NEWARK, Del, Dec. 29, 2022 (GLOBE NEWSWIRE) -- The global Radio frequency Identification market is estimated to be around US$ 25.9 Bn in the present year 2023. The overall market is expected to grow up to US$ 122.6 Bn by 2033, by registering a CAGR of 16.8%.
Among the big factors for this higher growth rate of the RFID market is the growing need for this technology in manufacturing industries for transmission lines. Moreover, the growing need for better inventory management has increased the demand for RFID products in the global market recently.
The RFID technology is currently widely deployed to monitor assets on a real-time basis in industries such as transportation, logistics and supply chain, retailing, security, and so on. Recent technological advancements have also opened up the road for Radio Frequency Identification (RFID) market in the healthcare sector.
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The sudden increase in the deployment of RFID solutions throughout healthcare and service sectors has promoted the growth of the aforementioned market. Furthermore, the increase in laws and policy efforts is likely to drive research in Radio Frequency Identification technology.
Unfortunately, the high costs associated therewith RFID installation, procurement, and maintenance are expected to limit the market growth to certain degrees. Moreover, worries about data security and privacy, are projected to hinder the rapid adoption of RFID technology in many sectors as well.
Key Takeaways from the Radio Frequency Identification Market Study
- China is the leading country in terms of the production and consumption of RFID products around the world. This regional market contributes to around 25% of the market alone and is poised to reach US$ 30.3 Bn by 2033.
- The United States is the second-largest regional RFID market. The market is predicted to register a CAGR of 11.5% over the forecast years and reach a valuation of US$ 14.9 Bn by 2033.
- India comes third in the overall sales of RFID products. However, it is the fastest-growing region in terms of the adoption of RFID technology and is anticipated to register a CAGR of 22.9% through 2033.
- In Europe, the United Kingdom holds the largest market for an RFID solutions. It is projected to grow at a rate of 17.8% from 2023 to 2033 and reach a valuation of US$ 7.3 Bn by the end.
- Based on components, RFID readers have garnered the highest sales than any other segment. It is predicted to register the highest CAGR of 16.5% until the year 2033.
- Likewise, in the applications category, the retail and consumer goods segment promises a very lucrative opportunity for the market. This RFID market segment is expected to witness a year-on-year growth rate of 15.9% during the forecast years.
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Competitive Landscape for the Radio Frequency Identification Market
Zebra Technologies Corporation, Invengo Information Technology Co. Ltd., Xerox Corporation, Thin Film Electronics ASA, HID Global Corporation, GAO RFID Inc., Impinj, Inc., Alien Technology, Omni-ID, Ltd. and Molex Inc. among others are some of the major players in the global Radio-frequency Identification technology market.
The availability of low-cost RFID solutions with high rates of return has motivated many emerging industries to enter this market in the last few years. Additionally, an increased favourable policy and government frameworks and regulatory requirements for its uses have increased the sales of RFID tags recently.
Radio Frequency Identification Market by Category
Component:
- RFID Tags
- Low Frequency (LF)
- High Frequency (HF)
- Ultra-High Frequency (UHF)
- Microwave Frequency
- Ultra-Wideband (UWB)
- RFID Readers
- RFID Software and Middleware
Applications:
- Logistics and Transportation
- Aerospace and Defense
- Automotive
- Retail and Consumer Goods
- Agriculture
- Healthcare
- Government
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.2. Scenario Forecast
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
4. Global Market Analysis 2017-2022 and Forecast, 2023-2033
4.1. Historical Market Size Value (US$ Bn) Analysis, 2017-2022
4.2. Current and Future Market Size Value (US$ Bn) Projections, 2023-2033
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