RFID Market Size Report & Industry Overview 2023 to 2030

[Research Report] The RFID market size is projected to grow from US$ 16.83 billion in 2022 to US$ 39.30 billion by 2030; it is estimated to register a CAGR of 11.2% from 2023 to 2030.

 

Analyst Perspective:

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.

Market Overview:

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.

Customize This Report To Suit Your Requirement

You will get customization on any report - free of charge - including parts of this report, or country-level analysis, Excel Data pack, as well as avail great offers and discounts for start-ups & universities

Get FREE CUSTOMIZATION

RFID Market: Strategic Insights

• Get Top Key Market Trends of this report.
  This FREE sample will include data analysis, ranging from market trends to estimates and forecasts.

Free Sample PDF

 

Market Driver:

Increasing Uses of RFID Technology in Healthcare and Retail Industries

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.

Segmental Analysis:

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.

Regional Analysis:

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.

Key Player Analysis:

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.

RFID Market Regional Insights

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.

RFID Market Market Report Scope

Market Players Density: Understanding Its Impact on Business Dynamics

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:

1. Assa Abloy AB
2. Honeywell International Inc
3. OMRON Corp
4. Siemens AG
5. MIWA LOCK Co Ltd

Disclaimer: The companies listed above are not ranked in any particular order.

 

Recent Developments:

 

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:

• In 2022, Avery Dennison has commenced operations of its new intelligent labels factory in Brazil. The new plant aims to meet the growing demand from various industry sectors within the national market and other regions in South America as driven by new “contactless” consumer experience and omni-channel models.

• In 2022, SML and PervasID providing innovative, high-accuracy UHF Radio Frequency Identification (RFID) reader systems for automating inventory and asset tracking. This exclusive partnership will focus on delivering a unique combination of PervasID’s passive RFID reader technology and SML’s Clarity enterprise software solutions to drive higher profits for retailers
• In 2022, TagMaster launched a new RFID reader for parking and access control – XT-5. The XT-5 is an RFID reader designed and optimized for solutions in the access control area and parking applications such as airport car parks, railyards, and bus depots, automated truck activities, internal logistics.

• In 2022, Correios Brazil has implemented RFID tags on cargo containers, which hold hundreds of packages, and installed around 2,000 readers at the entry and exit points in operational units, to better track letters and parcels through its network.

• In 2022, Avery Dennison Corporation has announced the new AD Twist U7XM inlays for inventory and supply chain management applications in challenging environments, such as automotive, aerospace, and other industrial sectors. The new UHF RFID inlays have been designed specifically for environments where metal is in situ, such as within pipes, tubes, and cable harnesses.

• In 2021, the new AD Slim DF EM4425 tag is designed for logistics, medical, and industrial use cases and offers customer engagement features. It enables powerful all-in-one solutions for inventory management and product authentication, enabling a consistent customer experience in various channels

• In 2021, HID Global announced the acquisition of Brazilian manufacturer and reseller of RFID hardware, ACURA. The acquisition enhances HID Global’s RFID portfolio while expanding the company’s presence and relevance in Latin America.

• In 2021, SML RFID launches high-performance GB3U9 inlay. The GB3U9 is equipped with the latest RFID chip from NXP, UCode9, enabling great read sensitivity, resulting in high-quality and rapid inventory counting in dense RFID tag populations. The GB3 inlay offers a unique option for the retail apparel, footwear, cosmetics, and electronic industries.

• In 2021 SML Group has launched GB24U, a dual tag technology combining item-level tracking abilities of RFID with the loss prevention capabilities of an Electronic Article Surveillance (EAS) tag.