Latest News:- RFID Market for Industrial Applications Market: RFID tags is expected to lead the Product segment during 2023-2027

RFID Market for Industrial Applications Market to grow at a CAGR of 10.63% during 2023-2027

The RFID Market for Industrial Applications Market is expected to grow at a CAGR of 10.63% during 2022 and 2027. During this period, the market is also expected to show a growth of USD 2677.78 million. RAIN RFID, also known as UHF RFID, is a cutting-edge technology that has revolutionized the retail sector through item-level tagging and inventory management. With a larger chip volume and an expanded range of chip-antenna combinations, RAIN RFID is proving to be equally influential in manufacturing industries. Notably, automotive manufacturers are leveraging this technology to automate the tracking of returnable containers or bins, thereby eliminating labor-intensive and error-prone manual processes. The burgeoning demand for rugged industrial RFID scanners, including wearable ring scanners, is expected to fuel growth in the RFID scanners market, particularly within the rugged handheld scanner segment. 

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The RFID tags subsegment is expected to dominate the Product segment during the forecast period 

Technavio analysts predict that the RFID tags subsegment will lead the Product segment during 2023 and 2027 RFID (Radio Frequency Identification) technology utilizes electronic tags, comprised of an antenna and an IC (Integrated Circuit), to transmit data to RFID readers via radio waves. The antenna receives and sends radio waves, while the IC stores and processes data, as well as modulates and demodulates incoming and outgoing waves. RFID tagging serves as a sophisticated identification system, replacing traditional barcode technology in various industrial applications. Despite the higher cost compared to barcode stickers, RFID tags offer significant advantages, making them a preferred choice for numerous end-users in supply chain management and beyond.

Here are the various ways based on which the market is segmented: 

• Product
  • RFID tags
  • Middleware
  • Passive RFID systems
  • Active RFID systems
• Type
  • High frequency
  • Ultra-high frequency
  • Low frequency
• Geography
  • North America
  • APAC
  • Europe
  • South America
  • Middle East and Africa

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There are several factors that are causing the market to flourish evolution of industry 4.0

Learn which are the obstacles that the market is experiencing in the way of its growth by accessing the free PDF report

Research Analysis Overview

The RFID market for industrial applications is experiencing significant growth due to the increasing adoption of mountable tags in various sectors. One of the key players in this market is TagMaster, offering advanced RFID solutions for vehicle identification and electronic toll collection. These systems utilize RFID technology, including RAIN RFID (UHF) and NFC (HF), to enable contactless data transfer between the tag and reader. Security and safety are major concerns in industrial applications, and RFID technology plays a crucial role in addressing these needs. For instance, in manufacturing facilities, RFID tags are used to track the movement of goods and ensure productivity. In the healthcare sector, Fresenius Kabi uses RFID technology to monitor the storage and usage of critical medications, such as Rocuronium Bromide Injection, through mountable tags on their storage cabinets. Moreover, RFID technology is being integrated with blockchain to enhance security and transparency in various industries. For example, toll booths are increasingly adopting RFID technology for electronic toll collection, enabling faster and more affordable solutions for vehicle identification and toll fees processing. TagMaster's Dual-Frequency (DF) series of RFID readers supports both HF and UHF frequencies, providing versatility and flexibility for various industrial applications.

Market Research Overview

According to Technavio, the RFID market for industrial applications is classified under the global technology hardware, storage, and peripherals market, which encompasses the revenue generated from the sales of hardware devices, equipment, and components in the broader IT sector. This market segment includes manufacturers of cellular phones, personal computers, servers, electronic computer components, peripherals, data storage components, motherboards, audio and video cards, monitors, keyboards, printers, and other related technology hardware. Key growth drivers for the global technology hardware, storage, and peripherals market include increasing demand for automation and digitization in industries, rising adoption of IoT technologies, and growing investment in IT infrastructure.

The RFID Market for Industrial Applications Market is experiencing significant growth, fueled by the evolution of industry 4.0. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

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Technavio Research
Jesse Maida
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