RFID (Radio Frequency Identification) refers to wireless technologies that utilize radio waves to identify and track tags attached to objects. RFID technology finds applications in asset tracking systems in various industries like manufacturing, logistics, healthcare, retail and others. It helps automate processes and enables inventory visibility, asset tracking and faster checkout at Point-of-Sale terminals. The rising need for automation of asset tracking and inventory management processes across industries has propelled the growth of RFID market. The implementation of RFID systems help reduce manual operations, optimize resource utilization and enhance supply chain management.
The Global RFID Market is estimated to be valued at US$ 18.21 Bn in 2024 and is expected to exhibit a CAGR of 3.2% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the Global RFID market size are Basilea Pharmaceutica Ltd, Astellas Pharma Inc., SCYNEXIS, Inc., NovaDigm Therapeutics, Mycovia Pharmaceuticals, Inc., Pfizer Inc, and Viatris Inc., among others. These players are focusing on new product launches and development and forming strategic partnerships with other players to expand their footprint in the market.
The growing demand for Internet of Things (IoT) based asset tracking solutions across industries is expected to open new opportunities for players in the RFID market. RFID technologies play a major role in IoT based systems by providing identification and sensing capabilities.
RFID market players are tapping growth opportunities in emerging markets of Asia Pacific and Latin America. Setting up low-cost manufacturing bases and partnerships with distributors in these regions will help RFID providers expand globally in the coming years.
Market Drivers
Rising adoption of RFID technology in industries like transportation and logistics is one of the major factors driving market growth. It aids asset tracking and seamless supply chain management. This reduces operation costs.
Implementation of favorable government policies to promote adoption of RFID systems for manufacturing automation and asset management is expected to boost market revenues. Developed countries are supporting R&D in contactless identification technologies.
Market Restrains
High total initial investment required for deployment of RFID infrastructure poses constraints on the universal adoption of technology especially by small and medium enterprises.
Data security and privacy concerns associated with RFID networks can limit widespread implementation of RFID solutions across industries and geographical regions. Standardization of data protection policies is needed.
Segment Analysis
The RFID market is primarily divided into various sub segments such as tags, readers, software and services. Among these, the tags segment dominates the overall market with maximum share. Tags are core components of RFID systems that store unique identity codes for identification of objects. Growing adoption across various industries such as retail, healthcare, manufacturing etc has propelled demand for tags.
Global Analysis
Regionally, North America holds the largest share in the overall RFID market owing to stringent regulatory norms and established healthcare facilities in the US and Canada. High focus on improving supply chain operations across industries has augmented adoption of RFID solutions. Asia Pacific exhibits the fastest growth and is expected to surpass North America by 2030. This can be attributed to growing manufacturing industry, urbanization and supportive government initiatives in countries such as China, India for modernization of various sectors through digital technologies.
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