Global RFID Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Product Type (Tags, Readrers, Softwares & Services), By Components (Cards, Impants, Labels, Band, Others), By Wafer Size (8 Inch, 12 Inch, Others), By Material (Glass, Plastic, Paper, Others), By Industry (Transportation, Healthcare, Agriculture, Hospitality, Manufacturing, Automotive, Retail, Others), And By Geography - Forecasts From 2023 To 2028

RFID technology is used to collect data from RFID chips or smart labels. Moreover, RFID tags have an integrated circuit and an antenna for sending information to the RFID reader. An RFID reader sends a signal to an RFID tag, which the tag responds to with a signal containing data. The information gathered from the RFID tags by readers is also communicated to a host computer system via a communications interface, where it can be stored in a database and later analyzed. A single serial number to numerous pages of data can all be stored on an RFID chip.

Factors driving the demand for the global RFID market include the rising government initiatives and the need for RFID systems in healthcare and manufacturing units.

The primary reasons driving the growth of this market are the increasing need for low-cost RFID solutions, the growing requirement to reduce manual data capture and entry errors, and the growing number of government initiatives using RFID tags on cars. Additionally, Industry 4.0 and the expanding use of RFID technologies in smart city initiatives are anticipated to provide major growth opportunities for this market. RFID technology is used to track the records of patients, the RFID band is wrapped around their wrists. The patient is monitored through RFID. The band contains all necessary information, including name, medical history, allergies, etc. RFID can inform a doctor whether a patient is allergic to any medications when they have been caring for them for a long period. Surgery is aided by the patient's medical history because of important details. It is also used in equipment, medicinal & pharma-related tracking.

Government organizations are developing laws to increase the adoption of Automatic Identification and Data Capture (AIDC) technology in a variety of industries and improvements in existing RFID technology.

These rules are meant to assist businesses in ensuring improved information visibility, increasing operational effectiveness, lowering operating costs through accurate data capture and fewer data input errors, and raising customer happiness. For instance, the Centre for Railway Information Systems (CRIS) and GS1 India collaborated in 2020 to develop a new sector of the AIDC industry in India specifically suited for the needs of the Indian Railways, in order to accurately track and trace railway movement across India with a focus on safety. Over the past few decades, RFID tags have become incredibly popular due to a variety of aspects, such as adaptability, and low power consumption. Numerous industrial sectors, including petroleum, infrastructure, retail, container terminal, etc., employ RFID tags.

The rising use of RFID tags in the manufacturing sector is also helping in driving its demand, it ensures the efficient execution of various procedures. Additionally, RFID technology is frequently used in the retail sector to track inventory products till they are delivered to various department stores; this is expected to create favorable conditions for the market's expansion over the estimated time. RFID market growth is anticipated to be restricted by the high costs associated with the manufacturing of RFID tags and their reader.

High installation cost associated with RFID system

RFID tags and readers are expensive to produce and the cost of installation may range from US$2 Mn to US$5 Mn which is a major restraining factor associated with its installation. Barcode scanners are ten times less expensive than RFID technology. A significant alternative to RFIDs is the barcode reader. Despite the fact that RFID is a more adaptable and useful technology, barcoding will still be widely used because of its low cost. The cost element is a significant barrier to the growth of the global RFID market.

Key Developments

• In November 2022, Checkpoint Systems, a leader in retail technology, announced that it would present its RF and RFID solutions at Euroshop 2023 in Düsseldorf, Germany. SFERO is a fully customized modular RFID solution for the textile industry that enhances shop security. RFreshID™ is a platform that uses RFID technology to assist stores in properly managing and rotating the stock by enhancing inventory visibility and precisely identifying produce with approaching or past sell-by dates.
• AmerisourceBergen's medication tray solution collaborated with Fresenius Kabi's RFID portfolio of radio frequency-tagged pharmaceuticals, according to a company announcement in June 2022. Utilizing cutting-edge Radio Frequency Identification (RFID) technology, the medication tray system is intended to assist hospitals in improving medicine inventory visibility and tracking.
• A new innovation by Impinj, they unveiled the Impinj E910 Rain RFID reader chip in June 2022 for business-grade readers that can find and interact with a large number of connected products, including retail clothing, pallets, checked baggage, and vehicle parts. Low power consumption and ease of use are among the chip's properties that are required for loss prevention, inventory management, and supply-chain automation solutions.

The Asia Pacific is expected to hold a significant market share in the global market.

Over the forecast period, the Asia Pacific region is estimated to grow significantly and hold a substantial share of the market. The demand for RFID solutions in the region has been driven by the fast-expanding implementation and research activity in the field of automation and a major expansion of industry 4.0. The expansion of these RFID technologies in manufacturing facilities to increase productivity has been a major contributor to the region's economy. The region's RFID industry is expanding as a result of the rising use of electronic identity cards and RFID tags included in smart cards. The growth of the RFID market has been the developing retail sector, with the rising retailers' focus on integrating digital technologies to improve customer shopping experiences and streamline the warehouse management process. One of the effective technologies for managing products and materials in a manufacturing setting is RFID. The market's expansion has been fuelled by the region's rising manufacturing sector as well as the industry's growing use of automation and Industrial Internet of Things (IoT) technologies.

Global RFID Market Scope:

Market Segments

• By Product Type
  • Tags
    • Passive
    • Active
  • Readrers
  • Softwares & Services
• By Components
  • Cards
  • Impants
  • Labels
  • Band
  • Others
• By Wafer Size
  • 8 Inch
  • 12 Inch
  • Others
• By Material
  • Glass
  • Plastic
  • Paper
  • Others
• By Industry
  • Transportation
  • Healthcare
  • Agriculture
  • Hospitality
  • Manufacturing
  • Automotive
  • Retail
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Others
  • The Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Thailand
    • Indonesia
    • Vietnam
    • Others