CHICAGO, June 22, 2022 /PRNewswire/ — According to a research report “RFID market by offering (tags, readers, software and services), tag type (passive, active), wafer size, frequency, form factor (card, implant, key fob, tag, paper ticket, band) , Material, Application and Region – Global Forecast to 2030”, published by MarketsandMarkets™, the RFID market is expected to reach $35.6 billion by 2030 from $14.5 billion in 2022; it is expected to grow at a CAGR of 11.9% from 2022 to 2030.
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RFID technology uses radio waves to identify/detect people or objects. RFID tags are small electronic devices that send/receive data to/from RFID readers. RFID tags can be incorporated into products, animals or humans for identification and data collection. This technology is a modern solution for industrial and consumer applications due to the increasing adoption of information technology. RFID solutions involve a tag or tag, and a reader to communicate with the tags. The availability of handheld readers or sled readers has enhanced the capabilities of RFID solutions as they allow assets to be tracked more easily at lower cost. Manufacturing facilities must monitor equipment health and performance, process faults and system failures, and provide predictive maintenance of equipment and systems through the integration of specialized tools and the adoption of quality management practices. Using RFID technology for plant asset management helps manufacturers achieve this goal. The RFID market for real-time surveillance has grown rapidly, with an increasing number of players entering this market with innovative features. More than 150 players are active on the market, offering real-time tracking solutions. The leading companies mainly focus on the healthcare, retail, logistics and supply chain and manufacturing sectors, and have introduced industry-specific solutions. Players in this ecosystem are constantly striving to develop more robust and innovative solutions to stay ahead of the competition. As a result, active ultra-high frequency and Bluetooth Low Energy (BLE) technologies have recently made their mark and are expected to grow exponentially in the near future.
Within application type, logistics and supply chain application is expected to hold the highest market share in RFID tags market during the forecast period
The logistics and supply segment accounted for the largest market share in 2021, and this trend is expected to continue during the forecast period. The dominance of this segment is due to the high adoption of tracking systems by logistics organizations to track and monitor their cargo in transit. Companies are also using sensor-based RFID tagging systems to monitor environmental conditions around transported products. Any deviation from the properties or external parameters is notified to the stakeholders so that adequate measures can be taken to prevent damage. RFID tags have helped government officials monitor assets and organize the legal supply of products. These measures to prevent product loss in transit have largely contributed to the adoption of RFID tags in the application of logistics and supply chain. The Logistics and Supply Chain segment includes the use of RFID tags in applications such as post and courier, asset tracking, cargo tracking, freight tracking, container tracking and other supply chain activities. RFID solutions help industries optimize their supply chain by better managing warehouse inventory, tracking shipments, and streamlining the best supply chain route. By adopting an electronic and paperless environment through RFID technology, suppliers and wholesalers can achieve inventory accuracy of over 99.9% avoiding human error. Using RFID solutions, real-time information can be kept in a database, including warehouse inventory and transit information.
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In the form factor segment, the tag form factor is expected to hold the highest market share in the RFID tag market during the forecast period
Tag tags represent the largest share, by value, of the RFID tag market. Labels are the most common, cheapest and most used labels. Labels are affixed to computer park assets, industrial hardware, industrial equipment, data center assets, hospital equipment and medicines, and many other products and objects. Labels are primarily supplied by the manufacturer on a reel/package as a bulk purchase. Beacons are primarily used as single-use products; therefore, the number of tags used is high in each end-user industry. Some companies also provide tear-proof labels, which can be used for a long time and in extreme environments. The high adoption of labels by almost all industries is largely contributing to the growth of the market.
Asia-Pacific RFID Market is expected to have the highest market share during the forecast period
The Asia Pacific The region is expected to witness the highest growth in the RFID tag market over the forecast period. In 2021, China was the largest RFID tag market in Asia Pacific. The market in Japan is expected to grow at the highest CAGR over the forecast period. The healthcare and retail sectors in Japan are early adopters of RFID solutions. In addition to RFID adoption in the healthcare and industrial sectors, the sports and entertainment vertical is showing increased interest in RFID technology. The presence of baseball leagues in Japan and South Koreaas well as various sports organizations and associations of Australia and New Zealand, is expected to drive the adoption of RFID technologies in the sports industry. Catapult Sports is a leading provider of RFID solutions for Australia operating in the sports industry. Manufacturing, retail, healthcare, oil & gas, and mining industries are expected to be major contributors to the growth of the RFID market in Asia Pacific. Automotive manufacturing, heavy equipment manufacturing, and other ancillary manufacturing are the major industries in the region. These industries present massive growth opportunities for the RFID market, owing to the growing awareness of the benefits of RFID such as cost effectiveness, asset visibility, less time wastage, and ease of auditing. All of these benefits are expected to lead to increased adoption of RFID solutions, especially in countries such as Japan, Chinaand India.
Key RFID Market Players:
Zebra Technologies (USA), Alien Technology (USA), CAEN RFID (Italy), Impinj (USA), Avery Denison (US), Honeywell (US), NXP Semiconductors (Netherlands), GAO RFID (Canada), HID Global (US), Invengo (China), Infotek Software & Systems (P) Ltd (i-TEK) (India), Bartronics India Ltd. (India), Bartech Data Systems Pvt. Ltd., Bar Code India Ltd. (BCI) (India), ORBCOMM Inc. (USA), GlobeRanger (USA), Mojix (USA), Securitag Assembly Group (SAG) (Taiwan), Linxens (France), Checkpoint Systems (US), Identiv (US), Confidex (Finland), Datalogic (Italy), Nedap (Netherlands), ThingMagic (Jadak Company) (US) and Omni-ID (US).
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