According to Future Market Insights (FMI), the global Radio Frequency Identification (RFID) market will be worth US$ 25.9 billion in 2023. With a positive demand outlook, sales are expected to grow at a 16.8% CAGR, reaching US$ 122.6 billion by 2033.
which is expected to grow steadily in the coming years. The dominant regions, namely North America, SEA & Others of APAC, and Western Europe are expected to account for the vast majority of the global RFID market. During the forecast period, these regions are expected to dominate the global market.
RFID technology was first used by large corporations over a decade ago. This technology has been adopted by small and medium-sized businesses as technology and economic costs have improved. RFID technology is widely used by all levels of businesses to streamline operations and improve the visibility of supply chain and logistics operations. RFID technology is increasingly being used in automated item identification systems in the retail sector.
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The increasing need for RFID tags across the globe is driven by robust opportunities in the healthcare sector. In the healthcare sector, an increasing focus on RFID technology for the tracking and classification of medical instruments has been driving the demand for RFID tags worldwide.
This technology holds immense potential for improving supply chain efficiency and ensuring patient safety while reducing human errors in healthcare processes at the same time. Healthcare management and monitoring of critical care equipment represent other interesting areas of application for the RFID market.
The automotive and aerospace industry is adopting the RFID technology especially for the tracking of vehicles, inventory management of spare parts and visibility in logistics operations. Also, Vendor management has become smoother with use of RFID technology since it provides detailed performance metrics.
On the basis of FMI analysis, the RFID tags in the component segment are expected to dominate the market due to the high penetration of advanced technologies such as RAIN RFID tag in various industry verticals.
The High Frequency (HF) sub-segment in the RFID tags segment is estimated to remain dominant in terms of market share during the forecast period. On the basis of applications, the agriculture segment will be a dominating segment due to the wide adoption of RFID technology for the tagging of animals through which the farmers can easily trace them and improve supply chain efficiency.
The North America RFID market is expected to dominate the global RFID market due to the large automotive tires market in the country. The market has huge potential in China owing to major technological advancements in the healthcare, retail and consumer goods markets.
The SEA and Others of APAC RFID market will be a target market for market participants looking to penetrate the retail and consumer goods segment. Latin America is estimated to grow with an above-average CAGR over the forecast period. Brazil is expected to hold a major revenue share in the Latin America RFID market over the forecast period.
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According to FMI analysis, long-term contracts with business partners are estimated to help increase revenue and new innovation strategies are likely to enable RFID vendors to reach new growth markets. Some of the market participants in the global RFID market report include Zebra Technologies Corporation; HID Global Corporation; Thin Film Electronics ASA; Invengo Information Technology Co., Ltd.; GAO RFID Inc.; Impinj, Inc.; Xerox Corporation; Omni-ID; Alien Technology, LLC and Molex, LLC.
Radio Frequency Identification Market by Category
Component:
- RFID Tags
- Low Frequency (LF)
- High Frequency (HF)
- Ultra-High Frequency (UHF)
- Microwave Frequency
- Ultra-Wideband (UWB)
- RFID Readers
- RFID Software and Middleware
Applications:
- Logistics and Transportation
- Aerospace and Defense
- Automotive
- Retail and Consumer Goods
- Agriculture
- Healthcare
- Government
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
Table of Content
1. Executive Summary | Radio Frequency Identification Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
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