Latest News- Radio Frequency Identification (RFID) Market: RFID tags is expected to lead the Product segment during 2025-2029

The Radio Frequency Identification (RFID) Market is being driven by Adoption of inventory management systems

The Radio Frequency Identification (RFID) Market is expected to grow at a CAGR of 14.6% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 18767.9 million. In today's data-driven business landscape, optimizing data center assets and enhancing operational efficiency are top priorities for enterprises. Data centers house a multitude of critical components, including servers, storage devices, routers, switches, and racks, which must be managed securely and efficiently. RFID technology offers a solution by integrating automation into the management of these assets. By implementing RFID tags on servers, routers, switches, and other network equipment, data center managers can streamline asset tracking and resource utilization. This integration of RFID technology not only reduces inefficiency and human error but also provides real-time visibility into the status and location of critical assets. Ultimately, RFID technology enables data center managers to optimize their resources, enhance security, and improve overall operational efficiency. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • RFID tags
  • Middleware
  • Passive RFID systems
  • Active RFID systems
• End-user
  • Industrial
  • Retail
  • BFSI
  • Logistics
  • Others
• Component
  • Tags
  • Antennas
  • Readers
  • Middleware
• Geography
  • North America
    • Canada
    • US
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Adoption of inventory management systems
• Adoption of RFID solutions in cloud middleware
• Increased adoption of RFID in e-commerce

However, the market also witnesses some limitations, which are as follows:

• Data security and consumer privacy issues
• Limitations of fixed RFID readers
• High deployment cost of active RFID systems

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Market Scope in Radio Frequency Identification (RFID) Market Research Report

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Research Analysis Overview

RFID technology refers to the use of RFID tags and readers to identify and track objects. In manufacturing facilities, RFID solutions are employed for inventory management, enabling real-time monitoring of stock levels. RFID tags, also known as transponders, emit radio-frequency signals when in proximity to readers. These signals are captured and decoded to provide information about the tagged object. Applications of RFID technology extend beyond manufacturing, with electronic toll collection systems like FASTag utilizing RFID tags for automatic vehicle identification and payment. In warehousing, RFID is used for asset tracking and resource optimization, while sensor networks and 5G technology enhance its capabilities. Pestle analysis reveals that geographical coverage, government regulations, social trends, and technological advancements impact the RFID market. Other key components include middleware, tags, readers, and the gantry system used in certain applications.

Market Research Overview

The RFID market is a significant segment of the global technology hardware, storage, and peripherals market, which encompasses manufacturers of RFID tags, readers, and middleware. RFID technology, fueled by the adoption of 5G networks, offers accurate data unit identification, enabling effective asset tracking, inventory management, and automation in various industries, including manufacturing facilities, logistics, and transportation. Compliance with government mandates and data protection regulations necessitates the involvement of compliance experts. Technavio identifies emerging revenue pockets in sectors like electronic toll collection (ETC) and IoT applications. GuardRFID mitigates electromagnetic interference, ensuring data accuracy. Market growth is driven by the increasing volume, velocity, veracity, and variety (4Vs) of data, necessitating advanced data protection and storage solutions.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/