| Report Code: A14522 | Pages: 291 | Nov 2021 | 6021 Views | ||
| Author(s) : Shantanu S, Himanshu J , Vineet K | Tables: 125 | Charts: 87 |
| |
Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Rfid Market
Request Now !The global RFID market size was valued at $10.41 billion in 2020, and is projected to reach $25.47 billion by 2030, registering a CAGR of 9.6% from 2021 to 2030. Radio frequency identification is a technique that uses radio waves to collect digital data contained in RFID chip or smart labels. Further, RFID tags are equipped with an integrated circuit and an antenna designed to transmit data to the RFID reader. An RFID reader delivers a signal to an RFID tag, which responded with an information-carrying signal. Moreover, the data acquired by readers from the RFID tags are subsequently sent to a host computer system through a communications interface, where it may be saved in a database and evaluated later. In addition, RFID chip can store a wide range of information, ranging from a single serial number to multiple pages of data.
RFID technology is categorized under automatic identification and data capture. The AIDC methods automatically recognize items, collect data, and enter the data directly into the computer application without human intervention. Further, RFID technology globally has revolutionized the logistics, manufacturing, and security industry by offering enhanced and cost-saving asset tracking and monitoring solutions. In addition, the rise in utilization of RFID solutions to help healthcare organizations to contains the spread of COVID-19 is expected to fuel the RFID market growth in the coming years.
The RFID market share is expected to witness notable growth during the forecast period, owing to a rise in market competitiveness leading to the availability of cost-effective RFID solutions globally. Furthermore, rise in installation of RFID solutions across healthcare and manufacturing sectors drives the growth of the this market during the forecast period. In addition, the surge in regulations and government initiatives for various industries is expected to propel the RFID market analysis.
However, high cost associated with the installation, purchase, and maintenance of RFID coupled with concerns regarding data security and privacy is expected to restrain the market growth. In addition, rise in adoption of RFID tags for industry 4.0, Internet of Things, and smart manufacturing solutions is expected to provide lucrative opportunity for growth of the RFID market forecast.
The emergence of COVID-19 has immensely affected the growth rate of the RFID market in 2020. However, this market has witnessed relatively high growth, owing to a surge in demand for real-time asset tracking solutions globally. In contrast, the market was primarily hit by several obstacles created amid the COVID-19 pandemic in the retail, manufacturing, and logistics industry, such as the availability of skilled professionals to install RFID solutions. Consequently, it resulted in decreased demand for the market.
The RFID market is segmented on the basis of product type, frequency, and end use. On the basis of product type, the market is fragmented into tags (active tags and passive tags), readers, and software & services. The tags segment dominated the market, in terms of revenue in 2020, and is expected to follow the same trend during the forecast period. By frequency, the market is segregated into low frequency, high frequency, and ultra-high frequency. The high frequency segment was the highest revenue contributor in 2020, and is anticipated to garner significant market share during the forecast period. By end use, the market is segmented into commercial, animal tracking, transportation, agriculture, security & access control, healthcare, retail, logistics & supply chain, and others. The RFID market share of security & services segment garnered the highest in 2020, and is expected to grow at a high CAGR from 2021 to 2030.
Region wise, the RFID market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). North America is expected to develop at highest rate during the forecast period. North America, specifically the U.S., remains a significant participant in the global market. Major organizations and government institutions in the country are intensely putting resources into the technology.
Significant factors that impact the growth of the global this market include increase in the installation of RFID solutions across manufacturing and healthcare sectors, coupled with rise in regulations and government initiatives for various industries. Further, rise in market competitiveness leading to availability of cost-effective RFID solutions is forecasts to drive the market growth. However, high cost associated with the installation, purchase, and maintenance of RFID is acting as a major barrier for early adoption, which hampers growth of the market. On the contrary, increase in adoption of RFID tags for industry 4.0, Internet of Things and smart manufacturing solutions is anticipated to provide remunerative opportunities for expansion of the RFID industry during the forecast period.
Competitive analysis and profiles of the major players in RFID industry are Honeywell, NXP Semiconductor, Avery Dennison, Zebra Technology, Impinj, HID Global, Datalogic, Identiv, Invengo Technology, and GEO RFID are provided in this report.
