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Report Overview
The global RFID market size reached around USD 16.17 Billion in 2023. The market is projected to grow at a CAGR of 11.70% between 2024 and 2032 to reach nearly USD 43.77 Billion by 2032.
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
- 30% of manufacturers estimate sales revenues to increase by around 5%-10% in the next 5 years.
- Avery Denison Corporation has around 9 RFID tag manufacturing plants globally.
- As per industry reports, Honeywell’s IH45 RFID reader can achieve 99% accuracy in inventory management, which can increase the RFID market revenue.
Global RFID Market Growth
The shift towards cloud-based data storage technologies and the emergence of hybrid/remote working models have led to an increase in the number of cyberattacks on corporate organisations. In 2023, organisations witnessed a 112% growth in the volume of credential-based attacks, with 62% of all organisations finding it difficult to manage and control data accessibility. Around 70% of all data breaches involve a human element, and stolen credentials have emerged as one of the primary ways for cybercriminals to access an organisation’s sensitive data. As per industrial analysis, the number of attempted password attacks recorded a y-o-y growth of 10% in 2023. This is expected to lead to RFID market expansion, as the technology can be utilised for creating customised credentials for each employee. With the switch towards identity access management solutions, smart cards using RFID technology are expected to garner market traction rapidly, thereby leading to market growth.
The growing shift towards contactless interactions between consumers and foodservice retailers is anticipated to have a favourable impact on the RFID market dynamics. This includes the use of digital payment solutions and the use of RFID tags for managing inventory at point of sale.
Compound Annual Growth Rate
Value in USD Billion
11.7%
2024-2032
RFID Market Outlook
*this image is indicative*
Key Trends and Developments
Increasing demand for passive UHF RFID tags; growing demand for RFID tags from Latin America; advancements in flexible printing options; and a shift towards cloud-based data storage are the major factors favouring the RFID market growth
Increasing demand for passive UHF RFID tags
UHF RFID tags have the longest read range and the fastest reading speed. Besides, they are relatively cheaper than other passive UHF tags, which is expected to facilitate the RFID market development.
Growing demand for RFID tags from Latin America
This can be attributed to the growth of Brazil’s agricultural industry, whereby farmers are adopting RFID tags for identifying and managing herds of cattle and ensuring high-quality production of meat products for global markets.
Advancements in flexible printing options
Advancements in thin-film transistor technology have enabled RFID tags to become bend-resistant and slim, which has opened new areas for its applications. This includes reducing theft-related incidents, by embedding them into textiles and apparel in showrooms. Over the forecast period, this is expected to substantially increase the RFID market value.
Shift towards cloud-based data storage
The shift towards cloud-based data storage is expected to enhance data accessibility, and optimise stock management, and product replenishment and availability in retail stores. This can further enhance supply chain management and enhance overall productivity.
Global RFID Market Trends
The number of IoT devices installed is expected to reach 75.4 billion in 2025, which is almost double in 2020. Nearly 27% of all global manufacturers estimate that sales revenues can increase by nearly 10% y-o-y increase in the next 5 years, suggesting an increase in the demand for IoT devices that can reliably track and trace production equipment and tools on the factory floor. This is expected to increase the RFID market value in the coming years.
Global RFID Industry Segmentation
The EMR’s report titled “Global RFID Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Breakup by Technology
- RFID Tags
- RFID Interrogators
- RFID Software/Services
- Active RFID/RTLS
Breakup by Frequency
- Low Frequency (LF)
- High-Frequency (HF)
- Ultra-high frequency (UHF)
Breakup by Application
- Retail
- Financial Services
- Healthcare
- Industrial
- Transportation and Logistics
- Others
Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Global RFID Market Share
Based on region, the market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. Over the forecast period of 2024-32, the demand for RFID in the Asia Pacific is expected to grow at a CAGR of 13.5%, thereby favourably shaping the RFID market dynamics. This can be attributed to the growth of the regional logistics industry and the emergence of flexible 3D printing solutions for RFID tags. The increasing demand for passive UHF RFID tags is also expected to drive market growth in the upcoming years.
Leading Companies in the Global RFID Market
Major players are introducing cost-effective and flexible RFID tags to facilitate vaccine administration for adults and children in hospitals. This can increase the RFID market revenue in the upcoming years.
Zebra Technologies Corporation
Zebra Technologies Corporation was founded in 1969 and is headquartered in Illinois, United States. It serves around 80% of all Fortune 500 companies by offering digital connectivity solutions, including RFID services.
Invengo Information Technology Co., Ltd.
Invengo Information Technology Co., Ltd. was founded in 1993 and is headquartered in China. It is a leading pr...
Nedap N.V.
Nedap N.V. was founded in 1929 and is headquartered in Groenlo, the Netherlands. It is engaged in developing a...
Datalogic S.p.A.
Datalogic S.p.A. was founded in 1972 and is headquartered in Bologna, Italy. It is a globally renowned leader ...
*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*
Other players included in the RFID market report are Honeywell International Inc., Avery Dennison Corporation, Impinj, Inc., NXP Semiconductors N.V., unitech electronics co., ltd., and ASSA ABLOY Group, among others.
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 16.17 Billion.
The market is projected to grow at a CAGR of 11.70% between 2024 and 2032.
The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach a value of around USD 43.77 Billion by 2032.
The different regions considered in the market report include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The major market trends are increasing demand for passive UHF RFID tags, growing demand for RFID tags from Latin America, and the shift towards cloud-based data storage.
The different segments considered in the market report are RFID tags, RFID interrogators, RFID software/services, and active RFID/RTLS.
The different applications of RFID are retail, financial services, healthcare, industrial, and transportation and logistics, among others.
Key players in the market are Honeywell International Inc., Zebra Technologies Corporation, Avery Dennison Corporation, Nedap N.V., Impinj, Inc., NXP Semiconductors N.V., unitech electronics co., ltd., ASSA ABLOY Group, Invengo Information Technology Co., Ltd., and Datalogic S.p.A., among others.
Report Summary
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Technology |
|
| Breakup by Frequency |
|
| Breakup by Application |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124
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