RFID Market is Projected to Hit $31.5 billion by 2031 | Growing at a CAGR of 10.2%.

According to a new report published by Allied Market Research, titled, "RFID Market by Product Type, Frequency, End Use, and Region: Global Opportunity Analysis and Industry Forecast, 2022-2031." The RFID (Radio Frequency Identification) market was valued at $11.8 billion in 2021, and is estimated to reach $31.5 billion by 2031, growing at a CAGR of 10.2% from 2022 to 2031.

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The RFID market in India has witnessed a significant growth in past few years, owing to high investment by government agencies and private players. However, the rise in cases of security and privacy breach is one of the biggest factors that restrains the market growth in India. In contrast, the rise in investment in RFID products by prime players in this market to offer cost-effective high frequency tracking solutions is expected to drive the market in the coming years.

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The India RFID market is highly competitive, owing to the strong presence of existing vendors. RFID vendors, who have access to extensive technical and financial resources, are anticipated to gain a competitive edge over their rivals, as they have the capacity to cater to the market requirements. The competitive environment in this market is expected to further intensify with increase in technological innovations, product extensions, and different strategies adopted by key vendors. Further, the rise in demand for low-cost asset tracking solution across, healthcare, industrial, and commercial sector is driving the need for next generation to enhance AC-DC power supply adapter solutions.

RFID is an enhanced wireless recognition and data capturing solution designed to recognize, trace and recognize people, things, and animals using radio waves devices. Moreover, the RFID tags have an integrated circuit and an antenna for transmitting data to the RFID reader. An RFID tag received a signal from an RFID reader, and the tag responded with a signal holding information. Additionally, using a communications interface, the data gathered by readers from the RFID tags is forwarded to a host computer system where it can be kept in a database and analyzed later. RFID tags can also hold a variety of data, from a single serial number to many pages of information.

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"The global RFID market share is expected to witness considerable growth, owing to an increase in demand for industry 4.0, Internet of Things, and industrial automation solutions paired with the rise in disposable income in emerging economies such as India, South Korea, Brazil, Dubai, and especially in Asia-Pacific and LAMEA region, which is driving the RFID market growth."

Segmentation Analysis:

The RFID market size is segmented into Product Type, Frequency, End Use, and Region.

By type, the market is segmented into tags, readers, and software & services. In 2021, the tags segment dominated the market in terms of revenue and is expected to follow the same trend during the forecast period 2022-2031.

Based on frequency, the market is segmented into low frequency, high frequency, and ultra-high frequency. The high frequency segment acquired a major share in the market in 2021 and is expected to grow at a high CAGR% during the period of 2022-2031.

By end use, the market is classified into commercial, animal tracking, agriculture, security and access control, healthcare, retail, logistics and supply chain, and others. The retail segment dominated the market in 2021 in terms of revenue and is expected to dominate the market during the forecast period.

Region-wise, the RFID market are analyzed across North America (the U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, Russia, and Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).

Market Dynamics:

Drivers

· Surge in government initiatives to boost RFID-based solution across various industries
· Increase in demand for RFID solutions in banking and healthcare sectors
· Growth in demand for RFID products in retail sectors

Restraints

· High risk associated with the data security and privacy

Opportunities

· Surge in adoption of RFID tags for industry 4.0, Internet of Things and smart manufacturing

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Key Findings of the Study

In 2021, the retail segment accounted for maximum revenue and is projected to grow at a notable CAGR of 9.1% during the forecast period.

The high frequency segment was the highest revenue contributor to the market by frequency in 2021.

The retail and security &access control segments collectively accounted for around 47.0% market share in 2021.

North America acquired a major RFID market share with an industry share of 35.5% in 2021.

The key players profiled in the report, Alien Technology, LLC, Avery Dennison Corporation, Bar Code India Limited, Bartech Data Systems PVT. LTD., Bartronics India Limited, Honeywell International. Inc., IDENTIV, Inc., Infotek Software & Systems Ltd. (I-TEK), NXP Semiconductor N.V., and Zebra Technologies Corporation. These market players have adopted various strategies such as product launch, collaboration, partnership, joint venture, and acquisition to expand their foothold in the RFID market.

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