Radio Frequency Identification Market to Make Great Impact in Near Future by 2031

Published : 3 years ago, on 30/07/2021

The global RFID market is expected to
register a CAGR of 14.5% during 2018 – 2028 with SEA and Others of APAC,
Western Europe and North America accounting for significant market value shares
by the end of the forecast period.

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FMI delivers key insights on
the global RFID market in its report titled “RFID market: Global Industry
Analysis 2013 – 2017 and Opportunity Assessment 2018 – 2028.” Growth in the
value of the global RFID market is estimated to remain attractive as the market
is expected to grow continuously at a CAGR of 14.5% in terms of value during
the forecast period 2018 – 2028. On the basis of components, the RFID software
and middleware segment is expected to register attractive growth over the
forecast period. Based on application, the agriculture segment is estimated to
gain high penetration in terms of market share during the forecast period.

The annual revenue of the global RFID market was US$ 12,912.0 Mn
by the end of 2017, which is expected to grow at a steady pace over the coming
years. The dominating regions, i.e., North America, SEA & Others of APAC
and Western Europe, are expected to collectively account for a majority share
in the global RFID market. These regions are likely to dominate the global
market over the forecast period.

Over a decade ago, RFID technology was used by large
enterprises.  With improvements in technology and economical cost, this
technology has been adopted by small and medium enterprises. RFID technology is
widely used by all tier companies to streamline operations and enhance the
visibility of their supply chain and logistics operations. The usage of RFID
technology in automated item identification systems is gaining importance in
the retail sector.

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The increasing need for RFID
tags across the globe is driven by robust opportunities in the healthcare
sector. In the healthcare sector, an increasing focus on RFID technology for
the tracking and classification of medical instruments has been driving the
demand for RFID tags worldwide. This technology holds immense potential for
improving supply chain efficiency and ensuring patient safety while reducing
human errors in healthcare processes at the same time. Healthcare management
and monitoring of critical care equipment represent other interesting areas of
application for the RFID market. The automotive and aerospace industry is
adopting the RFID technology especially for the tracking of vehicles, inventory
management of spare parts and visibility in logistics operations. Also, Vendor
management has become smoother with use of RFID technology since it provides
detailed performance metrics.

On the basis of FMI analysis, the RFID tags in the component
segment are expected to dominate the market due to the high penetration of
advanced technologies such as RAIN RFID tag in various industry verticals. The
High Frequency (HF) sub-segment in the RFID tags segment is estimated to remain
dominant in terms of market share during the forecast period. On the basis of
applications, the agriculture segment will be a dominating segment due to the
wide adoption of RFID technology for the tagging of animals through which the
farmers can easily trace them and improve supply chain efficiency.

The North America RFID market is expected to dominate the global
RFID market due to the large automotive tires market in the country. The market
has huge potential in China owing to major technological advancements in the
healthcare, retail and consumer goods markets. The SEA and Others of APAC RFID
market will be a target market for market participants looking to penetrate the
retail and consumer goods segment. Latin America is estimated to grow with an
above-average CAGR over the forecast period. Brazil is expected to hold a major
revenue share in the Latin America RFID market over the forecast period.

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According to FMI analysis,
long-term contracts with business partners are estimated to help increase
revenue and new innovation strategies are likely to enable RFID vendors to
reach new growth markets. Some of the market participants in the global RFID
market report include Zebra Technologies Corporation; HID Global Corporation;
Thin Film Electronics ASA; Invengo Information Technology Co., Ltd.; GAO RFID
Inc.; Impinj, Inc.; Xerox Corporation; Omni-ID; Alien Technology, LLC and
Molex, LLC.

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