Retail RFID Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Components (RFID Tags, Reader Hardware, Supporting &x Services, Testing And Certification), By Type (Fixed Readers, Mobile Readers), By Application (Inventory Tracking, Store Operations, Customer Experience), And By Geography - Forecasts From 2023 To 2028
- Published : Feb 2023
- Report Code : KSI061614239
- Pages : 151
The retail RFID market was valued at US$7.475 billion in 2021. An RFID asset tracking system operates by reading data from an RFID tag using a reader and storing it in a tracking database. Radio waves are used in RFID tracking to read and transmit data from tiny chips (RFID tags) to a reader with an antenna. The asset tracking system receives the data from the RFID reader and processes it, stores it, and takes appropriate action. For brick-and-mortar establishments, using RFID in retail offers a wide range of advantages and potential. Most significantly, it also improves the way customers shop. The retail industry is changing as a result of RFID technology and its brethren Near Field Communication (NFC) and Bluetooth Low Energy (BLE). RFID usage is on the rise, which is fueling additional innovation as logistics, inventory, and fulfillment use it to streamline processes. Staff can automatically track inventory and stock levels while reducing the risk of loss and theft by RFID-tagging goods and stock. RFID asset monitoring can be utilized for both mobile assets and individual products on shelves in a retail setting.
Growing government initiatives to employ Automatic Identification and Data Capture (AIDC) technology and improvements in existing RFID technology provide the RFID market with significant growth opportunities.
Government organizations are concentrating on developing and putting into effect a variety of laws to increase the adoption of AIDC technology in a variety of industries. 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 creation of cutting-edge RFID tags with an extensive range and capabilities is the result of technological advancements. Although technology is developing at a noteworthy rate, RFID system deployment costs have significantly lowered. Therefore, it is anticipated that demand would grow in the following decade because RFID tags are affordable and provide end users with several advantages.
- The American retailer Lowe's presented a new solution in December 2022 that was created in its Innovation Labs division and intended to fight retail theft in a way that is hidden from customers by utilizing RFID chips and the blockchain. The brand-new Project Unlock technology combines inexpensive RFID chips and IoT sensors to turn on power tools at the point of sale while also building a safe, transparent, and anonymous blockchain record of authorized purchases.
- H&M revealed in November 2022 opened a distinctive store in Williamsburg, Brooklyn, using the most recent retail technology. The 7,000-square-foot retail space will continue to operate through January 2024 and has experimental design, progressive programming, and a community-focused area where customers may experiment with their personal style. The store uses RFID technology, which gives complete real-time visibility of the store's inventory and sizing options. According to H&M, the smart mirrors only collect data about the products; they also employ RFID technology to track things a buyer has brought into the fitting room.
- 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 and reduces losses in ways that were never before conceivable. 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.
In the retail RFID industry's component segmentation, RFID tags hold a sizable market segment.
As the core elements of the RFID system, the growth of the market for RFID tags is directly correlated with the growth of the worldwide RFID market for retail applications. RFID tags have benefits such as increased data storage capacity, efficiency in tough environmental conditions, and durability. As a result, in recent years, many retailers have switched from using barcodes to RFID tags.
The RFID market in retail has a substantial presence in the Asia Pacific region, where growth is anticipated to be the fastest. Due to its development, North America's retail RFID market currently maintains a sizable proportion.
A sizeable portion of the global RFID market for retail outlets was controlled by Asia-Pacific. This is primarily attributable to expanding government security infrastructure investments, particularly for the retail industry, as well as the rising demand for RFID solutions in the region. The fastest growth of the region in the RFID market is also attributed to digital transformation, as well as the requirement for improved supply chain monitoring for tracking assets in real-time. The RFID market in North America is predicted to grow even more as a result of the enhanced implementation of RFID in manufacturing facilities for productivity improvements.
Retail RFID Market Scope:
| Market Size Value in 2021
|| US$7.475 billion
|Growth Rate||CAGR during the forecast period|
|Forecast Unit (Value)||USD Billion|
|Segments Covered||Components, Type, Application, And Geography|
|Regions Covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies Covered||GAO Group, Avery Dennison Corporation, Zebra Technologies Corp, CCL Industries Inc., Tageos, Denso ADC, GS1, Riot Insight Inc., AtlasRFIDstore|
|Customization Scope||Free report customization with purchase|
- By Components
- RFID Tags
- Reader Hardware
- Support & Services
- Testing and Certification
- By Type
- Fixed Readers
- Mobile Readers
- By Application
- Inventory Tracking
- Store Operations
- Customer Experience
- By Geography
- North America
- South America
- United Kingdom
- Middle East And Africa
- Saudi Arabia
- Asia Pacific
- South Korea
- North America
Frequently Asked Questions (FAQs)
1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.4. Market Segmentation
1.7. Base, and Forecast Years Timeline
2. RESEARCH METHODOLOGY
2.1. Research Data
2.3. Research Design
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter's Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Powers of Buyers
4.3.3. Threat of Substitutes
4.3.4. Threat of New Entrants
4.3.5. Competitive Rivalry in Industry
4.4. Industry Value Chain Analysis
5. RETAIL RFID MARKET BY COMPONENTS
5.2. RFID Tags
5.3. Reader Hardware
5.4. Supporting & Services
5.5. Testing and Certification
6. RETAIL RFID MARKET BY TYPE
6.2. Fixed Readers
6.3. Mobile Readers
7. RETAIL RFID MARKET BY APPLICATION
7.2. Inventory Tracking
7.3. Store Operations
7.4. Customer Experience
8. RETAIL RFID MARKET BY GEOGRAPHY
8.2. North America
8.3. South America
8.4.3. United Kingdom
8.5. Middle East And Africa
8.5.1. Saudi Arabia
8.6. Asia Pacific
8.6.4. South Korea
9. COMPETITIVE ENVIRONMENT AND ANALYSIS
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisition, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. COMPANY PROFILES
10.1. GAO Group
10.2. Avery Dennison Corporation
10.3. Zebra Technologies Corp
10.4. CCL Industries Inc.
10.6. Denso ADC
10.8. Riot Insight Inc.
Zebra Technologies Corp
CCL Industries Inc.
Riot Insight Inc.
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