RFID market to Reach $25.47 billion by 2030, Globally, at 9.6% CAGR: Allied Market Research

PORTLAND, Ore., Dec. 1, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "RFID Market by Product Type (Tags, Readers, and Software & Services), Frequency (Low Frequency, High Frequency, and Ultra High Frequency), and End Use (Commercial, Animal Tracking, Transportation, Agriculture, Security & Access Control, Healthcare, Retail, Logistics & Supply Chain, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030." According to the report, the global RFID market was worth $10.41 billion in 2020, and is anticipated to reach $25.47 billion by 2030, exhibiting a CAGR of 9.6% from 2021 to 2030.

Prime drivers of the market growth

Increase in market competitiveness that leads to the availability of cost-effective RFID solution, rise in rules and initiatives by governments for various industries, and increase in the installation of RFID solutions throughout healthcare and manufacturing sectors fuel the global RFID market. On the other hand, high cost of RFID installation, purchase, and maintenance and concerns towards data security and privacy hamper the market growth. On the contrary, increase in acceptance of the RFID tags for Internet of Things, Industry 4.0, and smart manufacturing create several lucrative market opportunities.

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COVID-19 Scenario:

• The pandemic has severely affected the growth rate of the RFID market in 2020. The market experienced relatively high growth due to a surge in demand for real-time asset tracking solutions across the globe.
• The pandemic created several challenges for the retail, manufacturing, and logistics industries, which affected the production of RFID solutions.
• The pandemic also affected the availability of skilled professionals to install RFID solutions.
• Increase in the number of COVID-19 patients led to rise in implementation of RFID solutions to help healthcare organizations to curb the spread.

The Tags Segment Will Maintain the Leading Position throughout the Forecast Period

Based on product type, the tags segment contributed to the largest market share in 2020, accounting for nearly half of the global RFID market, and is projected to maintain the leading position during the forecast period. This is due to the demand for improved asset monitoring and inventory management systems. On the other hand, the software & services segment is anticipated to manifest the highest CAGR of 15.6% from 2021 to 2030, owing to development in networking capabilities.

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The ultra-high frequency segment will maintain the leading position throughout the forecast period

Based on frequency, the ultra-high frequency segment contributed to the highest market share in 2020, accounting for more than two-fifths third of the global RFID market, and is anticipated to lead the market during the forecast period. The segment is anticipated to manifest the highest CAGR of 10.0% from 2021 to 2030. Ultra-high frequency RFID tags are perfect for applications that need to read multiple items simultaneously. This adds to the growth of this segment. The report also analyses the segments including low frequency and high frequency.

North America is expected to maintain the lead by 2030

Based on region, North America held the highest market share in 2020, contributing to more than one-third of the global RFID market, and is expected to dominate the market by 2030.  This is due to the presence of the prime players including Texas Instruments and Impinj, Inc. On the other hand, Asia-Pacific is expected to manifest the highest CAGR of 13.2% from 2021 to 2030. This is attributed to the rise in awareness about Internet of Things technology and artificial intelligence applications to improve resource utilization and avail benefits of the RFID technology.

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Leading Market Players

• Impinj
• Data Logic
• GEO RFID
• HID Global
• Avery Dennison
• Honeywell
• Identiv
• Invengo
• Zebra Technologies
• NXP Semiconductor

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