Westford, USA, Oct. 10, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the global RFID market will reach a value of USD 55.66 Billion by 2031, with a CAGR of 15.1% during the forecast period (2024-2031). RFID or radio frequency identification market is experiencing substantial growth supported by the rising demand for inventory management, automation, and better supply chain optimization in diverse industries. The key factors driving the market comprise modernizations in RFID technology like advances in tag designs, growing use of IoT devices, and rising awareness of the advantages of RFID systems. Further, the market will continue to progress with businesses recognizing the significance of real-time inventory visibility and data.
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Browse in-depth TOC on the "RFID Market" Pages – 197, Tables – 95, Figures – 76
Report Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 18.07 Billion |
| Estimated Value by 2031 | USD 55.66 Billion |
| Growth Rate | Poised to grow at a CAGR of 15.1% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Frequency, Application, Component, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa |
| Report Highlights | Growing number of patent filings by major market players |
| Key Market Opportunities | Reduction in RFID Tag Prices |
| Key Market Drivers | Increasing Need for Supply Chain Transparency and Visibility |
Passive Tags to Dominate Market Owing to Better Durability and Cost-Efficiency
By product, the passive tags segment led the RFID market with maximum share and will continue dominance over the forecast period owing to its longevity and broader applications. The passive tags offer extended lifespan, which increases its preferences for multiple applications where durability is needed. Several industries have adopted RFID due to their high efficiency in asset management and inventory tracking. The segmental growth is also impacted by its cost-efficiency since it does not need battery.
However, the active tags segment is the fastest-growing segment observed in the RFID market owing to their extended range and tracking in real-time. RFID tags offer long lead range than passive tags, increasing their suitability for asset tracking over distances. These tags can efficiently transfer signal independently, allowing real-time monitoring and tracking, which is needed for asset management and logistics.
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Tags Segment to Lead Market Owing to its Widespread Applications and Core Functionality
By component, the tags segment is projected to led the market owing to the core functionality of the tags and diverse applications. The RFID tags are important for the basic operation of technology. They are the fundamental components that transfer and store data, fueling their demand. Tags hold broader applications in industries like logistics, retail, manufacturing, and healthcare, allowing wide adoption for asset tracking and inventory management.
Nonetheless, the middleware segment is observed to be the fastest-growing owing to better integration capabilities and data management. Middleware bridges the gap between backend systems and RFID tags, thus streamlining the integration with the current IT systems like supply chain management systems and ERP solutions. It offers vital functions like filtering, data processing, and analysis, allowing businesses to take wise decisions depending on RFID data in real-time.
Presence of Strong Infrastructure and Number of Innovations to Drive the Market in North America
North America held larger share of the market owing to early adoption of improved technologies, growing number of innovations, and the presence of strong infrastructure. The key industries in North America like logistics, healthcare, and retail are early adopters of RFID, thus establishing standards and strong use cases. The region is also home to several innovations backed by research institutes and prominent technology providers. Also, the region holds well-developed IT infrastructure, allowing unified RFID systems with present enterprise operations.
Asia-Pacific is the fastest-growing region and is projected to lead the market over the forecast period owing to speedy industrialization and progressing retail sector. The region is witnessing substantial growth with mounting demand for efficient supply chain management and automation. Also, the rise of retail and e-commerce in India and China is notably fueling the adoption of RFID for better user experience and inventory management.
RFID Market Insight
Drivers:
- Growing Need for Efficient Inventory Management
- Rising Demand for Contactless Solutions
- Technological Improvements like Better Reader Capabilities
Restraints:
- Limitations in Read Range
- Data Privacy and Security Issues
- Complex and Time-Consuming Integration
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Prominent Players in RFID Market
- Avery Dennison
- Data Logic
- GEO RFID
- HID Global
- Honeywell
- Identiv
- Invengo
- Impinj
- NXP Semiconductor
- Zebra Technologies
Key Questions Answered in Global RFID Market Report
- What is the estimated size of the market, as per SkyQuest Technology?
- What are the key strategies adopted by players in the market?
- What are the leading drivers and opportunities in the market?
This report provides the following insights:
Analysis of key drivers (rise of e-commerce, integration with IoT, labor cost reduction and automation), restraints (lack of standardization, resistance to change due to low awareness, heavy market saturation in some regions), opportunities (growing use in healthcare applications, innovations in retail, rising sustainability initiatives), and challenges (high cost of implementation, challenges with maintenance and support, issues with integration) influencing the growth of RFID market.
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the market.
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the RFID market.
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market.
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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SkyQuest Technology
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