RFID Market (2022-2029)
The RFID Market is expected to reach $32.4 billion by 2029, at a CAGR of 10.8% during the forecast period of 2022–2029.
- Published
- Sep 2022
- Pages
- 331
- Format
- PDF + Excel
- Report ID
- MRICT - 104586
- Base year
- 2021
- 2029 · FORECAST
- $32.40B
- 2029
- $32.40B
- CAGR 2022–2029
- 10.8%
2021 baseline · 2022–2029 forecast at 10.8% CAGR · hover a bar for the value
Key highlights
The Hardware Segment to Witness the Largest Share Through 2029
In 2022, the Ultra-High Frequency (UHF) Segment is Expected to Account for the Largest Share of the RFID Market
In 2022, the Passive RFID Segment is Projected to Account for the Largest Share of the RFID Market
In 2022, Asia-Pacific is Expected to Command the Largest Share of the Global RFID Market
Report summary
| Particulars | Details |
|---|---|
| Base Year | 2021 |
| Estimated Year | 2022 |
| Forecast Period | 2022–2029 |
| Market Size (2029) | USD 32.40 billion |
| CAGR (2022–2029) | 10.8% |
| Format | PDF, Excel & Cloud Portal · 331 pages |
| Segments Covered | By Component: Hardware RFID Printers/Recorders, RFID Antenna, RFID Readers Wind Handheld Scanners, Fixed Scanners · By Frequency: Low Frequency, High Frequency, Ultra-high Frequency (UHF) · By Type: Active RFID, Passive RFID · By End User: Retail, BFSI, Government, Manufacturing, Healthcare, Agriculture, Sports & Entertainment, Aerospace and Defense, Transportation & Logistics, Consumer Products, Other End Users · By End-user: Transportation & Logistics, Retail |
| Countries Covered | North America (Canada), Europe (Germany, U.K., France, Italy, Spain, Netherlands, Denmark, Sweden, Rest of Europe), Asia-Pacific (Japan, China, India) |
| Key Companies | HID Global Corporation, Assa Abloy AB, 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, Nedap N.V., TSC Auto ID Technology Co. Ltd., Seagull Scientific, Inc., Bluebird, Inc., Unitech Electronics Co. Ltd. |
Report overview
Segments covered: component, frequency, type, end user, end-user. Regions: North America, Europe, Asia-Pacific.
Rising demand for cost-effective RFID solutions, increasing need to eliminate manual data capture and entry errors, and increasing government initiatives in RFID tags on vehicles are the major factors driving the growth of this market. In addition, the growing adoption of RFID solutions in smart city projects and the advent of Industry 4.0 are expected to offer significant growth opportunities for the growth of this market. Factors including vulnerability to cyber threats in RFID systems are a major market challenge. Artificial intelligence (AI) in RFID, smart mirrors, hybrid RFID, and chipless RFID solutions are technology trends in the market. However, high capital expenditure for deploying RFID technology restrains the market growth to a certain extent.
The COVID-19 outbreak had an unprecedented impact on various sectors. Due to disrupted supply chains, workforce scarcity, and employee safety challenges, most industries struggled. The spread of COVID-19 compelled governments to impose strict lockdowns leading to the suspension of all business operations, including manufacturing and processing.
Employee safety became enterprises’ primary concern. The pandemic adversely affected the growth of the RFID market in 2020 due to a surge in demand for real-time asset tracking solutions globally. The adoption of RFID technology in retail, healthcare, manufacturing, and logistics industries helped tackle the issues related to COVID-19 and resulted in market growth. This scenario created tremendous demand for RFID technologies in the healthcare sector due to their capacity to be easily integrated with various healthcare devices & platforms to enhance patient safety and support staff & patient workflows. The government started undertaking initiatives to mandate the RFID tagging on vehicles for tolling. The increased investments in various sectors led to the launch of cost-effective RFID solutions, increased regulations and government initiatives, and increased installation of RFID to improve productivity. These advantages of RFID helped organizations focus on running essential business operations during the pandemic.
Due to the COVID-19 pandemic, several companies focused on providing RFID solutions for various industries, including supply chain and logistics, retail, and manufacturing. For instance, in 2022, Equinix, Inc. (U.S.) collaborated with SML Group. (China) to enable efficient supply chain and inventory management by providing retailers with high-performance RFID tags and encoding services. Also, in 2021, Tageos (France) launched the EOS-202 U9 RAIN RFID inlay for healthcare and pharmaceutical applications to track and trace pharmaceutical items.
