RFID Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI3888
RFID Market size is expected to witness a lucrative growth from 2019 to 2025 owing to adoption of this technology in diversified industry areas including retail, logistics & supply chain, healthcare, transportation, and infrastructure management. The sensors provide an effective way to identify various objects and do not require line of sight of the reader or direct scanning unlike barcode scanners. The use of radio frequency and electromagnetic field for object identification helps in easy operation of these devices. The emergence of Internet of Things (IoT) will create significant opportunities for the RFID market growth. This technology enables to connect several items to the internet and will be significantly adopted in the IoT sector for customer support and easy monitoring & management of various items, augmenting the market.
The logistics & supply chain has become a crucial area for businesses as there is a growing need for efficient management of inventories. The capabilities of long-distance object recognition are increasing the adoption in inventory management in warehouses. The effective supply chain management is highly important to keep up the costs in line. The RFID market will significantly grow with the implementation of these sensors for tracking and managing goods and equipment. The sensors provide increased security compared to barcodes
The RFID market will grow with the rising need for goods security. Places, such as jewelry shops, require high-level security for tracking unauthorized attempts to move items and prevent incidences such as theft and robbery. This technology offers an effective way to manage and track a large number of jewelry items at considerably lower costs with improved security. In August 2018, On Cheong, one of the major jewelry brands in Singapore implemented the technology in its stores to improve inventory tracking and boost productivity. Other commercial places, such as airports, are also implementing RFID for effective and accurate baggage tracking. In June 2019, International Air Transport Association (IATA) passed resolutions for the adoption of RFID at airports. The RFID market will have high growth potential owing to the adoption of these devices in inventory tracking applications.
The retail sector will be one of the major application areas of the RFID market. Retail organizations particularly organized retailers are adopting new technologies to manage store items. The tags provide a high level of inventory accuracy, thereby eliminating problems such as wrong items, exchanges, and others. With the implementation of this technology, retailers can considerably improve their revenue without increasing the stock levels due to effective management of items and increase in labor productivity. Anti-counterfeiting and anti-theft benefits are driving the growth of the RFID market in the retail sector. Some of the well-established retailers including Adidas, Sears, Pepe Jeans, Levis, Tommy Hilfiger, Decathlon, and L’Oreal have adopted the technology for goods management contributing toward the market growth.
The RFID market will be driven by the growing demand from the healthcare sector for accurate management of items such as patient samples, consumables, and medicines. It helps in the reduction of manual errors and enable high visibility. According to the RAIN RFID organization, medical research institutes using this technology have been able to reduce the shrinkage of expired products by almost 70%. Hospitals have less than 1% error rate for tracking implanted products with a growth of workflow efficiency by 52%. These benefits will significantly fuel the market growth in healthcare applications.
The inclination of governments in some countries toward adopting this technology in various applications will have considerable influence on the growth of the RFID market. For instance, in South Korea, the law of customs requires all whisky sold locally to carry a tag. This provision is highly beneficial for preventing tax evasion by some of the whisky establishments, which do not report correct sales and purchases of items. Moreover, this has considerably eliminated the circulation of fake products in the market. In India, the Environment Pollution (Prevention and Control) Authority introduced a new rule in June 2019, which will restrict all trucks that do not have a RFID tag from entering Delhi. This rule will be effective from 10July 2019. The adoption of these technologies by governments to improve tracking and security of goods will considerably propel the RFID market growth.
North America is expected to be one of the key regions in the RFID market. The U.S. in particular has been at the forefront in implementing novel technologies for improving operational efficiency. The country holds a large presence of organized and leading retail players including Amazon, Sears, and Walmart, which will augment the growth of the RFID market. The U.S. retail sector is highly inclined toward effective & efficient supply chain management with the implementation of advanced technologies. Moreover, the country has a large number of players in the market including Avery Dennison Corporation and Alien Technology. North America will have significant growth potential for the market.
The key players in the RFID market are CAEN RFID S.r.l, Zebra, Avery Dennison, Impinj, NXP Semiconductors, Alien Technology, and Applied Wireless Identifications Group, Inc.. Companies are entering into collaborations and strategic partnerships to enhance their product offerings and expand their businesses. For instance, in May 2019, Sensys Network announced its merger with TagMaster to provide advanced solution in the field of transportation. The companies will work together to commercialize solutions for traffic detection, tolling, parking, and vehicle handling across the entire smart city solution spectrum. Such mergers and acquisitions will expand the use of this technology in various industries, leading to the growth of the market.
RFID market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2015 to 2025 for the following segments:
RFID Market, By Product
RFID Market, By Form Factor
RFID Market, By Working
The above information has been provided for the following regions and countries:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa (MEA)
- Saudi Arabia
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