(I-BusinessNews.Com, July 29, 2022 ) According to a new market 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,” the global RFID market is expected to grow at a CAGR of 9.7% from 2022 - 2029 to reach $31.4 billion by 2029.
The growth of this market is attributed to the growing government initiatives for the use of RFID technology, the rise in the utilization of RFID solutions in the retail sector, and the increasing installation of RFID solutions in the transportation, healthcare, and manufacturing sectors. In addition, the rising adoption of RFID tags in the smart manufacturing industry for asset management and quality control is expected to offer significant growth opportunities for the growth of this market. Also, the increasing use of RFID technology in industrial IoT and the e-commerce sector is a new market trend. However, high capital expenditure for deploying RFID restrains the growth of this market up to a certain extent.
Impact of COVID-19 on the RFID Market
The RFID market witnessed significant growth due to the COVID-19 pandemic with the increasing installation of RFID systems in manufacturing units. In the healthcare industry, RFID solutions were used to better manage patient and employee safety during the pandemic. The RFID technology is used in the healthcare sector to track medical equipment and other valuable medical devices to locate the equipment present on the hospital premise. The market witnessed relatively high growth impacting the operations of the various RFID companies. The adoption of RFID technology helped the retail sector attain greater supply chain visibility.
Both government and private sector organizations started undertaking initiatives to keep people safe and combat the spread of COVID-19. The scenario created tremendous demand for RIFD technologies in the healthcare sector due to their capacity to be easily integrated with various healthcare devices & platforms to monitor and track equipment and support staff & patient workflows. Increased investments in the healthcare sector have also contributed to the growing demand for RFID technologies.
Post COVID-19, several companies have started using sensor-based RFID technology systems to monitor environmental conditions, enhance inventory management for omnichannel commerce, track assets in real-time, and improve the supply chain. For instance, in 2022, TrackCore, Inc. (U.S.) implemented 500th Terso Solutions with RFID-enabled technology to provide real-time inventory information in healthcare. In 2022, Equinix, Inc. (U.S.) collaborated with SML Group. (China) to enable efficient supply chain and inventory management for retailers by providing high-performance RFID tags and encoding services to the company. Also, in 2021, Tageos (France) launched the EOS-202 U9 RAIN RFID inlay for healthcare and pharmaceutical applications to track and trace pharmaceutical items.
The global RFID market is segmented based on component (hardware (RFID printers/recorders, RFID antenna, RFID readers (handheld and fixed scanners), RFID labels, RFID card & badges, RFID tags, RFID implant, RFID key fob, RFID band), software), frequency (low frequency, high frequency, and ultra-high frequency (UHF)), type (active RFID and passive RFID), end user (retail, BFSI, government, manufacturing, healthcare, agriculture, sports & entertainment, aerospace & defense, transportation & logistics, consumer products, and other end-users), and geography. The study also evaluates industry competitors and analyses the market at the country level.
Based on component, the RFID market is segmented into hardware and solutions. In 2022, the hardware segment is expected to account for the largest share of the overall RFID market and is expected to grow at the highest CAGR during the forecast period. The growth of the segment is attributed to the surge in the installation of RFID systems in manufacturing units and the growing demand for RFID labels, implants, and readers for asset tracking, counting, and inventory management, among others.
Based on frequency, the RFID market is segmented into low frequency, high frequency, and ultra-high frequency. In 2022, the ultra-high frequency segment is expected to account for the largest share of the overall RFID market and is also expected to grow at the highest CAGR during the forecast period. The growth of the segment is attributed to the rising need for high-range RFID and the rising adoption of UHF tags in various applications, including asset counting, supply chain management, and vehicle tagging.
Based on type, the RFID market is segmented into active RFID and passive RFID. In 2022, the passive RFID segment is expected to account for the largest share of the overall RFID market and is also expected to grow at the highest CAGR during the forecast period. The segment's growth is attributed to the increasing demand for inexpensive, smaller, and easier use of RFID in the manufacturing industry for tracking goods, increasing adoption of RAIN RFID frequency, and the growing need to improve production efficiency in pharmaceuticals retail and supply chain among others.
Based on end user, the RFID market is segmented into retail BFSI, government, manufacturing, healthcare, agriculture, sports & entertainment, aerospace and defense, transportation & logistics, consumer products, and other end-users. In 2022, the transportation & logistics segment is expected to account for the largest share of the overall RFID market and is also expected to grow at the highest CAGR during the forecast period. This is mainly attributed to the increasing demand for supply chain management and shipment tracking applications, growing adoption of tracking systems by logistics organizations, rising need to enhance customer experience, and improving delivery systems' speed and accuracy in the transportation & logistics sector.
Quick Buy – “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” Research Report: https://www.meticulousresearch.com/Checkout/81928305
Based on geography, the market is broadly segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, Asia-Pacific is expected to account for the largest share of the overall RFID market. This is mainly attributed to the rapid incorporation of RFID technology, increasing government initiatives to enhance AIDC technologies, the rapid expansion of industry 4.0 and digital transformation across end-users, and increasing installation of RFID systems in manufacturing units for enhanced and cost-saving asset tracking systems.
The report also includes an extensive assessment of the key strategic developments adopted by the leading market participants in the industry over the past four years (2019–2022). The RFID market has witnessed several partnerships & agreements in recent years that enabled companies to broaden their product portfolios, advance the capabilities of existing products, and gain cost leadership in the RFID market. For instance, in 2022, Datascan (U.S.) launched RFID solutions with Frequentiel (France) to provide enhanced inventory management in the retail market. Also, in 2021, Identiv, Inc. (U.S.) partnered with True Green Group (Australia) to accelerate radio frequency identification (RFID) and near field communication (NFC) technology for digitizing cannabis products and smart packaging.
Some of the key players operating in the global RFID market are HID Global Corporation (U.S.) (Assa Abloy AB), Avery Dennison Corporation (U.S.), Zebra Technologies Corporation (U.S.), GAO RFID Inc. (Canada), Honeywell International, Inc. (U.S.), Identiv, Inc. (U.S.), Impinj, Inc. (U.S.), Invengo Technology Pte. Ltd. (Singapore), NXP Semiconductors N.V. (Netherlands), Alien Technology, LLC. (U.S.), Nedap N.V. (Netherlands), William Frick & Company (U.S.), SML Group. (China), Datalogic S.p.A. (Italy), CAEN RFID S.r.l. (Italy), Jadak (U.S.), TSC Auto ID Technology Co. Ltd. (Taiwan), Seagull Scientific, Inc. (U.S.), Bluebird, Inc. (South Korea), and Unitech Electronics Co. Ltd. (Taiwan).
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