RFID Market Forecast, 2021-2031: Why Manufacturing and Supply Chains Are Investing

Allied Market Research, titled, "RFID Market by Product Type, Frequency, End Use, and Region: Global Opportunity Analysis and Industry Forecast, 2022-2031," The RFID 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.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 & 𝐓𝐎𝐂: https://www.alliedmarketresearch.com/request-sample/A14522

Radiofrequency identification refers to a wireless system that uses radio wave technology to passively identify a tagged object, person, or animal. The RFID is comprised of two components: tags and readers. The reader is an electronic gadget with one or more antennas that transmit radio waves and take in signals from RFID tags. Tags can be passive or active, using radio waves to transmit their identity and other information to adjacent readers. Moreover, RFID has various advantages over other identification technologies such as the ability to track many things at once, the ability to identify objects without a line of sight, and the capacity to store and retrieve vast amounts of data on the tag. Passive and active RFID tags are the two primary varieties. To transmit information, passive tags must be near the reader, which provides all of their power. Active tags can broadcast data over greater distances and have their power source.

The growth of RFID is majorly driven by the surge in government initiatives to boost RFID-based solutions across various industries coupled with the growing demand for RFID products in retail sectors. Moreover, the rise in demand for RFID solutions in the banking and healthcare sectors is expected to drive market growth. However, the high rise associated with data security and privacy is acting as a prime restraint of the global market. On the contrary, the surge in the adoption of RFID tags for Industry 4.0, the Internet of Things, and smart manufacturing is anticipated to provide lucrative opportunities for the RFID industry during the forecast period.

According to RFID market analysis, the retail segment was the highest contributor to the market in 2021. The security & access control and retail segments collectively accounted for around 46.8% market share in 2021. The surge in prime players' initiatives to develop and deploy next-generation smart infrastructure solutions has led to the growth of the RFID market. Further, the high-frequency segment is expected to emerge as the fastest-growing segment of the market during the forecast period of 2022-2031.

𝐆𝐞𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐰𝐢𝐭𝐡 𝐲𝐨𝐮'𝐫𝐞 𝐑𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬: https://www.alliedmarketresearch.com/request-for-customization/A14522

The outbreak of COVID-19 has significantly impacted the growth of electronic solutions. The decline in growth in manufacturing solutions has significantly impacted the demand for RFID chips and tags during the pandemic. Further, the lack of availability of a professional workforce due to the partial and complete lockdown implemented by governments across the globe has restrained the growth of the RFID market during the pandemic. However, the rise in demand for Industry 4.0 and Internet of Things solutions has led to the growth of power adapter solutions and is expected to drive the growth of the RFID market post-pandemic.

Region-wise, the RFID market trends 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). Asia-Pacific holds a significant share of the global RFID market, owing to the presence of prime players in this region. Further, China holds a dominating position in the RFID market, owing to a rise in investment by prime players and government agencies to develop next-generation portable device solutions to offer better user experience to end users which led to the RFID market growth.

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.

𝐈𝐧𝐪𝐮𝐢𝐫𝐲 𝐛𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/A14522

The key players profiled in Alien Technology, LLC, Avery Dennison Corporation, Bar Code India Limited, and 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. Market players have adopted various strategies such as product launch, collaboration, partnership, joint venture, and acquisition to expand their foothold in the RFID market size. For instance, in October 2022, Avery Dennison Smartrac launched an AD Minidose U9 RAIN RFID inlay for pharmaceutical applications, unlocking critical RFID value for healthcare, pharmacies, and laboratory asset management. AD Minidose U9 is one of the smallest products on the market to receive ARC certification (Spec S) from Auburn University's RFID Lab and to be approved for use by the DoseID industry consortium.

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:

Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports take into account significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on the analysis of high-tech systems and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use a variety of tools and techniques when gathering and analyzing data, including patented data sources.

𝐂𝐨𝐧𝐭𝐚𝐜𝐭 𝐔𝐬:

David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
Fax: +1-800-792-5285
help@alliedmarketresearch.com

𝐀𝐜𝐜𝐞𝐬𝐬 𝐭𝐡𝐞 𝐅𝐮𝐥𝐥 𝐑𝐞𝐩𝐨𝐫𝐭 @ https://www.alliedmarketresearch.com/rfid-market-A14522

This release was published on openPR.