What is the Global market size of RFID Market?

Global RFID Market size was valued at USD 13700.96 million in 2021 and is poised to grow from USD 15,769.8 million in 2022 to USD 48576.79 million by 2030, growing at a CAGR of 15.1% in the forecast period (2023-2030).

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

Q: Who are the key vendors in the Global RFID Market?

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. 'Avery Dennison', 'Data Logic', 'GEO RFID', 'HID Global', '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'

Report ID: SQMIG15A2305 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 124 | Figures: 74

RFID Market Dynamics

RFID Market 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.

RFID Market 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.

RFID Market Report Snapshots

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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).

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. 'Avery Dennison', 'Data Logic', 'GEO RFID', 'HID Global', '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'

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.

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.

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.

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RFID Market Dynamics

RFID Market Report Snapshots

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What is the global market size of RFID Market?

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