Meticulous Research® - a leading global market research company, published a 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”.
According to this latest publication from Meticulous Research®, the global RFID market is expected to grow at a CAGR of 10.8% from 2022–2029 to reach $32.4 billion by 2029. Rising demand for RFID technology for operational use in various industries; growing demand for installation of RFID solutions across healthcare, retail, and manufacturing sectors; and increasing government initiatives for the use of AIDC technology are the major factors driving the growth of this market. Some of the major benefits offered by RFID technology include:
In addition, the rise in adoption of RFID tags for Industry 4.0 and smart manufacturing is expected to offer significant growth opportunities for the market growth. On the other hand, vulnerability to cyber threats is challenging the growth of this market to a certain extent. Artificial intelligence (AI) in RFID, smart mirrors, hybrid, and chipless RFID solutions are technology trends in the market. However, high capital expenditure for deploying RFID restrains the growth of this market.
The global RFID market is segmented based on component, frequency, type, and end user. 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 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 increasing installation of RFID systems in manufacturing equipment, rising need for RFID tags for convenient tracking of products, technological enhancements in contactless smartcards, and a surge in need for RFID printers/recorders, tags, readers, and labels.
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 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 the object at far distances and the rising adoption of UHF tags in various applications, including asset tracking, inventory management, manufacturing equipment, and product tagging.
Based on type, the RFID market is segmented into active and passive RFID. In 2022, the passive RFID segment is expected to account for the 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 penetration of passive tags as RAIN RFID frequency and growing demand for smaller, low cost, and easier to manufacture RFID tags for tracking goods in pharmaceuticals, retail, supply chain, and other industries.
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 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 and the need to improve operational productivity and enhance the accuracy of delivery solutions.
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 command 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.
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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).
Key questions answered in the report:
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