The global RFID market is experiencing remarkable growth, driven by the increasing adoption of this technology across various industries. The market is propelled by advancements in RFID technology, including smaller and more cost-effective tags, improved read ranges, and interoperability. With its ability to streamline processes, reduce errors, and enable better decision-making, RFID is revolutionizing industries such as retail, healthcare, logistics, and manufacturing, leading to a positive outlook for the market.
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Data Bridge Market Research analyses that the Radio-Frequency Identification Technology (RFID) Market is valued at USD 8.1 billion in 2021 and is expected to reach USD 41.88 billion by 2029, registering a CAGR of 22.80% during the forecast period of 2022-2029. The widespread adoption of RFID technology across industries such as retail, healthcare, logistics, manufacturing, and transportation is a major driver. The need for efficient inventory management, asset tracking, and supply chain visibility is fueling the demand for RFID solutions.
Key Findings of the Study
Supply chain optimization is expected to drive the market's growth rate
RFID technology plays a crucial role in supply chain optimization by providing real-time tracking and visibility of goods. This enables businesses to have accurate and up-to-date information on inventory levels, location, and movement of products. With this information, companies can reduce inventory carrying costs by optimizing stock levels, minimize stock-outs by ensuring timely replenishment, improve demand forecasting accuracy, and enhance overall supply chain efficiency by streamlining operations and reducing manual errors in tracking and inventory management processes.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Products (Tags, Readers, Software), Tags (Wafer Size, Tag type, Frequency, Application, Form Factor, Material), End User (Industrial, Transportation, Retail, Consumer Package Goods, Healthcare, Education, Others)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
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Market Players Covered
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Alien Technology, LLC (U.S.), GAO Group Inc. (Canada), Honeywell International Inc. (U.S.), Impinj, Inc. (U.S.), Mobile Aspects, Inc. (U.S.), RF Technologies, Inc. (U.S.), Radianse (U.S.), STID (U.S.), STANLEY Healthcare (U.S.), SATO HOLDINGS CORPORATION. (Japan) Motorola Solutions, Inc. (U.S.), CAEN RFID S.r.l. (Italy), NewAge Industries, Inc. (U.S.), IBM Corporation (U.S.), Siemens (Germany), AMERICAN RFID SOLUTIONS, LLC (U.S.), and 3M (U.S.), among others
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Data Points Covered in the Report
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In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
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Segment Analysis:
The radio-frequency identification technology (RFID) market is segmented on the basis of products, tags, and end-user.
- On the basis of products, the global RFID market is segmented into tags, readers, and software. The tags segment dominates the product type segment of the RFID market due to the high demand for RFID tags for tracking and identification purposes across various industries. Tags are essential components that enable the identification and tracking of assets, inventory, and products, making them a key driver in the RFID market with a CAGR of 16.5% in the forecast period of 2022 to 2029.
In 2022, the Tags segment dominates the products type segment of the RFID market
In 2022, the tags segment dominates the products type segment of the RFID market owing to the major force behind the RFID market because they enable the identification and tracking of goods, inventory, and assets with a CAGR of 16.5% in the forecast period of 2022 to 2029.
- On the basis of tags, the global RFID market is segmented into wafer size, tag type, frequency, application, form factor, and material. The application segment dominates the basis of the tags segment in the RFID tag market as it caters to various industries with specific needs, such as retail, logistics, healthcare, and manufacturing. Different applications require different tag functionalities and characteristics, leading to diverse demand and dominance in this segment in the forecast period of 2022 to 2029.
In 2022, the application segment dominates the basis of tags segment in the RFID tag market
In 2022, the application segment dominates the basis of the tag segment in the RFID tag market owing to the functionalities and traits, resulting in a wide range of demand and dominance in this market in the forecast period of 2022 to 2029.
- On the basis of end-user, the global RFID market is segmented into industrial, transportation, retail, consumer package goods, healthcare, education, and others. The retail segment dominates the RFID market due to the extensive adoption of RFID technology in retail operations. RFID enables retailers to improve inventory management, streamline supply chain operations, reduce stockouts, enhance customer experiences, and combat theft in the forecast period of 2022 to 2029.
Major Players
Data Bridge Market Research recognizes the following companies as the major radio-frequency identification technology (RFID) market players in radio-frequency identification technology (RFID) market are Alien Technology, LLC, (U.S.), AWID, CAEN RFID S.r.l (Italy), GAO Group Inc. (Canada), Impinj, Inc.(U.S.), Mojix, Inc., Honeywell International Inc. (U.S.)
Market Development
- In 2022, International Medical Industries, Inc. will release a new Prep-Lock Tamper Evident Cap for ENFit and Oral Syringes. Radio Frequency Identification (RFID) technology is incorporated into the products to improve inventory control and medication security.
- In 2022, The dual-frequency (DF) range of RFID inlays from Avery Dennison Corporation combines NFC (HF) and RAIN RFID (UHF) functionality for affordable item-level tagging in a compact design. The brand-new AD Slim DF EM4425
- In 2022, Avery Dennison Smartrac unlocked essential RFID value for healthcare, pharmacies, and laboratory asset management with the launch of an AD Minidose U9 RAIN RFID inlay for pharmaceutical applications.
- In 2022, ASSA ABLOY recently purchased Janam, a well-known American manufacturer of portable computers and readers. With this acquisition, HID's event access portfolio has been expanded to include handheld readers for scanning tickets with NFC and barcode technology.
- In 2021, Technology Solutions (TSL), a leading manufacturer of RFID handheld readers, was purchased by ASSA ABLOY in the UK.
Regional Analysis
Geographically, the countries covered in the radio-frequency identification technology (RFID) market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
As per Data Bridge Market Research analysis:
North America is the dominant region in the radio-frequency identification technology (RFID) market during the forecast period 2022-2029
North America dominates the RFID market due to the increasing demand for storage and tracking solutions provided by RFID technology. The region's strong presence in industries such as retail, healthcare, logistics, and manufacturing drives the adoption of RFID for inventory management, asset tracking, and supply chain optimization. Additionally, the region's technological advancements, favorable government initiatives, and a mature market ecosystem contribute to the dominance of North America in the RFID market.
Asia-Pacific is estimated to be the fastest growing region in the radio-frequency identification technology (RFID) market in the forecast period 2022-2029
Asia-Pacific is poised for significant growth in the RFID market due to the region's increasing volume of high data generation. The rapid digitalization, e-commerce growth, and adoption of IoT devices in countries such as China, India, and Southeast Asian nations drive the need for efficient data management and tracking solutions. RFID technology provides real-time data capture and management capabilities, making it essential for handling the surge in data volume, thereby fueling the growth of the market in Asia-Pacific.
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