Report infographic
Market dynamics
1 factors across 1 forceGrowing Government Initiatives for the use of AIDC Technology Offers Significant Growth Opportunities for the RFID Market
Governments across different countries often suffer huge losses in exercise and customs because of incorrect data capture, human errors, or intentional evasion. To overcome such issues, government agencies are focusing on framing and implementing various legislations to improve the adoption of AIDC technologies in various industries. These rules and regulations are aimed at helping the organizations to ensure better visibility of information, improve the efficiency of operations, reduce the operating expenditure through accurate data capture and reduced data entry errors, and improve customer satisfaction. In 2020, to accurately track and trace railway movement across India with a focus on safety, the Centre for Railway Information Systems (CRIS, the IT arm of the Indian Railways), GS1 India, and the Indian Industry partnered to create a new segment in the AIDC industry in India uniquely suited for the Indian Railways requirements.
According to India Brand Equity Foundation (IBEF), in 2020, Indian Railways announced implementing Automatic Identification and Data Collection (AIDC) technology to automatically track and trace rolling stock across the country. Also, the Indian Railway sanctioned two RFID projects with an investment of approximately USD 16.16 million. This project focuses on enhancing operational efficiency, availability, and reliability of rolling stock for the Indian Railways. Similarly, in 2019, in India, to prevent counterfeit medicines, Central Drugs Standard Control Organization (CDSCO) directed organizations to purchase only those barcoded drugs by domestic manufacturers from the primary level of packaging. Also, in 2019, the Government of Australia introduced national facial identification and verification legislation into their parliament to provide identity matching services for the country’s citizens. The government expects this legislation to pass before the end of 2019.
In the wake of COVID-19, several countries undertook vaccine drives. Such huge vaccination distribution across different countries, starting from manufacturers to patients, involved a critical level of data entries and management. Besides, the threat of counterfeit, stolen, contaminated, or otherwise compromised and potentially harmful vaccines also needed to be tackled. To overcome such issues, governments encouraged the use of AIDC technologies such as barcode, RFID, IoT, RAIN, RTLS, and NFC, among others, to control the quality, transparency, and accuracy of the vaccine.
Table of contents
14 chapters · 147 sections · 331 pages · click to expandSegmental analysis
| Segment | Largest share (2022) | Fastest growth (2022–2029) |
|---|---|---|
| By Component | Hardware | Hardware |
| By Frequency | Ultra-High Frequency (UHF) | Ultra-high frequency |
| By Type | Passive RFID | Passive RFID |
By Component
- The Hardware Segment to Witness the Largest Share Through 2029
- 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.
- This is mainly attributed to the rising need for RFID tags for convenient tracking of products, technological enhancements in contactless smartcards, a surge in the installation of RFID systems in manufacturing units and other industrial machinery, and a surge in the need for RFID printers/recorders, tags, readers, and labels.
By Frequency
- The Ultra-High Frequency (UHF) Segment is Expected to Account for the Largest Share of the RFID Market
- The ultra-high frequency 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 increasing demand for multiple tracking applications to trace and read objects and the rising adoption of UHF tags in various applications, including asset tracking, inventory management, manufacturing equipment, and product tagging.
By Type
- The Passive RFID Segment is Projected to Account for the Largest Share of the RFID Market
- The passive RFID 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 increasing adoption of RAIN RFID frequency by organizations, growing adoption of RFID tracking systems to track and monitor cargo, and growing demand for smaller and easier to manufacture RFID tags for tracking goods in pharmaceuticals, retail, supply chain, and other industries.
Geographic analysis
Asia-Pacific
Largest shareIn 2022, Asia-Pacific commanded the largest share of the global RFID market. This is mainly attributed to the increasing awareness and high adoption of AIDC technology, surging government investments for security infrastructure, particularly for BFSI, manufacturing, and retail industries, and rising demand for RFID solutions in the region. In addition, the rapid expansion of Industry 4.0 and digital transformation and the need to improve supply chain monitoring for tracking assets in real-time contribute to the fastest growth of the region in the RFID market. In 2022, Asia-Pacific is Expected to Command the Largest Share of the Global RFID Market
Competitive landscape
- HID Global Corporation
- Assa Abloy AB
- 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
- Nedap N.V.
- TSC Auto ID Technology Co. Ltd.
- Seagull Scientific, Inc.
- Bluebird, Inc.
- Unitech Electronics Co. Ltd.
Frequently asked questions
The RFID market involves technologies for automatically identifying and tracking objects using radio frequency signals. It covers various applications and components essential for efficient asset management.
Cite this report
Meticulous Research. (2022). RFID Market - Global Opportunity Analysis And Industry Forecasts (2022-2029) (Report No. MRICT - 104586). Meticulous Market Research Pvt. Ltd. https://www.meticulousresearch.com/product/rfid-market-5272