track and monitor cargo.
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Geographic Review:
Based on geography, the market is broadly segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, Asia-Pacific is expected to account for the largest share of the global RFID market. This is mainly attributed to the increasing adoption of AIDC technology, surge in regulations and government initiatives for various industries, and surging government investments for security infrastructure, particularly for BFSI, manufacturing, and retail industries in the region. In addition, the rapid expansion of Industry 4.0 and digital transformation across end-users and increasing installation of RFID systems in manufacturing units for enhanced and cost-saving asset tracking systems are also contributing to the growth of the region in the RFID market.
The report provides competitive intelligence in terms of financials, growth strategies, product portfolios, and geographical presence on some of the key players operating in this market, including HID Global Corporation (U.S.) (Assa Abloy AB), Avery Dennison Corporation (U.S.), Zebra Technologies Corporation (U.S.), GAO RFID Inc. (Canada), Honeywell International, Inc. (U.S.), Identiv, Inc. (U.S.), Impinj, Inc. (U.S.), Invengo Technology Pte. Ltd. (Singapore), NXP Semiconductors N.V. (Netherlands), Alien Technology, LLC. (U.S.), Nedap N.V. (Netherlands), William Frick & Company (U.S.), SML Group. (China), Datalogic S.p.A. (Italy), CAEN RFID S.r.l. (Italy), Jadak (U.S.), TSC Auto ID Technology Co. Ltd. (Taiwan), Seagull Scientific, Inc. (U.S.), Bluebird, Inc. (South Korea), and Unitech Electronics Co. Ltd. (Taiwan).
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