RFID Market to Reach USD 104.1 Billion by 2032 | CAGR: 12.6% | DataHorizzon Research

Fort Collins, Colorado, Sept. 11, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research Published a report titled, "RFID Market Size, Growth, Share, Statistics Report, By Offering (Tags, Readers, Software & Services), By Wafer Size (8 Inch, 12 Inch, Others), By Tag Type (Passive, Active), By Frequency, By Form Factor, By Application, By Region Forecasts, 2023-2032."

According to DataHorizzon Research, the RFID (Radio Frequency Identification) market size was valued at USD 32.2 Billion in 2022 and is expected to arrive at USD 104.1 Billion by 2032 with a CAGR of 12.6%. RFID helps in reducing the additional costs incurred in maintenance and helps keep up the machinery working, and reduces time downtime.

RFID technology is proven useful for various industries, including retail, logistics, healthcare, manufacturing, and transportation. The RFID market has witnessed a huge increase in demand for hybrid solutions. Hybrid solutions were created to address some of the issues associated with a single technology-based RFID system. A hybrid solution not only assists the end-users in deploying RFID technology in blind areas but also in lowering infrastructure costs by utilizing current technologies such as Wi-Fi or GPS.

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Report Snapshot:

Segmentation Overview

The RFID market has been segmented into the offering, wafer size, tag type, frequency, form factor, application, and region.  Based on the offering, the RFID market has been segmented into tags, readers, software & services. RFID consists of three major components: RFID tags, RFID readers, and a backend system. RFID tags accounted for a significant market share in 2022 and are expected to maintain their dominance during the forecast period.

RFID tags are small electronic devices that contain a microchip and an antenna. The antenna allows radio waves to communicate between the tag and the RFID reader. RFID readers use radio waves to transmit and receive signals from RFID tags. A radio frequency module and an antenna are included. When an RFID tag comes into contact with the reader's radio waves, it receives power and sends back a signal with the stored information.

Based on frequency, the market is segmented into low, high, and ultra-high frequency. Low-frequency (LF) frequencies range between 125 and 134 kHz. They are utilized in access control, animal tracking, and vehicle immobilization applications. High Frequency runs at a frequency of roughly 13.56 MHz. They have a reasonable read range and are frequently used for contactless payment cards, library book tracking, and electronic passports. The ultra-high frequencies operate at frequencies ranging from 860 MHz to 960 MHz. These are utilized for supply chain management, application tracking, and others.

Based on the application, the market has been segmented into agriculture, commercial, transportation, healthcare, and retail. The retail category is expected to account for a significant market share. RFID tags are attached to products in retail to broadcast signals to RFID readers, which are then analyzed by software to provide real-time data and details. RFID in retail is used to track frequently moved merchandise and prevent theft. Retailers may track their products from the warehouse shelves to the sales floor using RFID technology. 

Geographically, North America is a market leader for RFID adoption. Developments in the retail sector, and the demand for enhanced supply chain management are some of the major growth highlights.

Asia Pacific is also a significant market and is driven by factors such as rising industrialization, expanding retail markets, and government measures to improve supply chain efficiency. Europe has also seen considerable RFID market expansion, fueled by industries like as retail, logistics, and healthcare. RFID has also been used for production line management and tracking in the automotive industry.

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Key Developments in the Industry:

• Soracom, a provider of Internet of Things (IoT) connectivity, has introduced PlanP2 to deliver IoT connectivity to Brazil by employing a local carrier profile to assure regulatory compliance.

• Barcodes Group announced the purchase of NeWave Sensor Solutions, LLC, a pioneer in RFID technology innovation and developer of the Patented Wave® antenna, by its subsidiary Smart Label Solutions (SLS).

RFID Market Report Highlights:

• The RFID market is projected to attain a CAGR of 12.6 % by 2032.

• Based on offering, RFID tags held the biggest market share in 2022 and are expected to maintain their dominance during the forecast period.

• Based on frequency, the market is segmented into low, high, and ultra-high frequency. Low-frequency (LF) frequencies range between 125 and 134 kHz. High Frequency runs at a frequency of roughly 13.56 MHz. The ultra-high frequencies operate at frequencies ranging from 860 MHz to 960 MHz.

• The retail category is expected to have the biggest market share based on application.

• North America is a market leader in RFID adoption and market growth.  Development of the retail sector and the availability of a robust supply chain are some of the significant growth factors.

• The market in Asia Pacific is growing at a significant rate. It is driven by factors such as rising industrialization, expanding retail markets, and government measures to improve supply chain efficiency.

• Based on vertical manufacturing segment dominates the market. The segment's growth is because of the regular maintenance and upgrades required in the process.

• North America is a dominant market for RFID. The region is home to the big market players and the quicker adoption of the advanced technologies in the sector.

• The prominent players in the power generation market are CAEN RFID, Rockwell Automation, NXP Semiconductors, GAO RFID, Invengo, Infotek Software & Systems (P) Ltd (i-TEK), Avery Dennison, Impinj, Bartronics India Ltd., Zebra Technologies, Bartech Data Systems Pvt. Ltd., Bar Code India Ltd. (BCI), Securitag Assembly Group (SAG), Linxens, Confidex, Datalogic, and Nedap, among others.

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RFID Market Report Segmentation:

RFID Market, By Component (2023-2032)

• Tags
• Readers
• Software & Services

RFID Market, By Wafer Size (2023-2032)

• 8 Inch
• 12 Inch
• Others

RFID Market, By Tag Type (2023-2032)

• Passive
• Active

RFID Market, By Frequency (2023-2032)

• Low Frequency
• High Frequency
• Ultra-High Frequency

RFID Market, By Form Factor (2023-2032)

• Card
• Implant
• Key Fab
• Label
• Paper Ticket
• Band
• Others

RFID Market, By Region (2023-2032)

• North America

• • U.S.
  • Canada

• Europe

• • U.K.
  • Germany
  • France
  • Rest of Europe

• Asia Pacific

• • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific

• Latin America

• • Brazil
  • Mexico
  • Rest of Latin America

• Middle East & Africa

• • UAE
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa

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