Global RFID Market Global Scenario, Market Size, Outlook, Trend, and Forecast, 2019 – 2028

Overview

The global RFID market is anticipated to reach US$ 21.30 billion by 2028; growing at a compound annual growth rate (CAGR) during the forecast period, 2021 – 2028. RFID termed as Radio Frequency Identification, is a system which uses radio waves to uniquely identify, track and communicate with objects, animals & humans. RFID is such a technology which uses electromagnetic fields to track down products which are labelled with RFID tags. These tags are so efficient that they read signals even from several feet away. Systems of RFID have two parts: Tag & Reader. Tags communicate through radio waves to the readers whereas, Readers emit signals radio waves to receive signal from RFID tags. Tags of RFID contains an antenna along with a microchip therefore, RFID has a unique serial number of every object which helps to identity each object differently. Use of RFID in the sectors of equipment tracking, inventory control, monitoring patients, personnel tracking, fall detection, detection of fake drugs & medical devices and providing data for electronic medical records system furthermore, boosting the global RFID market. Amazon is that one big name which is extensively investing in the research & development to further provide lucrative opportunities to the global RFID market.

Market Dynamics

High prevalence in the number of installations of RFID in various industrial sectors is the key reason which propels the growth in the global RFID market. Use of RFID tags and sensor solutions is an absolute combination for tracking in industries such as boilers, tanks, conveyors, cameras, pipes, etc. RFID tags are also placed in mobile objects like tools and process components like wheels, doors, engine, mirrors and other parts which are crucial in the automobile industry. Use of RFID in construction, manufacturing, engineering, chemical industries, public sector, retail, and the logistics.

RFID systems are very costly; purchase costs include costs of tags, transmitters, readers and software. High maintenance costs, installation charges and costs related with electricity and replacement, training costs and regular monitoring of internet accuracy are the key factors which hinders the global RFID market.

Demand of technological advanced objects like access control & smart cards and growth in the demand of tracing systems lead to the upsurge in the global RFID market. Ubisense, a German company developed and launched its tracing systems to minimize business downtime and protection of workers.            Smart-sensing RFID systems will introduce the finest Internet of things to modern warehouse hence providing opportunities to the market growth.

At present, the high costs of RFID market and lack of adequate knowledge about long-term benefits restricts the end users from purchasing. Currently, end users are not accurately aware and are still using old methods such as numbering, alphanumeric labelling and manual barcodes hence, challenging the global RFID market.

Market Segmentation

Global RFID market is bifurcated into Product type, Tag type, Application, Frequency, material and region. On the basis of Product, the global RFID market is segmented into Readers, Tags, software & services. Tags are the extensively used product of the global RFID market owing to its use in the industrial sector. Based on Tag type, the market is further classified into Active tags & Passive tags. Among Tag type, the Passive segment has seen immense growth because it is more cost-efficient than Active tags and also its accuracy in tracking goods among various sectors has led to the market growth. Omni-ID and Honeywell are the leading providers of Passive tags. On the basis of application, the global RFID market is segmented into Agriculture (animal tracking), Logistics & Supply Chain, Commercial, Retail and Transportation. Logistics & supply chain holds the largest market share in the application segment because of high adoption of tracking systems for cargo by various transportation systems including marine. On the basis of frequency, the global RFID market is segmented into High, Low and Ultra-high frequency. Based on Material the market is classified into Plastic, Glass & Paper. Organic & inorganic strategies of various companies like partnerships, developments, collaborations, expansions and product launches has extensively fueled growth of the global RFID market.

Geography Analysis

Based on region, the global RFID market is bifurcated into North America, Europe, Asia-Pacific, MEA and RoW. The North America is further segmented into U.S. & Canada. Europe is segmented into Germany, U.K., France & rest of Europe. Asia-Pacific is segmented into China, Japan, India & rest of APAC. Currently, North America dominates the global RFID market. Presence of a lot of investing companies creates surplus opportunities for Asia-Pacific is growing the fastest and is to exhibit certain market growth in the forecast period.

Prominent players of the global RFID market are – Zebra Technologies, NXP Semiconductors, HID Global, Honeywell, Avery Dennison, Identiv, Invengo, GAO RFID, Nedap and Impinj.

Market Segmentation and Scope of the global RFID Market

  • By Product Type
    • Tag
    • Reader
    • Software
    • Services 
  • By Tag Type
    • Active Tag
    • Passive Tag
  • By Application
    • Healthcare
    • Aerospace
    • Agriculture
    • Transportation
    • Aerospace
    • Defense
    • Security & Access control
    • Sports
    • Animal Tracking
    • Ticketing
    • Retail
  • By Frequency
    • High frequency
    • Low frequency
    • Ultra-high frequency
  • By Material
    • Plastic
    • Glass
    • Paper
  • By Form Factor
    • Implant
    • Label
    • Card
    • Key Fob
    • Paper Ticket
    • Band
  • By Region
    • North America
      • US
      • Canada
      • Europe
        • Germany
        • UK
        • France
        • Rest of Europe
        • Asia Pacific
          • Japan
          • China
          • India
          • Rest of Asia Pacific
          • Rest of the World

Key Players of the global RFID market

  • Zebra Technologies
  • NXP Semiconductors
  • HID Global
  • Honeywell
  • Avery Dennison
  • Identiv
  • Invengo
  • GAO RFID
  • Nedap
  • Impinj
  • Amazon
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