India RFID Market Outlook-2030
The India RFID market size was valued at $523.7 million in 2020, and is projected to reach $1,864.5 million by 2030, registering a CAGR of 14.1% from 2021 to 2030.
Radio Frequency Identification (RFID) refers to a technology in which the information contained in RFID tags is captured by the RFID reader through radio waves. It uses electromagnetic fields to automatically track & identify tags attached to items. The RFID system consists of a radio receiver, radio transponder, and transmitter. When the RFID tag is triggered by an electromagnetic pulse from the RFID reader device, the tag transmits information, typically a recognized inventory number, back to the reader device. This number can be utilized to track inventory items.
RFID is an evolving wireless technology for automatic identification, access controls, security & surveillance, database management, tracking, logistics, and inventory control. RFID tags can be either active or passive. An active tag has an integrated battery and frequently transmits its ID signal. However, a passive tag is smaller & cheaper since it has no battery and instead the tag utilizes the radio energy diffused by the reader. In addition, a battery-assisted passive tag has an integrated small battery, which works only in the presence of an RFID reader. RFID systems are of three types: low frequency, high frequency, and ultra-high frequency. These frequencies vary greatly by region and country.
The growth of the India RFID market is anticipated to be driven by factors such as the availability of cost-effective RFID solutions and high return on investment. In addition, the increasing installation of RFID systems in manufacturing units to improve productivity boosts the overall market growth. However, high purchase cost acts as a major restraint on the India RFID industry. On the contrary, high demand for contact-tracing solutions is expected to create lucrative opportunities for the India RFID industry.
Segment Overview:
The India RFID market share is segmented into product type, frequency, and application.
By product type, the market is classified into tags, readers, and software & services. Depending on frequency, it is categorized into low frequency, high frequency, and ultra-high frequency. Based on application, the market is fragmented into commercial, animal tracking, transportation, agriculture, security & access control, healthcare, retail, logistics & supply chain, and others.
By Product Type
High Frequency segment is projected as one of the most lucrative segments.
Leading RFID market manufacturers, such as Honeywell International Inc., NXP Semiconductors, and Zebra Technologies Corp., are focusing on their investment on technologically advanced, cost-effective, and more secure products & solutions for various applications.
By Tag Type
Passive RFID Tags segment is expected to secure leading position during forecast period.
Top Impacting Factors
The prominent factors that impact the India RFID market growth are increased efficiency offered by RFID tags and a rise in demand for RFID in the banking and healthcare sectors. In addition, the growing shift of retailers toward RFID products drives the India RFID market growth. However, tag collision concerns restrict the market growth. On the contrary, the innovation of cloud-based systems is expected to create lucrative opportunities for the market.
Competition Analysis
Competitive analysis and profiles of the major India RFID market players, such as Alien Technology, LLC, Avery Dennison Corporation, Bar Code India Limited (BCI), Bartech Data Systems Pvt. Ltd, Bartronics India Limited, Honeywell International Inc., Identiv, Inc., Infotek Software & Systems Ltd. (i-TEK), NXP Semiconductors N.V., and Zebra Technologies Corporation have been covered in the report.
Key Benefits For Stakeholders
- This study comprises an analytical depiction of the India RFID market along with the current trends and future estimations to depict the imminent investment pockets.
- The overall India RFID market analysis is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
- The current India RFID market forecast is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and the India RFID market share of key vendors.
- The report includes the India RFID market trends and the market share of key vendors.
India RFID Market Report Highlights
| Aspects | Details |
 By Product Type |
|
 By Frequency |
|
 By Application |
|
 Key Market Players | Avery Dennison Corporation, Honeywell International Inc., Bar Code India Limited (BCI), Alien Technology, LLC, Bartech Data Systems Pvt. Ltd, Identiv, Inc., Infotek Software & Systems Ltd. (i-TEK), Zebra Technologies Corporation, NXP Semiconductors N.V., Bartronics India Limited |
Analyst Review
The India RFID market is flourishing at a rapid pace. However, high initial investment is still a concern for new entrants. Market players are generously investing in R&D activities to develop improved components to reduce overall costs of RFID products. According to industry experts, it is essential to optimize affordable prices for India RFID products for long-term growth.
The growth of the India RFID market is anticipated to be driven by factors such availability of cost-effective RFID solutions and high returns on investment. In addition, increasing installation of RFID systems in manufacturing units to improve productivity boosts the overall market growth. However, high purchase costs act as a major restraint of the India RFID industry. On the contrary, high demand for contact-tracing solutions is expected to create lucrative opportunities for the India RFID industry.
The key players of the market focus on introducing technologically advanced products to remain competitive in the market. Product launch and partnership are expected to be the prominent strategies adopted by the market players. The tags segment accounted for a major share of the market in 2020, owing to high demand from the healthcare sector. Also, the tags segment is expected to grow at the highest CAGR, owing to rise in adoption of RFID in a variety of fields.
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