Investing in the Future: RFID Market Growth Projections

According to the new research report on "RFID Market Size Forecast to 2030 - COVID-19 Impact and Global Analysis," published by The Insight Partners, the market is expected to reach US$ 39.30 billion by 2030; it is estimated to grow at a CAGR of 11.2% from 2023 to 2030.

Download PDF Sample Pages of RFID Market: https://bit.ly/46eOEO0

In July 2022, HID Global, a US-headquartered brand of ASSA ABLOY, acquired Acura, a Brazilian manufacturer and reseller of RFID hardware. With this acquisition, HID Global aims to enhance its RFID portfolio while expanding its presence in the Americas. Further, in February 2023, Tageos announced its business expansion plans with the launch of two new RFID manufacturing sites in the US and China. As part of Tageos's global growth and sustainability strategy, new facilities in Fletcher (Noth Carolina, US) and Guangzhou (China) would increase its total annual production capacity to more than 7 billion RFID inlay units by 2023. In August 2022, KitCheck (Bluesight), headquartered in the US, partnered with GENIXUS to incorporate its RFID technology in KinetiX Propofol injections of GENIXUS. Such partnerships and product launches help drive the RFID market in the US.

The use of RFID has increased to develop solutions to support the contactless operations of vending machines, door entrances, and printing systems after the COVID-19 pandemic. In December 2020, SHARP ELECTRONICS OF CANADA LIMITED partnered with ELATEC GmbH for the deployment of touchless RFID readers. As a part of the partnership, ELATEC GmbH provides RFID and mobile device readers as a core component of the touchless secure print solutions offered by SHARP. These RFID readers allow users to release print without touching a keyboard or screen to enter the required password or personal identification number.

RFID tags can be attached to medical equipment, supplies, and other assets to track their location and movement throughout the hospital. They can also be used to track the inventory of medications in hospital pharmacies. In October 2020, Sandoz International GmbH offered its first three injectable medicines with RFID tags developed in collaboration with KitCheck (Bluesight) available for US hospitals. The RFID-tagged injectable medicines would optimize the supply chain and automate hospital restocking operations. These medicines help hospitals maintain the inventory of critical medicines. The kit checks RFID-based is used for medication inventory tracking, and automated tray processing is used at more than 500 hospitals in the US and Canada. The availability of such RFID products encourages the adoption of RFID technologies in Canada.

The RFID market is segmented into type, frequency band, end user, product, offering, and application. Based on type, the RFID market is bifurcated into active and passive. The RFID market, by frequency band, is categorized into low frequency, high frequency, and ultrahigh frequency. Based on end user, the RFID market is bifurcated into public sector, healthcare, education, sports & recreation, hospitality, residential, BFSI, manufacturing, telecommunications, and others. The RFID market, based on product, is categorized into cards, key fobs, smartphones, bands, and others. In terms of offering, the RFID market is categorized into tags, readers, and software & services. The RFID market, by application, is categorized into parcel & mailboxes, lockers, ticketing, and others.

Key Findings of Study:

APEC region held the largest RFID market share (10.9%) in 2022. The region comprises developing economies such as India, China, Indonesia, and the Philippines.

The region comprises developing economies such as India, China, Indonesia, and the Philippines.

The countries are reporting a notable surge in the adoption of advanced technologies. Governments of various Asian countries are raising their investments in smart city development projects. For instance, in the Union budget 2021-2022, the Indian government allocated US$ 868 million (INR 6,450 crore) under the Smart Cities Mission. Government initiatives for smart city development trigger the demand for smart RFID solutions such as RFID smart door locks, RFID-based smart card readers, and smart RFID Antennas. Also, the growing IoT dependency in smart cities poses a significant threat to security. Various countries and business organizations collaborate with RFID providers to enhance their security capabilities to deal with threats.
Thus, the rising smartphone adoption fuels the RFID market growth in Asia Pacific. RFID is also gaining popularity in several verticals, including automation, aerospace, logistics, and healthcare, which drives the regional RFID market growth.

Contact Us:
If you have any queries about this report or if you would like further information, please contact us:

Contact Person: Ankit Mathur
E-mail: sales@theinsightpartners.com
Phone: +1-646-491-9876

About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

This release was published on openPR.