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RFID Market worth $40.9 billion by 2032 - Exclusive Report by MarketsandMarkets™

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MarketsandMarkets

17 Oct, 2023, 14:45 GMT

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CHICAGO, Oct. 17, 2023 /PRNewswire/ -- The RFID Market is projected to reach USD 40.9 billion by 2032 from USD 15.8 billion in 2023; it is expected to grow at a CAGR of 11.1% from 2023 to 2032 according to a new report by MarketsandMarkets™. Increasing need for RFID systems in manufacturing units for improving productivity, increasing government initiatives and regulations for safety and security and rising need for improving inventory management for logistics and supply chain to drive the growth of the RFID market.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=446

Browse in-depth TOC on "RFID Market" 
278 – Tables
60 – Figures
240 – Pages

RFID Market Report Scope:

Report Coverage

Details

Market Revenue in 2023

$ 15.8 billion

Estimated Value by 2032

$ 40.9 billion

Growth Rate

Poised to grow at a CAGR of 11.1%

Market Size Available for

2022–2032

Forecast Period

2023–2032

Forecast Units

Value (USD Million/Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Offering, Tag Type, Wafer Size, Frequency, Form Factor, Material, Application and Region

Geographies Covered

North America, Europe, Asia Pacific, and Rest of World

Key Market Challenge

Technical limitations with RFID integrated systems

Key Market Opportunities

Reduction in tag costs

Key Market Drivers

Surge in demand for RFID in Electronic Toll Collection

 The RFID market has a promising growth outlook due to its increasing adoption across various industries. With the integration of RFID into the Internet of Things (IoT) ecosystem and its expanding use in sectors such as healthcare and pharmaceuticals, retail, logistics, and manufacturing, the market is set to expand.

The Logistics & Supply Chain application is expected to hold the largest market share of the RFID tags market during the forecast period.

In 2022, the logistics and supply segment held the largest market share, and this pattern is expected to persist in the forecast period. The predominance of this sector can be attributed to the extensive adoption of tracking systems by logistics companies to monitor and oversee their cargo in transit. Additionally, organizations are increasingly implementing sensor-based RFID tagging systems to oversee environmental conditions surrounding transported products. Any deviations in product attributes or external factors trigger notifications to relevant stakeholders, enabling timely action to prevent damage. RFID tags have proven invaluable to government authorities for asset monitoring and ensuring the legal flow of products. These proactive measures against transit product loss have significantly bolstered the adoption of RFID tags in logistics and supply chain applications. This sector encompasses RFID tag usage in diverse applications, including postal and courier services, asset tracking, freight tracking, cargo monitoring, container tracking, and other supply chain operations. RFID solutions empower industries to optimize their supply chains by enhancing warehouse inventory management, shipment tracking, and route optimization. Transitioning to an electronic and paperless environment via RFID technology allows suppliers and wholesalers to achieve inventory accuracy exceeding 99.9%, eliminating human errors. The use of RFID solutions enables the real-time maintenance of a comprehensive database, including information on warehouse stocks and products in transit.

The Label Form Factor segment of RFID Tags is expected to hold the highest market share of the RFID tags market during the forecast period.

In terms of value, label tags represent the largest share in the RFID tag market. Labels are the most prevalent, cost-effective, and widely employed tags, commonly affixed to assets in various settings such as IT parks, industrial materials, industrial equipment, data center assets, hospital equipment, pharmaceuticals, and a multitude of other products and items. Manufacturers typically supply labels in bulk as reel/bundle purchases. These tags are predominantly designed for single-use applications, resulting in their widespread use across various end-user industries. Some companies also offer durable, tear-resistant labels suitable for long-term and challenging environmental conditions. The extensive adoption of label tags across virtually every industry significantly contributes to market growth.

Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=446

The Asia Pacific RFID market is projected to have the highest market share during the forecast period.

During the forecast period, Asia Pacific region is poised to experience the most significant growth in the RFID tag market. In 2022, China held the largest share of the RFID tag market in the Asia Pacific. However, Japan is projected to exhibit the highest CAGR in the foreseeable future. Notably, the healthcare and retail sectors in Japan have been early adopters of RFID solutions. Moreover, the sports and entertainment industry in the region is demonstrating a growing interest in RFID technology. The presence of prominent baseball leagues in Japan and South Korea, coupled with various sports organizations and associations in Australia and New Zealand, is expected to drive RFID technology adoption in the sports sector. Catapult Sports, a prominent RFID solutions provider based in Australia, is actively involved in the sports industry. The manufacturing, retail, healthcare, oil and gas, and mining sectors are anticipated to play a substantial role in propelling the RFID market's growth in the Asia Pacific. The automotive manufacturing, heavy equipment manufacturing, and other related industries in the region offer significant growth potential for the RFID industry due to increasing awareness of RFID benefits, including cost efficiency, enhanced asset visibility, time savings, and simplified auditing processes. These advantages are likely to drive greater adoption of RFID solutions, particularly in countries like Japan, China, and India.

Key Players of RFID Companies:

Zebra Technologies Corp. (US), Alien Technology, LLC (US), CAEN RFID S.r.L. (Italy), Impinj, Inc. (US), Avery Dennison Corporation (US), Honeywell Internartional Inc. (US), NXP Semiconductors (Netherlands), GAO Group (Canada), HID Global Corporation (US), Invengo Information Technology Co., Ltd. (China), Infotek Software & Systems (P) Ltd (i-TEK) (India), Bartronics India Limited (India), Bartech Data Systems Pvt. Ltd., ORBCOMM Inc. (US), GlobeRanger (US), Mojix (US), SAG Securitag Assembly Group Co., Ltd. (SAG) (Taiwan), Linxens (France), Checkpoint Systems, Inc. (US), Identiv, Inc. (US), Confidex (Finland), Datalogic S.p.A. (Italy), Nedap N.V. (Netherlands), Jadak (US).

Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=446

Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting

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Real-time Location Systems Market by Hardware (Tags/Badges, Readers/Trackers), Technology (RFID, Wi-Fi, UWB, BLE, Infrared, Ultrasound, GPS, Zigbee), Application (Inventory/Asset Tracking, Personnel Monitoring), Vertical, Region - Global Forecast to 2028

RFID and Barcode Printer Market Size, Share & Industry Growth Analysis Report by Printer Type, Format Type (Industrial Printers, Desktop Printers, Mobile Printers), Printing Technology, Printing Resolution, Application, and Region - Global Growth Driver and Industry Forecast to 2026

Asset Management System Market With Covid-19 Impact by Solution (GPS, RFID, RTLS, Barcode), Asset Type (Electronic Assets, Returnable Transport Assets, In-Transit Equipment, Manufacturing Assets, Staff), Industry, Geography - Global Forecast to 2025

Retail Automation Market by Type (PoS, Barcode and RFID, ESL, Camera, AGV, ASRS, Automated Conveyor), Implementation, End User (Hypermarkets, Supermarkets, Single Item Store, Fuel Stations, Retail Pharmacies) and Geography - Global Forecast to 2023

Thermal Printing Market by Offering (Printer, Supplies), Printer Type (Barcode, POS, Kiosk & Ticket, RFID, and Card), Format Type (Industrial, Desktop, Mobile), Printing Technology (DT, TT, D2T2), Application and Geography - Global Forecast to 2025

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra

MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Visit Our Web Site: https://www.marketsandmarkets.com/
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/rfid-market.asp
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