Pune, India, July 24, 2023 (GLOBE NEWSWIRE) -- According to our latest study on "RFID Market Size Report, Forecast to 2030 – COVID-19 Impact and Global Analysis – by Type, Frequency Band, End User, Product, Offering, Application and Geography," the market is expected to grow from US$ 16.83 billion in 2022 to US$ 39.30 billion by 2030; it is estimated to grow at a CAGR of 11.2% from 2023 to 2030. The benefits of RFID technology deployment boost the adoption of global market growth in the healthcare industry.
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The UK is recognized as one of the most developed countries in Europe owing to the presence of various manufacturing industries, including electronics & semiconductors, automotive, aerospace, and logistics. The popularity of RFID products and solutions is increasing in these industrial sectors, especially in logistics and supply chain operations. SML, an end-to-end RFID solution supplier for retailers, announced the inauguration of its cutting-edge RFID Supply Chain Innovation Centre (SCIC) in Corby (UK), in November 2022. Following the company's recent investment in RFID and digital identity technology solutions, the SCIC is located next to SML's Retail Ideation Space, which was initially unveiled in 2019. The deployment of item-level RFID solutions is being explored in an increasingly large number of retail categories due to previously reported inventory and operation-based cases in stores. This increasingly popular trend of installing RFID technology across supply chains leads merchants and brand owners to evaluate and implement item-level RFID solutions in their distribution centers and factories. Thus, the RFID market growth is set to grow in the UK owing to its rising popularity in various industries, especially in the supply chain industry.
The Government of India is taking a keen interest in the advantages and usage of RFID solutions. According to the India Brand Equity Foundation (IBEF), in 2020, Indian Railways announced the implementation of Automatic Identification and Data Collection (AIDC) technology to track and trace rolling stock across the country automatically. Also, the Indian Railway sanctioned two RFID projects by investing ∼US$ 16.16 million. The project focuses on enhancing operational efficiency, availability, and reliability of rolling stock for the Indian Railways. Also, the Indian infrastructure is becoming smarter with the implementation of specialized IT solutions such as automatic fare collection (AFC), intelligent transportation systems (ITS), and intelligent building systems (IBS). Further, the Ministry of Road Transport and Highways, Government of India, adopted RFID market technology to implement Electronic Tolling systems on national highways.
RFID tags attached to objects contain a unique identifier that can be read by RFID readers. RFID readers can track the movement of objects in real time and collect data about the objects, such as their temperature, humidity, or location. The use of RFID helps track the location of confidential documents, ensuring they are secure and not tampered with. In November 2022, Brazilian postal operator Correios deployed RFID tags on shipping containers holding hundreds of packages and installed 2,000 RFID readers at the entrances and exits of operating units to better track letters and packages across its network. It was done in collaboration with the Universal Postal Union (UPU) through its Global Monitoring System program and GS1. RFID tags contain the GS1 Serial Shipping Container Code (SSCC) standard as a shipment identifier. In this contract, the passive RFID is used instead of the active RFID to reduce the contract cost.
RFID tags can be attached to waste bins to track their location. This information can be used to improve the efficiency of waste collection routes and ensure that bins are not overflowing. In October 2022, the Municipal Corporation of Gurugram (MCG), India, installed RFID tags outside all 316,000 households. Under this initiative, all sanitation personnel are expected to be equipped with RFID readers for real-time monitoring of waste collection in the city. Such traceability and real-time monitoring applications are expected to offer lucrative opportunities for the RFID market growth in the coming years.
Germany has a well-established automotive sector, particularly the luxury cars manufacturing segment, and is adopting RFID market technology to enhance its products. RFID integration allows enterprises to streamline vehicle manufacturing processes and maintain transparent interaction with component suppliers, realizing the potential benefits of Industry 4.0's digital revolution. Automotive RFID technologies are easing the supply chains, thereby boosting autonomous, shared, and electric (CASE) mobility services. Companies can remain ahead of the curve by adopting a flexible, future-focused approach toward these technologies. For instance, Audi has installed an RFID-based system for tracking assembled automobiles at its Hungarian plant. The system gives information about each car's position in the finishing, storage, and shipment stages by utilizing Avery Dennison Smartrac's Dogbone Ultra High Frequency (UHF) tags. Thus, the RFID market players is witnessing growth in Germany and is expected to continue to grow in the coming years.
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Global RFID Market: Platform Overview
Based on type, the RFID market is bifurcated into active and passive. The market, by frequency band, is categorized into low frequency, high frequency, and ultrahigh frequency. Based on end user, the market is segmented into public sector, healthcare, education, sports & recreation, hospitality, residential, BFSI, manufacturing, telecommunications, and others. The RFID market, by product, is categorized into cards, key fob, smartphones, band, and others. In terms of offering, the RFID market is categorized into tags, readers, and software & services. The market, based application, is categorized into parcel & mailboxes, lockers, ticketing, and others.
Global RFID Market: Competitive Landscape and Key Developments
Zebra Technologies Corp.; Assa Abloy AB; Honeywell International Inc; OMRON Corp; Siemens AG; MIWA Lock Co; Impinj Inc.; dormakaba Holding AG; Bar Code India Ltd; and APK Identification are among the key RFID market players profiled in the report. Several other essential RFID market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed RFID market growth insights, which can help major players strategize their growth.
In 2022, Teamwork Commerce, the global retail management software, has announced the launch of its RFID-Powered Self-Checkout solution, designed to simplify the checkout process for in-store customers. The technology allows customers to instantly scan all items and reduce checkout times, making in-store experiences hassle-free.
In 2023, Fresenius Kabi announced the launch of Rocuronium Bromide Injection with advanced RFID-enabled labels in the US. Rocuronium Bromide Injection is part of Fresenius Kabi's +RFID market portfolio of smart-labeled medications, designed to help enhance patient safety and support a more efficient medication inventory process.
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