New York, USA, May 24, 2023 (GLOBE NEWSWIRE) -- According to the research report published by Market Research Future (MRFR), “Cor Radio-Frequency Identification (RFID) Market Information Deployment Mode, By Product Type, Vertical, Wafer Size, Frequency, Component, and Region - Forecast till 2030”, Radio-Frequency Identification (RFID) Market could thrive at a rate of 13.20% between 2022 and 2030. The market size will be reaching around USD 40.71 Billion by the end of the year 2030.
Radio-Frequency Identification (RFID) Market Overview:
Radio-Frequency Identification (RFID) is a technology used for automatic identification and tracking of objects using radio waves. It is a type of wireless communication that enables the transfer of data between a tag or label attached to an object and a reader or interrogator. RFID has various applications in industries such as retail, healthcare, logistics, and transportation. The RFID market has seen significant growth in recent years due to the increasing adoption of IoT and connected devices.
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Radio-Frequency Identification (RFID) Market Competitive Landscape:
The affluent companies in the Radio-Frequency Identification (RFID) Market include
- NXP Semiconductors N.V
- Alien Technology
- 3M Company
- ACTAtek Technology
- Axcess International Inc.
- Impinj Inc.
- Ascendent ID
- Checkpointt System Inc.
- Avery Dennison Corporations
Scope of the Report - Radio-Frequency Identification (RFID) Market:
| Report Metrics | Details |
| Market Size by 2030 | USD 40.71 Billion |
| CAGR during 2022-2030 | 13.20% |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Key Market Opportunities | Emergence of biomaterial Radio-Frequency Identification (RFID) implants. |
| Key Market Dynamics | Rising prevalence of cervical spondylosis in corporate professionals Growing cases of cervical injuries in automobile crashes. |
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Industry Updates-
- May 2022- HID Global, a security technology company, announced its acquisition of Vizinex RFID to expand its presence in vertical markets such as healthcare/medical, oil & gas, manufacturing, and data centers.
- May 2021- SML Group launched its Technology Innovation Development Center (TIDC), a research and development center for Radio Frequency Identification (RFID) inlay and production hub located in Hong Kong.
Radio-Frequency Identification (RFID) Market USP Covered:
Market Drivers:
RFID technology has several drivers, including improved inventory management, increased operational efficiency, and enhanced customer experience. RFID tags and readers can track and monitor inventory in real-time, reducing the need for manual inventory checks and minimizing errors. This results in increased operational efficiency, as employees can focus on more complex tasks instead of spending time on manual inventory counts. Additionally, RFID technology can enhance the customer experience by enabling quick and seamless checkouts, reducing wait times, and improving the overall shopping experience.
Market Restraints:
One of the main restraints in the Radio-Frequency Identification (RFID) Market is the high cost of implementation. The cost of RFID tags, readers, and software can be significant, especially for smaller businesses. Additionally, there can be compatibility issues between different RFID systems, which can increase costs and create operational challenges. Moreover, privacy concerns related to the use of RFID technology, such as data breaches or unauthorized tracking, can also pose a challenge to market growth. To address these issues, industry players are working to develop more affordable and compatible RFID solutions and to establish industry standards for data privacy and security.
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COVID 19 Analysis
The COVID-19 pandemic had a mixed impact on the RFID market. On the one hand, the pandemic caused a temporary slowdown in RFID adoption and implementation due to supply chain disruptions and manufacturing shutdowns. On the other hand, the pandemic also created new opportunities for RFID technology in healthcare, retail, and other industries.
In the healthcare industry, RFID technology was used for patient tracking, supply chain management, and vaccine distribution. In the retail industry, RFID technology was used for inventory management and contactless payment systems. The pandemic also increased the demand for e-commerce, which further drove the adoption of RFID technology for supply chain visibility and inventory tracking.
Radio-Frequency Identification (RFID) Market Segmentation
- By Product Type - The product types in the market include Tags, Readers, and Software.
- By Vertical - By vertical, the segment includes Transportation, BFSI, Animal Tracking/Agriculture, Commercial, Retail, Government, Healthcare, Logistic Aerospace, and Security Control & Defense
- By Wafer Size - By wafer size, the segment includes 200mm, 300mm, 450mm, and Others
- By Frequency - By frequency, the segment includes Low Frequency, High Frequency, Ultra-high Frequency, and Active Ultra-High Frequency
- By Component - By component, the segment includes Passive RFID, Active RFID, Other
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Radio-Frequency Identification (RFID) Market Regional Insights
The Radio-Frequency Identification (RFID) Market in North America is expected to witness steady growth during the forecast period. The region has a high adoption rate of RFID technology in various industries, such as healthcare, retail, and logistics, which is driving market growth. The presence of key players in the region, such as Zebra Technologies, Impinj, and Alien Technology, is also contributing to the market growth. Additionally, the increasing use of RFID technology in the defense and aerospace industries is expected to create new opportunities for market growth. Further, the RFID market in Europe is expected to grow significantly during the forecast period. The increasing demand for RFID technology in various industries, such as retail, healthcare, and automotive, is driving the market growth. The region has a high penetration rate of RFID technology, and many countries in Europe have mandated the use of RFID in certain industries, such as the pharmaceutical industry. The presence of key players in the region, such as NXP Semiconductors, STMicroelectronics, and Infineon Technologies, is also driving the market growth.
Additionally, the RFID market in the Asia Pacific is expected to witness significant growth during the forecast period. The region has a high adoption rate of RFID technology in various industries, such as retail, healthcare, and logistics. The increasing demand for RFID technology in emerging economies, such as China and India, is also driving market growth. Additionally, the growing focus of governments in the region on smart city projects and the adoption of RFID technology in the transportation sector is expected to create new opportunities for market growth. Some of the key players in the region include Alien Technology, Zebra Technologies, and Impinj.
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