Dublin, Oct. 02, 2023 (GLOBE NEWSWIRE) -- The "RFID Market Forecast to 2030 - Global Analysis by Type, Frequency Band, End User, Product, Offering, and Application" report has been added to ResearchAndMarkets.com's offering.
The global Radio-Frequency Identification (RFID) market is experiencing remarkable growth, with projections showing an increase from US$ 16.83 billion in 2022 to US$ 39.30 billion by 2030. This impressive expansion reflects a Compound Annual Growth Rate (CAGR) of 11.2% during the forecast period.
RFID Transforms Airport Operations
RFID technology is playing a pivotal role in enhancing baggage handling processes at airports by automating various manual tasks, including baggage check-in, loading onto and unloading from airplanes. This automation translates into reduced wait times for passengers, significantly improving the overall travel experience. A notable example is Delhi Airport's introduction of RFID-enabled tags in June 2022, allowing passengers to receive real-time information about their luggage. Travelers can now track when and on which baggage belt their check-in luggage will arrive at the terminal. These benefits are driving the adoption of RFID technologies within the airline industry.
North America Leads RFID Innovation
North America is a hub for RFID market players such as SML Group, Impinj, Inc., and HID Global Corporation (part of ASSA ABLOY). These companies are continuously expanding their product offerings and innovating solutions for their customers. For instance, HID Global Corporation acquired Vizinex in May 2022, strengthening its portfolio of high-performance passive RFID tags. Such investments by key market players are fueling the growth of the RFID market in North America.
Europe Witnesses Geographic Expansion
European companies are extending their geographical footprint. Identiv, Inc. inaugurated a new manufacturing plant in Europe in February 2023, enhancing its global presence with a competitively priced specialty UHF product portfolio. The company has also established a strategic partnership with Trace-ID to provide top-notch specialty and industrial UHF RFID to European manufacturers. The expansion efforts of domestic and global RFID market players across Europe are propelling the market's growth in the region.
RFID Drives Cashless Payments in the Middle East & Africa
In the Middle East & Africa, companies are embracing RFID technologies for cashless payments. Fun City, a division of the Landmark Group, implemented the Parafait RFID cashless solution across its Middle Eastern locations in October 2022. Over 4,000 Lumin RFID readers were deployed at Fun City, enabling visitors to tap their game cards and engage in various activities. These technological advancements are driving the adoption of RFID technologies and fueling market growth in the Middle East & Africa.
Retail Efficiency Boosted in South & Central America
South & Central American retailers are optimizing their operations with RFID technologies. In November 2018, Anjos Baby, a Brazilian children's clothing manufacturer, reported significant improvements in inventory management after deploying RFID technology from iTag RFID Smart Labels. The adoption of RFID led to 100% order delivery accuracy to retail clients, a 90% reduction in operating times in the inventory area, and a 60% decrease in clothing processing times during billing. These efficiency gains are driving RFID market growth in South & Central America.
Key Market Players
Prominent companies in the RFID market include 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. This market study also considered several other global and regional market players, emerging firms, market disruptors, and niche players during its analysis.
Market Dynamics
Drivers
- Increasing Uses of RFID Technology in Healthcare and Retail Industries
- Rising Deployment of RFID Technology
Restraints
- Availability of RFID Alternatives
Opportunities
- Growing Demand for Traceability and Real-Time Monitoring
Future Trends
- Increasing Uses of IoT Devices
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 161 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $16.83 Billion |
| Forecasted Market Value (USD) by 2030 | $39.3 Billion |
| Compound Annual Growth Rate | 11.2% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/3n6z8n
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