Key Benefits for Stakeholders
RFID Market Report Highlights
| Aspects | Details |
|---|---|
| By Product Type |
|
| By Frequency |
|
| By End Use |
|
| By Region |
|
| Key Market Players | Avery Dennison, Data Logic, GEO RFID, HID Global, Honeywell, Identiv, Invengo, Impinj, NXP Semiconductor, Zebra Technologies |
Loading Table Of Content...
RFID is a data-collecting technology that uses low-power radio waves equipped with a small radio transponder, radio receiver, and radio transmitter. RFID systems are categorized into two parts: a tag or label and a reader. RFID Tags are further divided into active and passive tags that are intended to use radio waves to broadcast their identification and other information to adjacent readers. Passive RFID tags do not have a battery and are powered by the reader; on the other hand: RFID tags are powered by batteries. In addition, the rise in demand for next-generation Internet of Things and Industry 4.0-based solutions is expected to offer profitable opportunities for the RFID market.
The global RFID market is highly competitive, owing to strong presence of existing vendors. RFID vendors, who have access to extensive technical and financial resources, are anticipated to gain a competitive edge over their rivals, as they have the capacity to cater to the market requirements. Competitive environment in this market is expected to further intensify with increase in technological innovations, product extensions, and different strategies adopted by key vendors.
Surge in demand for real time asset’s location solution across manufacturing, retail, and logistics sectors globally propels the need to enhance RFID solutions. Moreover, prime economics, such as the U.S., China, Germany, UK, and Japan, plan to develop and deploy next-generation RFID solutions across various sectors. For instance, on January 25, 2019, according to Design Retail Online, in France’s largest ultra-high frequency RFID implementations, menswear retailer Celio has deployed RFID technology across all 750 of its stores throughout France, which is anticipated to provide lucrative opportunities for the market growth.
Among the analyzed regions, North America exhibits the highest adoption rate of RFID and has been experiencing massive expansion of the market. On the other hand, Asia-Pacific is expected to grow at a faster pace, predicting lucrative growth due to emerging countries, such as China, Japan, and India, investing in these technologies. Regions, such as the Middle East and Africa, are also expected to offer new opportunities in the RFID market in future.
Globally, various key players and government agencies are investing in RFID to make them compatible with various industrial platforms. For instance, in 2018, China’s Ministry of Public Security, and the ministry’s Traffic Management Research Institute, announced mandatory the installation of RFID chips on the windshield of new cars, and the receiving devices on the side of the roads will help to study the traffic congestion . In addition, in 2021, the UK government took an initiative under the name of PragmatIC Semiconductor is leading a project to tag plastic to improve the quality of recycling materials. All these developments across RFID showcase lucrative growth opportunities for the market growth.
The key players profiled in the report include Honeywell, NXP Semiconductor, Avery Dennison, Zebra Technology, Impinj, HID Global, Datalogic, Identiv, Invengo Technology, and GEO RFID.
A. The RFID Market is estimated to grow at a CAGR of 9.6% from 2021 to 2030.
A. The RFID Market is projected to reach $25.47 Billion by 2030.
A. To get the latest version of sample report
A. Significant factors that impact the growth of the global this market include increase in the installation of RFID solutions across manufacturing and healthcare sectors, coupled with rise in regulations and government initiatives for various industries.
A. The key players profiled in the report include Honeywell, NXP Semiconductor, Avery Dennison, Zebra Technology, Impinj, HID Global, Datalogic and many more.
A. On the basis of top growing big corporations, we select top 10 players.
A. RFID Market by Product Type, Frequency, and End Use
Start reading instantly.
This Report and over 19,609+ more Reports, Available with Avenue Library. T&C*.
Enterprise
License/PDF
Library
Membership
*Taxes/Fees, if applicable will be added during checkout. All prices in USD
To ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save time of readers
Get insights on topics that are crucial for your business. Stay abreast of your interest areas.
Get Industry Data AlertsTo ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save time of readers
Contact Details
Need to talk to an expert? Book your free consultation and let our research experts help you with your needs/problems.
