Press release
RFID Market Forecasted to Reach $32.4 Billion by 2029, Transforming Connectivity
Meticulous Research® Unveils the Future Landscape of RFID Market: Estimated to Reach $32.4 Billion by 2029Leading global market research company, Meticulous Research®, is proud to announce the publication of its latest research report titled "RFID Market by Component (Hardware - Printers, Antenna, Readers, Labels, Card, Tags, Implant; Software), Frequency (Ultra-high Frequency), Type (Active, Passive), End-user (Transportation & Logistics, Retail), and Geography - Global Forecasts to 2029."
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In line with Meticulous Research®'s commitment to providing comprehensive insights, the report projects the global RFID market to witness a remarkable growth trajectory, expecting to reach $32.4 billion by 2029 at a CAGR of 10.8% from 2022-2029.
Market Dynamics: The RFID market's growth is fueled by an increasing demand for operational efficiency across various industries, widespread installation of RFID solutions in healthcare, retail, and manufacturing sectors, and rising government initiatives advocating the use of AIDC technology. Key benefits offered by RFID technology include operational efficiency, elimination of human error, reduction in capital costs, access to real-time data, and insights for better decision-making.
Opportunities and Trends: The rise in Industry 4.0 adoption and smart manufacturing is anticipated to provide significant growth opportunities. However, challenges such as vulnerability to cyber threats and the high capital expenditure for RFID deployment pose restraints. Technology trends include the integration of artificial intelligence (AI) in RFID, smart mirrors, hybrid, and chipless RFID solutions.
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Market Segmentation: The global RFID market is segmented based on component, frequency, type, and end user.
Component:
• Hardware (Printers, Antenna, Readers, Labels, Card, Tags, Implant)
• Software
In 2022, the hardware segment is expected to dominate, driven by increased RFID system installations, a surge in RFID tag demand, technological advancements in contactless smartcards, and a growing need for RFID printers, recorders, tags, readers, and labels.
Frequency:
• Ultra-high Frequency
In 2022, the ultra-high frequency segment is predicted to hold the largest share, attributed to increased demand for multiple tracking applications, including asset tracking, inventory management, manufacturing equipment, and product tagging.
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Type:
• Active RFID
• Passive RFID
In 2022, the passive RFID segment is expected to dominate due to the growing penetration of passive tags as RAIN RFID frequency and the increasing demand for smaller, low-cost RFID tags for tracking goods in various industries.
End User:
• Transportation & Logistics
• Retail
• BFSI
• Government
• Manufacturing
• Healthcare
• Agriculture
• Sports & Entertainment
• Aerospace and Defense
• Consumer Products
• Other End-users
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In 2022, the transportation & logistics segment is anticipated to hold the largest share, driven by increasing demand for supply chain management, shipment tracking applications, and the need to enhance operational productivity.
Geographic Review: The global RFID market is geographically segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, Asia-Pacific is poised to command the largest share, with increased awareness and adoption of AIDC technology, government investments in security infrastructure, and rising demand for RFID solutions.
Key Players:
Leading players in the global RFID market include HID Global Corporation, Avery Dennison Corporation, Zebra Technologies Corporation, GAO RFID Inc., Honeywell International, Inc., Identiv, Inc., Impinj, Inc., Invengo Technology Pte. Ltd., NXP Semiconductors N.V., Alien Technology, LLC., and more.
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Meticulous Market Research Pvt Ltd
Office No-202, 203,204,205,206
2nd Floor, Pushpak Business Hub,
Wakad, Pimpri-Chinchwad,
411057, India.
Phone: +9102066394988
Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
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