RFID Global Market Report 2023: Growing Demand for RFID Products in Retail Sectors Bolsters Sector
Global RFID Market
Dublin, April 27, 2023 (GLOBE NEWSWIRE) -- The "RFID: Technology, Applications, and Global Markets" report has been added to ResearchAndMarkets.com's offering.
The global RFID market was valued at $31.4 billion in 2021 and is expected to reach $49.7 billion by 2027. The compound annual growth rate (CAGR) of the market is estimated to grow by 8.2% over the forecast period 2022-2027.
RFID technology is expected to witness a steady growth in the coming years, which is attributed to the increasing demand for locating, tracking, and monitoring objects and beings for security, safety, and resource optimization. As the world moves toward real-time location systems (RTLS), sensor networks, and the Internet of Things (IoT), radio frequency identification devices are anticipated to play an increasingly important role in capitalizing on these technologies.
Technological advancements in RFID technology, convergence of RF-based devices with other communication technologies, and growth in semi-passive and printed tags are anticipated to drive the radio frequency identification technology market growth in the coming years. Additionally, hybrid systems, pre-printed tags, and efficient memory usage are the pivotal opportunities that solution vendors are focusing on for this market.
As the industry has been maturing, there have been increasing efforts for the standardization of products and frequency bands. The International Organization for Standardization (ISO), Engineering, Procurement, and Construction (EPC), and RAIN RFID, a global alliance, are some of the organizations which are projected to play an important role in this process. Intellectual property rights, well-developed supply chain, product licensing, and innovations are the key factors that are expected to shape the future of organizations over the forecast period.
RFID offers numerous benefits such as higher productivity, improved regulatory compliance, improved quality data capture, better security, and accurate and relevant management information. Moreover, recent growth and applications of RFID technology across a wide set of industries, such as retail, healthcare, transportation, and defense, among others, has spurred its adoption rate. The retail industry is at the forefront and has witnessed its technological reconnaissance with the usage of RFID tags. RFID will increasingly be one part of a whole ecosystem of sensors and communication technologies that will help organizations to better monitor and manage assets and shipments. It can potentially enable a whole host of new applications in retail, healthcare, manufacturing, and other sectors.
Advancements in materials, growing adoption of nanotechnology, and organic polymers across industrial products will further enhance the market growth. Instead of a tag attached to a garment, for instance, an RFID transponder could be printed directly onto cloth or packaging using biodegradable conductive inks. This type of new initiative will allow both end users and RFID manufacturers to leverage these new technologies and ready themselves for more widespread use of RFID.
The RFID deployed in the industry is composed of three major components, namely tags, readers, and software and services. The tags form the largest part of the market and are subject to prime development activities. While the deployment of passive tags is the largest in the industry, active tags are also gaining momentum as numerous new applications have sprung up in recent years and the tag size has continually been reducing. The major trends aiding in radio frequency technology adoption are automation, real-time intelligence, supply chain management, asset tracking and payments, and NFC. The government mandates for the use of RFID tags for tracking various industry products, such as defense, livestock, and data centers, are also proving to be important factors in the industry's development.
A comprehensive overview and up-to-date analysis of the global markets for RFID (radio frequency identification) technology and applications
Analyses of the global market trends, with historic market revenue (sales figures) for 2021, estimates for 2022, forecasts for 2023 and 2025, and projections of compound annual growth rates (CAGRs) through 2027
Estimation of the actual market size and revenue forecast for global RFID market in USD million values, and its corresponding market share analysis based on the component, frequency, technology type, application, and region
Updated information on market drivers and opportunities for the RFID industry, key shifts and regulations, technology specific challenges, and other demographic and macroeconomic factors affecting the global and regional market demand over the forecast period (2022-2027)
Coverage of the technological, economic, and business considerations of the global RFID market, with market data analyses and growth forecasts through 2027
Insight into the recent industry structure for RFID technologies, competitive aspects of each product segments, increasing investment on R&D activities, market growth strategies, and company revenue share analysis
Review of the patents issued and patent applications on the RFID technology as well as technological trends and new developments in the global market over a brief period
Identification of the major stakeholders and analysis of the company competitive landscape based on their recent developments, financial performance, and segmental revenues
No. of Pages
2022 - 2027
Estimated Market Value (USD) in 2022
Forecasted Market Value (USD) by 2027
Compound Annual Growth Rate
Key Topics Covered:
Chapter 1 Introduction
Chapter 2 Executive Summary and Highlights
Chapter 3 Industry Outlook
Chapter 4 Market Dynamics
4.1 Market Drivers
4.1.1 Growing Demand for RFID Products in Retail Sectors
4.1.2 Increasing Need for Rfid Systems in Manufacturing Facilities to Boost Productivity
4.1.3 Growing Government Initiatives for the Use of Aidc Technology
4.2 Market Challenges
4.2.1 Higher Installation Costs Associated With Rfid
4.2.2 Lack of Backup for Large Volume of Data
4.3 Market Opportunities
4.3.1 Rising Demand for Hybrid Rfid Systems
4.3.2 Surge in Adoption of Rfid Tags for Industry 4.0, Internet of Things, and Smart Manufacturing
Chapter 5 Market Breakdown by Component
5.2 Rfid Tags
5.3 Rfid Readers
5.4 Software and Services
Chapter 6 Market Breakdown by Frequency
6.2 Low Frequency
6.3 High Frequency
6.4 Ultra-High Frequency
Chapter 7 Market Breakdown by Type
7.2 Active Rfid
7.3 Passive Rfid
Chapter 8 Market Breakdown by Application
8.4 Transportation and Logistics
8.6 Military and Defense
8.7.2 Financial Services
8.7.4 Animal Tracking
8.7.5 Consumer Products
Chapter 9 Market Breakdown by Region
Chapter 10 Patent Analysis
Chapter 11 Competitive Landscape
Chapter 12 Company Profiles
Actatek (Uk) Ltd.
Ams Osram AG
Assa Abloy Ab
Avery Dennison Corp.
Checkpoint Systems, Inc.
Gao Rfid Inc.
Honeywell International Inc.
Texas Instruments, Inc.
Tibco (Cloud Software Group)
Zebra Technologies Corp.
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