USD 15.7 Billion
RFID Market Size, Share, Growth Analysis, By Product(Tags, Active Tags, Passive Tags, Readers), By Frequency(Low Frequency, High Frequency, Ultra-High Frequency), By Application(Commercial, Animal Tracking, Transportation, Agriculture), By Component(Tags, Middleware), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15A2305 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
124
|Figures:
74
RFID Market Insights
Global RFID Market size was valued at USD 15.7 Billion in 2022 and is expected to grow from USD 18.07 Billion in 2023 to reach USD 55.66 Billion by 2031, at a CAGR of 15.1% during the forecast period (2024-2031)
Radiofrequency Identification (RFID) is a wireless system comprising tags and readers. The reader, functioning as a transmitter and receiver through antennas, emits radio waves and captures signals from RFID tags. These tags, either passive or active, utilize radio waves to transmit their identity and crucial data to nearby readers. The technology finds extensive application in diverse sectors, such as monitoring goods along the supply chain, tracking parts en route to manufacturing lines, asset tracing, security measures, and enabling secure payment methods that bypass traditional currency exchanges.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
passive tags
Fastest Growth
active tags
Growth Rate
15.1% CAGR
Global RFID Market ($ Bn)
Country Share for North America Region (%)
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RFID Market Segmental Analysis
The global RFID Market is segmented into four major segments i.e. by product, frequency, application and region. Based on product, the market is segmented as, tags, active tags, passive tags, readers, software & services. Based on frequency the market is segmented as, low frequency, high frequency, ultra-high frequency. Based on application, the market is segmented as, commercial, animal tracking, transportation, agriculture, security & access control, healthcare, retail, logistics & supply chain, others. Based on region the market is segmented as, North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
Analysis by System
In 2022, the passive RFID system segment emerged as the market frontrunner, commanding over 82.0% of the total revenue. This system is composed of RFID tags that operate as an independent power source, relying on energy emitted by RFID readers to activate and transmit data. The ascendancy of passive RFID technology is driven by its cost-efficiency, compact form factor, and seamless integration capabilities within established processes.
Anticipated growth looms ahead for the active RFID system segment in the forecast period. This system configuration comprises a reader, an active tag, and an antenna. Unlike passive RFID counterparts, active RFID systems feature tags equipped with their power source, typically an embedded long-life battery. This power autonomy enables active tags to transmit data continuously and consistently, without reliance on external energy sources.
Analysis by Component
In 2022, the tags segment emerged as the market leader, commanding over 37.0% of the total revenue. RFID tags, serving as data repositories capable of wireless transmission via radio waves, facilitate remote identification and reading by RFID readers. Their versatility finds expression in various applications, notably in inventory and asset management, equipment and vehicle tracking, bolstering security through access control, enabling contactless payments, and elevating customer service experiences.
The forecast for the middleware segment signals substantial growth in the coming period. Acting as a pivotal bridge between RFID hardware and enterprise-level software systems, middleware RFID technology operates as a software product. Its function encompasses filtering, aggregating, and refining raw RFID data into more accessible formats, harmonizing seamlessly with other critical business systems such as ERP, WMS, and CRM.
Global RFID Market By system
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RFID Market Regional Insights
In 2022, North America emerged as the global market leader, commanding over 36.0% of the total revenue share. The region is poised for further RFID technology adoption driven by industry maturation and the amplified demand for contactless solutions amid the ongoing impact of COVID-19. Notably, the retail sector in North America stands at the forefront of this surge, displaying substantial interest and reliance on RFID technology.
The Asia Pacific region is poised to experience the most rapid CAGR throughout the forecast period. This surge is attributed to favorable government directives and mandates prevalent in emerging economies like China and India. Anticipated policies and support from these governments are expected to serve as catalysts, propelling the market's expansion in the region.
Global RFID Market By Region
- Largest
- Fastest
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RFID Market Dynamics
Drivers
Growing Adoption of RFIDs Technology
- Several impactful trends are catalyzing the adoption of RFID technology across industries. Automation, supply chain management, real-time intelligence, asset tracking, and contactless payments, along with the integration of Near Field Communication (NFC), stand out as significant drivers. Additionally, government mandates mandating the use of RFID tags across sectors such as defense, livestock, and data centers play a pivotal role in industry advancement.
Restraints
Rising Concerns Related to Data Security and Privacy
- Despite its promising potential, concerns surrounding data security and privacy represent a significant hurdle impeding the growth of the RFID market. The apprehension regarding safeguarding sensitive information acts as a primary restraint. However, amidst these challenges, there exists a compelling opportunity for growth driven by the escalating adoption of RFID tags across Industry 4.0, the Internet of Things (IoT), and smart manufacturing initiatives. This surge in utilization presents a lucrative avenue, poised to propel the expansion of the RFID market during the forecast period.
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RFID Market Competitive Landscape
The competitive environment of the global RFID Market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Leading brands invest in research and development to introduce new flavors, packaging formats, and health-focused variations to cater to changing consumer preferences. They often set the trends in the industry.
Top Player’s Company Profiles
- Data Logic
- Honeywell
- Identiv
- Invengo
- Impinj
- NXP Semiconductor
- Zebra Technologies
- Nedap
- Impinj, Inc.
- NXP Semiconductors
- Unitech Electronics Co., Ltd.
- HID Global Corp.
- Invengo Information Technology Co., Ltd.
- Datalogic SpA
Recent Developments
- In January 2023, MishiPay Ltd. unveiled its innovative RFID self-checkout kiosk, marking a significant advancement in retail technology. This cutting-edge kiosk harnesses RFID sensors, offering customers a seamless checkout experience by eliminating the need to individually scan each item's barcode.
- In May 2022, SML Group made waves with the establishment of its Technology Innovation Development Center (TIDC), marking a significant milestone as Hong Kong's maiden Radio Frequency Identification (RFID) inlay Research & Development (R&D) center and production hub. This strategic move aligns seamlessly with SML's overarching vision, positioning the company to drive a technology ecosystem capable of fueling global operations.
RFID Key Market Trends
- As the industry continues its expansion, concerted efforts have intensified to standardize both products and frequency bands within the RFID landscape. Leading organizations such as Electronics Product Code Global Incorporated (EPCglobal), the International Organization for Standardization (ISO), and the International Electrotechnical Commission (IEC) spearhead these standardization initiatives.
RFID Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
The global RFID market analysis reveals a dynamic marketplace with a number of standout trends and difficulties. The market outlook appears robust, set to experience consistent expansion in the predictable future. This trajectory is primarily driven by escalating needs in asset tracking, inventory management, resource optimization, and bolstering security and safety measures. The surge in real time location systems (RTLS), sensor networks, 5G infrastructure, and the pervasive influence of the Internet of Things (IoT) has notably elevated the relevance of RFID devices in our interconnected landscape. As these technological forces continue to intertwine, RFID devices are positioned to play an increasingly pivotal role in harnessing their capabilities. Their integration stands poised to cater to the burgeoning demand, aligning seamlessly with the evolving requirements of a swiftly advancing market landscape.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 15.7 Billion |
| Market size value in 2031 | USD 55.66 Billion |
| Growth Rate | 15.1% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on RFID Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on RFID Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the RFID Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the RFID Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the RFID Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the RFID Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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