The rising deployment of RFID market technology are used for various applications in many industries such as food, airline, and blockchain, due to technological advancements and rising awareness regarding their benefits. For instance, RFID tags can be attached to food products to track their movement throughout the supply chain. It helps improve inventory management, prevent food spoilage, and ensure food safety. In April 2022, international restaurant chain Chipotle Mexican Grill used RFID market technologies to enhance its traceability and inventory systems at its Chicago distribution center. In 2023, Chipotle Mexican Grill expanded the use of RFID market technology to track ingredients from suppliers in real time. RFID market technology gives Chipotle Mexican Grill a real-time view of its inventory at distribution centers and restaurants. Also, the suppliers of this restaurant chain use RFID market technology to improve inventory management processes.
Additionally, in April 2021, Stora Enso launched its "world-first" recyclable RFID tag for microwave-safe use. The Eco Meal RFID tag is designed for item-level ready to eat meal tagging and tracking. Such application and product development propel RFID market players products and services adoption in food industries.
RFID can track the movement of materials and products throughout the manufacturing and supply chain, from factories to retail stores. It helps improve efficiency, prevent errors, reduce costs, track inventory levels, and prevent theft.
The increasing demand for inventory management propels the adoption of RFID market technologies in retail stores. In June 2023, apparel brand Pacific Sunwear of California Inc. (PacSun) deployed RFID in its three stores to improve inventory accuracy. According to PacSun, RFID helps them improve their inventory with 98% accuracy, up from 70%. Additionally, in March 2023, American Eagle Outfitters Inc., Victoria’s Secret & Co., and Nordstrom Inc. announced that they are expanding their use of a new generation of RFID chips to enhance a supply chain information. The RFID will help to narrow the gap that widens when customers try on and move goods about a shop. Approximately 500 American Eagle stores in New York will be equipped with RFID market share technology. Such type of deployment is helping to boost the revenue for RFID market player.
RFID tags can be attached to patients' wristbands or belongings to track their location and status. It helps prevent patient abductions and improve patient care. RFID tags can be attached to medication bottles to track their inventory and ensure patients receive the correct medications. It prevents medication errors, which can be harmful to patients. In August 2021, Terso Solutions, Inc. deployed its RAIN Radio Frequency Identification (RAIN RFID) solutions in nearly 1,000 healthcare facilities in the US. The solution provides real-time visibility and can be integrated into existing EHR/ERP systems through the cloud-based software of Terso Solutions, Inc. Additionally, in February 2022, Impinj, Inc. stated that it had joined the DoseID Consortium to increase its emphasis on RAIN radio-frequency identification (RAIN RFID) applications in the healthcare industry. Also, to take part in developing RAIN RFID standards, Impinj, Inc. collaborates with healthcare providers utilizing its RAIN RFID markettechnology to create solutions that enhance patient care, save costs, and boost efficiency by automating systems that protect patients and employees and better manage assets and inventory. The benefits of RFID technology deployment boost the adoption of RFID market growth in the healthcare industry.
RFID can be used to track inventory in real time, which can help retailers to improve their inventory accuracy and reduce stockouts. RFID can prevent theft and fraud by deterring shoplifters and ensuring that only authorized personnel can access inventory. In May 2023, SML Group partnered with PervasID to provide retail stores and brands with real-time product visibility and regular information on stock levels through a unique combination of PervasID's RFID reader technology and SML's Clarity enterprise software solutions. Such types of partnerships are helping to boost the adoption of RFID market share technology in retail industries.
Based on frequency band, the RFID market share is segmented into low frequency, high frequency, and ultrahigh frequency. The high frequency segment held the largest share of the market in 2022, whereas the ultrahigh frequency segment is anticipated to register the highest CAGR in the market during the forecast period. Ultrahigh-frequency RFID tags can be attached to metal products and materials, enabling real-time visibility and automated inventory management. It helps reduce human error, improve inventory, accuracy, and enhance supply chain efficiency. In February 2022, Identiv, Inc. launched its UHF (Ultrahigh Frequency) RFID TOM (Tag On Metal) product. The UHF RFID TOM was developed for use on metals and almost all other surface types, offering a long read range of ~4.5 meters (longer range on non-metallic surfaces). UHF RFID TOM is highly resistant to environmental interferences, provides an excellent read range of up to 10 meters on metal, and can be mounted on convex or concave metal surfaces.
The global RFID market players is broadly segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SAM).
North America is home to various RFID market players producing RFID products and services, including SML Group; Impinj, Inc; and HID Global Corporation (part of ASSA ABLOY). These market players are continuously working on expanding their products and providing innovative solutions for their customers. In May 2022, HID Global Corporation acquired Vizinex to expand its portfolio of high-performance passive RFID tags. The acquisition enhanced HID Global Corporation's portfolio of asset-tracking tags. Increasing investments by the market players fuel the growth of the RFID market player in North America and helping for the RFID market growth.
In Europe, various companies are expanding their geographical presence. For instance, in February 2023, Identiv, Inc. opened a new manufacturing plant in Europe. The manufacturing plant expands Identiv, Inc's global reach across continents with a competitively priced specialty UHF product portfolio. The company has made a strategic agreement with Trace Trace-ID to deliver the best-in-class specialty and industrial UHF RFID to European manufacturers. The expansion of domestic and global market players across Europe is propelling the RFID market growth in the region.
The governments of countries in Asia Pacific are using RFID technology for military applications. In February 2022, the Indian army announced that they had implemented RFID tags for tracking ammunition. The RFID implementation increased the efficiency of all technical activities in ammunition depots and reduced inventory carrying costs. Companies in Asia Pacific are also using RFID market growth technology to reduce their carbon footprint. In October 2022, Bridgestone Corporation used RFID tags to improve tire recycling of its commercial vehicle line of tires by producing RFID-tagged tires. Tires with tags will be linked to a cloud-based system to help monitor tire performance and condition. Thus, technological advancements in manufacturing industries are propelling the adoption of RFID market growth in Asia Pacific.
The RFID market analysis consists of the players such as Zebra Technologies Corp.; Assa Abloy AB; Honeywell International Inc; OMRON Corp; Siemens AG; MIWA Lock Co; Impinj Inc.; dormakaba Holding AG; Bar Code India Ltd; and APK Identification are among the key players operating in the global RFID market.
The regional trends and factors influencing the RFID Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses RFID Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 16.83 Billion |
| Market Size by 2030 | US$ 39.3 Billion |
| Global CAGR (2022 - 2030) | 11.2% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2030 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The RFID Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the RFID Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the RFID market. A few recent key RFID market player developments are listed below:
The List of Companies - RFID Market
The RFID market is expected to reach US$ 39,305.96 million by 2030.
The global RFID market was valued at US$ 16.83 billion in 2022 and is expected to reach US$ 39.30 billion by 2030; it is estimated to register a CAGR of 11.2% during the forecast period.
Increasing Uses of IoT Devices is anticipated to drive the RFID market in the coming years.
Increasing uses of RFID technology in healthcare and retail industries and rising deployment of RFID technology are the major factors that propel the RFID market growth.
The key players, holding majority shares, in RFID market includes Zebra Technologies Corp; Siemens AG; Honeywell International Inc; Assa Abloy AB; and MIWA LOCK Co Ltd.
APAC is anticipated to grow with the highest CAGR over the forecast period.
The US held the largest market share in 2021.