Global RFID Market

Global RFID Market Size, Share, Growth Analysis, By Product(Tags, Active Tags), By Frequency(Low Frequency, High Frequency), By Application(Commercial, Animal Tracking), By Component(Tags, Middleware) - Industry Forecast 2024-2031

Report ID: SQMIG15A2305 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 124 | Figures: 74

Global RFID Market News

  • In January 2023, MishiPay Ltd. unveiled its innovative RFID self-checkout kiosk, marking a significant advancement in retail technology. This cutting-edge kiosk harnesses RFID sensors, offering customers a seamless checkout experience by eliminating the need to individually scan each item's barcode.
  • In May 2022, SML Group made waves with the establishment of its Technology Innovation Development Center (TIDC), marking a significant milestone as Hong Kong's maiden Radio Frequency Identification (RFID) inlay Research & Development (R&D) center and production hub. This strategic move aligns seamlessly with SML's overarching vision, positioning the company to drive a technology ecosystem capable of fueling global operations.
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Global RFID Market size was valued at USD 15.7 Billion in 2022 and is expected to grow from USD 18.07 Billion in 2023 to reach USD 55.66 Billion by 2031, at a CAGR of 15.1% during the forecast period (2024-2031)

The competitive environment of the global RFID Market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Leading brands invest in research and development to introduce new flavors, packaging formats, and health-focused variations to cater to changing consumer preferences. They often set the trends in the industry. 'Avery Dennison', 'Data Logic', 'GEO RFID', 'HID Global', 'Honeywell', 'Identiv', 'Invengo', 'Impinj', 'NXP Semiconductor', 'Zebra Technologies', 'Nedap', 'Impinj, Inc.', 'NXP Semiconductors', 'Unitech Electronics Co., Ltd.', 'HID Global Corp.', 'Invengo Information Technology Co., Ltd.', 'Datalogic SpA'

Several impactful trends are catalyzing the adoption of RFID technology across industries. Automation, supply chain management, real-time intelligence, asset tracking, and contactless payments, along with the integration of Near Field Communication (NFC), stand out as significant drivers. Additionally, government mandates mandating the use of RFID tags across sectors such as defense, livestock, and data centers play a pivotal role in industry advancement.

As the industry continues its expansion, concerted efforts have intensified to standardize both products and frequency bands within the RFID landscape. Leading organizations such as Electronics Product Code Global Incorporated (EPCglobal), the International Organization for Standardization (ISO), and the International Electrotechnical Commission (IEC) spearhead these standardization initiatives.

In 2022, North America emerged as the global market leader, commanding over 36.0% of the total revenue share. The region is poised for further RFID technology adoption driven by industry maturation and the amplified demand for contactless solutions amid the ongoing impact of COVID-19. Notably, the retail sector in North America stands at the forefront of this surge, displaying substantial interest and reliance on RFID technology.

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