Radio Frequency Identification (RFID) Market Size to grow by USD 14.20 billion between 2024-2028
According to a research report “ Radio Frequency Identification (RFID) Market” by Product (RFID tags, Middleware, Passive RFID systems, Active RFID systems) End-user (Industrial, Retail, BFSI, Logistics, Healthcare and others) Geography (North America, APAC, Europe, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 14.20 billion, at a CAGR of 12.83% during the forecast period. In the industrial and retail sectors, managing the data entry and database of equipment or products manually has resulted in a significant increase in errors and inefficiencies. RFID technology addresses this challenge by enabling precise recognition and recording of product databases through the use of RFID tags. This is particularly beneficial for industries such as manufacturing, logistics, and warehousing, where maintaining an accurate product database is crucial for informed decision-making. RFID tags also streamline the data entry process, reducing errors and saving valuable time..
Browse market data tables, figures, and in-depth TOC on “Radio Frequency Identification (RFID) Market” by Product (RFID tags, Middleware, Passive RFID systems, Active RFID systems) End-user (Industrial, Retail, BFSI, Logistics, Healthcare and others) Geography (North America, APAC, Europe, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample
By Product, the RFID tags segment is projected to dominate the market size in 2024
RFID tags represent a vital component of the modern business landscape, enabling contactless data exchange between objects and RFID readers via radio waves. These tags consist of two primary elements: an antenna and an integrated circuit (IC). The antenna facilitates the reception of radio frequencies, while the IC processes and stores data, modulating and demodulating the transmitted waves. The RFID tag market experiences significant growth due to increasing demand from industries requiring access control and material identification.
By End-user, Industrial segment is expected to hold the largest market size for the year 2024
RFID technology plays a pivotal role in optimizing supply chain and inventory management within the industrial sector. Active and passive RFID tags are utilized based on specific application requirements. Large-scale industrial enterprises predominantly employ active RFID tags, which offer extended frequency ranges. Integration of RFID technology facilitates streamlined production processes, enhancing overall efficiency. Furthermore, the technology empowers data-driven decision-making through comprehensive database management. RFID tags enable industrial end-users to monitor inventory status and identify bottlenecks at various production or assembly stages.
North America is forecasted to hold the largest market size by region in 2024
The RFID market is experiencing robust growth, particularly in the Americas, driven by the widespread implementation of smart factory concepts. RFID technology plays a pivotal role in automating various processes within these factories and industries, leading to a reduction in manual labor and enhanced inventory accuracy. Notably, the Bureau of Transportation Statistics reported a substantial increase in transborder freight between the US and its North American neighbors in April 2021, with a 76.8% surge in freight between the US and Canada and a 93% increase in freight between the US and Mexico. This trend underscores the expanding adoption of RFID technology in supply chain management and logistics, further fueling market growth.
The Radio Frequency Identification (RFID) Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
Radio Frequency Identification (RFID) is a cutting-edge technology that enables automatic identification and tracking of objects using radio-frequency signals. RFID systems consist of three main components: readers, tags, and middleware. Readers emit and receive radio-frequency signals, while tags contain transponders that respond to these signals, transmitting data to the readers. Middleware acts as a bridge between the physical RFID system and the application software. The RFID market is witnessing significant growth due to its applications in various sectors, including inventory management, warehousing, manufacturing facilities, and electronic toll collection. With the advent of 5G and sensor networks, RFID technology is expected to offer enhanced capabilities for real-time tracking and resource optimization. Pestle Analysis of the RFID market reveals factors such as government regulations, technological advancements, and competition driving market growth. Geographical coverage is extensive, with RFID solutions being implemented in industries across the globe. Inventory management and asset tracking are major applications, with RFID technology being used for FASTag in electronic toll collection and for tracking goods in gantry systems. RFID tags are used in various industries, including manufacturing, retail, healthcare, and logistics, for efficient management and optimization of resources.
Market Research Overview
RFID, or Radio Frequency Identification, is a technology that enables automatic identification of objects using radio-frequency signals. In the context of warehousing, RFID has gained significant attention due to its ability to provide real-time intelligence for supply chain management. Ultra-high frequency RFID, or UHF technology, is particularly popular in this application due to its longer read range and ability to identify multiple tags simultaneously. The RFID market ecosystem includes RFID tags, readers, middleware, and RFID solutions. Retailers are major adopters of RFID technology for inventory management and asset tracking, especially in the retail application. The RFID market is driven by the need for resource optimization and real-time intelligence, but faces challenges such as technical limitations, trade regulations, and tag costs. UHF RFID uses passive tags, which do not require a battery, and can be read from a distance. However, interference from electromagnetic fields and mixed pallets can affect read accuracy. Security is another concern, with the need for data protection and compliance with regulations. Emerging revenue pockets in the RFID market include electronic toll collection systems like FASTag, sensor networks, and IoT applications. Opportunities exist in manufacturing facilities, logistics, and production analysis. However, the market also faces restraints such as interference, technical limitations, and government mandates. NFC, or Near Field Communication, is a related technology that uses short-range radio-frequency signals for contactless transactions. Active tags, which have a battery, offer longer read ranges and can be used for asset tracking and payments. The RFID market is expected to grow due to the increasing demand for automation, accurate data unit identification, and effective store handling. The market is also being driven by the adoption of 5G technology, which will enable faster and more reliable RFID communication. Overall, the RFID market is poised for significant growth in the coming years.
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