PORTLAND, Ore., December 1, 2021 / PRNewswire / – Allied Market Research published a report titled “RFID market by product type (labels, readers and software and services), frequency (low frequency, high frequency and ultra high frequency) and end use (commercial, animal tracking, transport, agriculture, security and access control, healthcare , Retail, Logistics and Supply Chain and Others): Global opportunity analysis and industry forecast, 2021-2030.“According to the report, the global RFID market was $ 10.41 billion in 2020, and is expected to reach $ 25.47 billion by 2030, posting a CAGR of 9.6% from 2021 to 2030.
The main drivers of market growth
Increasing market competitiveness which leads to the availability of cost effective RFID solution, increasing rules and government initiatives for various industries and increasing installation of RFID solutions in healthcare sectors and manufacturing are fueling the global RFID market. On the other hand, the high cost of installing, purchasing and maintaining RFID and concerns about data security and privacy are hampering the growth of the market. On the contrary, the increasing acceptance of RFID tags for the Internet of Things, Industry 4.0 and smart manufacturing is creating several lucrative market opportunities.
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- The pandemic has severely affected the growth rate of the RFID market in 2020. The market has experienced relatively high growth due to increased demand for real-time asset tracking solutions across the world.
- The pandemic has created several challenges for the retail, manufacturing and logistics sectors, which have affected the production of RFID solutions.
- The pandemic has also affected the availability of qualified professionals to install RFID solutions.
- The increase in the number of patients with COVID-19 has led to an increase in the implementation of RFID solutions to help healthcare organizations curb the spread.
Beacon segment will retain the leading position throughout the forecast period
Depending on the type of product, the label segment contributed to the larger market share in 2020, accounting for nearly half of the global RFID market, and is expected to maintain its 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 and services segment is expected to show the highest CAGR of 15.6% from 2021 to 2030, owing to the development of networking capabilities.
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Ultra-High Frequency Segment to Maintain Leading Position Throughout Forecast Period
On the basis of frequency, UHF segment contributed the highest market share in 2020, accounting for over two-fifths of the global RFID market, and is expected to dominate the market during the forecast period. . The segment is expected to have 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 contributes to the growth of this segment. The report also analyzes the segments including low frequency and high frequency.
North America should keep the lead by 2030
Depending on the region, North America held the highest market share in 2020, contributing over a third of the global RFID market, and is expected to dominate the market by 2030. This is due to the presence of major players including Texas Instruments and Impinj , Inc. the other hand, Asia Pacific is expected to post the highest CAGR of 13.2% from 2021 to 2030. This is attributed to the growing awareness of Internet of Things technology and artificial intelligence applications to improve resource utilization and take advantage of advantages of RFID technology.
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The main players in the market
- Data logic
- GEO RFID
- HID Global
- Avery dennison
- Zebra Technologies
- NXP semiconductor
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