RFID Market Size to Reach $31.5 Billion by 2031

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.

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 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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Radio frequency identification refers to a wireless system that uses radio waves technology to passively identify a tagged object, people 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, the RFID has various advantages over other identification technologies such as the ability to track many things at once, the ability to identify objects without 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. In order to transmit information, passive tags must be in close proximity to the reader, which provides all of their power. Active tags can broadcast data over greater distances and have their own power source.

The growth of RFID is majorly driven by the surge in government initiatives to boost RFID-based solution across various industries coupled with the growing demand for RFID products in retail sectors. Moreover, the rise in demand for RFID solutions in banking and healthcare sectors is expected to drive market growth. However, the high rise associated with the data security and privacy is acting as prime restraint of the global market. On the contrary, the surge in adoption of RFID tags for industry 4.0, 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. Surge in prime players initiatives to develop and deploy next generation smart infrastructure solution has led 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.

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The outbreak of COVID-19 has significantly impacted the growth of electronics 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 presence of prime players in this region. Further, China holds a dominating position in RFID market, owing to rise in investment by prime players and government agencies to develop next generation portable devices solution to offer better user experience to end users which led the RFID market growth.

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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 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. 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 a 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.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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