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RFID Market Trends

Report ID: GMI8068
Published Date: Feb 2024
Report Format: PDF

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RFID Market Trends

The RFID industry is witnessing a trend towards integration with Internet of Things (IoT) and cloud technologies. This integration enhances the capabilities of RFID systems by enabling real-time data sharing, analysis, and accessibility. Combining RFID with IoT allows for a more comprehensive and interconnected approach to data management, leading to improved efficiency in various applications such as supply chain management, asset tracking, and inventory control.

There has also been an increasing demand in the aviation sector for RFID labels, especially in providing enhanced services for passengers, such as real-time baggage tracking. According to Avery Dennison, implementing RFID-based labels in the Aviation industry has reduced mishandling rates by 13% and has cut ramp loading time by around 4 minutes per aircraft turn.

Passive Ultra-High Frequency (UHF) RFID technology is experiencing increased adoption, particularly in supply chain and logistics applications. The passive UHF RFID tags offer longer read ranges, improved data transfer rates, and cost-effectiveness. This trend is driven by the need for efficient and scalable solutions in large-scale operations. The technology's ability to handle simultaneous multiple tag readings has led to its widespread use in inventory management, retail, and asset tracking, contributing to the market growth.

The passive RFID tags are mainly powered by the readers and do not have a battery. However, the active type of RFID tags are powered by batteries. These RFID tags can store a wide range of information, right from one serial number to several pages of crucial data.

Authors: Suraj Gujar, Sandeep Ugale

Frequently Asked Questions (FAQ) :

RFID market size crossed USD 15 billion in 2023 and is expected to register over 12% CAGR from 2024-2032 owing to the increasing demand for improved supply chain visibility and efficiency worldwide.

The retail segment in RFID industry is expected to register over 12.2% CAGR from 2024-2032 due to their ability to ease the typical retail inventory process, which is manual, time-consuming, and only performed at predetermined intervals.

Asia Pacific held over 30% share of the RFID industry in 2023 and is expected to register a commendable CAGR from 2024-2032 due to increased adoption across diverse industries, and the burgeoning e-commerce industry in the region.

3M Company, Alien Technology, Avery Dennison Corporation, CAEN RFID, Checkpoint Systems, Datalogic S.p.A., HID Global Corporation, Impinj, Inc., Invengo Technology Pte. Ltd., Mojix, Inc., NXP Semiconductors, and Smartrac N.V. are some of the major RFID companies worldwide.