VANCOUVER, B.C., March 9, 2023 /PRNewswire/ -- The global RFID market size was valued at USD 14.27 Billion in 2022, and it is expected to register a CAGR of 11.9% during the forecast period, according to the latest analysis by market research firm Emergen Research. RFID technology uses radio waves to track and identify objects or assets, and it has found applications in various industries, including retail, healthcare, logistics, and transportation.
One of the key factors driving the growth of the RFID market is the increasing adoption of RFID technology in the retail industry. RFID tags and readers are used to track and manage inventory, reduce theft, and improve supply chain efficiency. RFID technology helps retailers to automate their inventory management process, which results in improved inventory accuracy, reduced out-of-stocks, and increased sales. Furthermore, RFID technology helps retailers to enhance their customer experience by providing real-time inventory visibility and enabling efficient order fulfilment.
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Drivers:
The healthcare industry is also expected to witness a significant growth in the adoption of RFID technology during the forecast period. RFID tags and readers are used in hospitals to track medical equipment, patients, and staff, which helps to improve patient safety, reduce errors, and enhance operational efficiency. RFID technology also helps hospitals to manage their inventory of medical supplies and equipment, which results in reduced wastage and improved cost savings.
The logistics and transportation industry is another key application area for RFID technology. RFID tags and readers are used to track and manage shipments, improve supply chain visibility, and enhance operational efficiency. RFID technology helps logistics and transportation companies to reduce their operational costs, improve delivery times, and enhance customer satisfaction.
Government initiatives and regulations are also driving the growth of the RFID market. Many countries are implementing regulations that require the use of RFID technology in various industries, such as healthcare and transportation. For instance, the U.S. Food and Drug Administration (FDA) has mandated the use of RFID technology to track prescription drugs and prevent counterfeit drugs from entering the supply chain.
Restraints:
However, there are certain restraints and challenges facing the RFID market. One of the major challenges is the high cost of RFID tags and readers, which makes it difficult for small and medium-sized businesses to adopt the technology. Another challenge is the lack of standardization in RFID technology, which makes it difficult for interoperability and integration with other systems.
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Current Trends and Innovations:
The Radio Frequency Identification (RFID) market is witnessing significant growth due to the increasing demand for enhanced supply chain management, inventory control, and asset tracking in various industries such as retail, healthcare, manufacturing, and logistics. RFID technology is a wireless communication technology that enables the automatic identification and tracking of objects using radio waves. It offers advantages such as real-time tracking, improved inventory accuracy, and reduced operational costs.
One of the recent trends in the RFID market is the integration of RFID technology with Internet of Things (IoT) devices, which allows for better tracking and monitoring of assets and inventory. The combination of these technologies is expected to revolutionize the way businesses operate by enabling better decision-making and reducing waste.
Another trend in the RFID market is the increasing adoption of RFID technology in the healthcare industry. RFID tags and readers are used to track medical equipment and supplies, improve patient safety, and reduce healthcare costs. This technology also enables healthcare providers to manage their inventory more efficiently, resulting in better patient outcomes.
Strategic Initiatives:
Major companies included in the RFID market report are Zebra Technologies Corporation, Honeywell International Inc., Impinj, Inc., NXP Semiconductors N.V., Alien Technology, LLC, Avery Dennison Corporation, GAO RFID Inc., HID Global Corporation, Invengo Information Technology Co. Ltd., and Motorola Solutions, Inc.
- On January 26, 2022, Honeywell announced the launch of its new line of UHF RFID readers designed for supply chain management and inventory control. The readers are designed to offer enhanced accuracy and speed in tracking and monitoring inventory.
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Scope of Research
Report Details | Outcome |
Market size in 2022 | USD 14.27 Billion |
CAGR (2022-2032) | 11.9 % |
Revenue forecast to 2032 | USD 44.12 Billion |
Base year for estimation | 2022 |
Historical data | 2019-2021 |
Forecast period | 2023-2032 |
Quantitative units | Revenue in USD Million and CAGR in % from 2022 to 2030 |
Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Segments covered | Offering, tag, application, and region |
Regional scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
Country scope | U.S., Canada, Mexico, Germany, U.K., France, Spain, BENELUX, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, U.A.E., Israel, and Rest of MEA |
Key companies profiled | Zebra Technologies Corp., Impinj, Inc., Honeywell International Inc., Avery Dennison Corporation, NXP Semiconductors, Alien Technology, LLC., CAEN RFID S.r.l., GAO Group, HID Global Corporation, and Invengo Information Technology Co., Ltd. |
Customization scope | 10 hours of free customization and expert consultation |
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Segmentation Outlook:
For the purpose of this report, Emergen Research has segmented the global radio frequency identification market on the basis of offering, tag, application, and region:
- Offering Outlook (Revenue, USD Million; 2019-2032)
- Tags
- Readers
- Fixed Readers
- Handheld Readers
- Software & Services
- Tag Outlook (Revenue, USD Million; 2019-2032)
- Wafer Size
- 200mm
- 300mm
- 450mm
- Tag Type
- Passive Tags
- Active Tags
- Frequency
- Low Frequency
- High Frequency
- Ultra-High Frequency (UHF)
- Form Factor
- Card
- Implant
- Key Fob
- Label
- Paper Ticket
- Band
- Other Form Factors
- Material
- Plastic
- Paper
- Glass
- Other Materials
- Application Outlook (Revenue, USD Million; 2019-2032)
- Agriculture
- Commercial
- Transportation
- Healthcare
- Apparel
- Food
- Automotive
- Logistics & Supply Chain
- Aerospace
- Defense
- Retail
- Security & Access Control
- Sports
- Animal Tracking
- Ticketing
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