The India RFID market is valued at US$ 523.9 million in 2020 and is anticipated to reach US$ 1,865.3 million by 2028; growing at a compound annual growth rate (CAGR) of 14.2% from 2021 – 2028. Radio Frequency Identification (RFID) is a system which exclusively identify objects, animals & humans by tracking and communicating through radio waves. RFID systems require electromagnetic fields to recognize & track the objects that have tags attached to them. Tags are tiny objects which are embedded by a chip and antenna to wirelessly identify such objects which are attached to it. RFID system comprises of radio transponder, radio receiver & transmitter. When the electromagnetic pulse from RFID reader device triggers the tags, the tag starts giving information to the reader device. RFID technology is emerging extensively all over India for tracking, automatic identifications, database management, access controls, security & surveillance, logistics & supply chain and inventory control. In India, RFID technology is present at the core of FASTag device, for executing electronic toll collections on all the National Highways. FASTag aims to opt for cashless transactions which benefits in limited or no traffic jams. RFID utilizes EPC (Electronic Produce Code), which is highly significant in automatically identifying different vehicles. India government has made RFID tags mandatory on all vehicles for electronic toll collection. The National Payment Corporation of India has ensured the safety of data in RFID & FASTag. Infotek Software & Systems (i-TEK) is the major producer of tags.
The foremost reason of the upsurge of RFID technology in India is the advantages of RFID systems over the existing barcodes system. High returns of the invested money, increase in the number of installations of RFID systems, availability of cost-effective installations, use of RFID systems in industrial sector and FASTag devices highly boosts the growth of RFID market in India.
High purchase costs of tags, readers & transmitters, limited availability are the key reasons which hurdles the market growth of RFID in India. Ban on Chinese exports & imports has certainly shown a major impact on the growth of India RFID market.
Growth in the number of installations around the country and demand of tracing systems are creating impressive opportunities for the India RFID market.
The India RFID market is bifurcated into Product type, Application and Frequency. On the basis of Product type, the India RFID market is segmented into tags, readers, services and software. Based on Frequency, the India market is classified into High Frequency, Low Frequency and Ultra-high Frequency. Based on Application, the India RFID market is segmented into Healthcare, Aerospace, Agriculture, Transportation, Defense, Ticketing, o Security & Access control, animal tracking, Logistics & Supply Chain, Commercial and Retail.
Developing organized retail market, the upsurge in governmental support and the extensive usage across cities which are likely to foresee certain development in this sector like Maharashtra & Gujarat in west, Tamil Nadu & Karnataka in south region are immensely boosting the growth of the RFID market in India.
Bar Code India Limited (BCI), Zebra Technologies Corporation, Bartronics India Limited, Infotek Software & Systems Ltd. (i-TEK), Honeywell International Inc., Avery Dennison Corporation, Identiv, Inc., Alien Technology LLC. and NXP Semiconductors N.V. are the key players in the India RFID market.
Market Segmentation And scope of India RFID market
Key Players of the India RFID market