Radio Frequency Identification (RFID) technology is a wireless technology for automatically identifying objects, collecting data, and tracking tags attached to objects. RFID tags are used for tracking, inventory management and shipment of goods in supply chain applications. RFID tags provide advantages like real-time item tracking for perishable products, improved inventory management with automatic item scanning, and enhanced security through item authentication.
Market key trends:
The increased adoption of RFID technology in supply chain applications is one of the major trends driving the growth of the RFID market. RFID tags attached to goods enable real-time tracking of shipments across different stages of supply chain from manufacturing to the end customer. This improves visibility and efficiency in supply chain processes. RFID tagged items can be scanned automatically without line-of-sight, reducing processing time at distribution centers and checkpoints. Major companies are incorporating RFID into their supply chain to optimize inventory management and fulfillment. The growth in e-commerce is also propelling the need for efficient supply chain management through automated identification using RFID tags.
Segment Analysis
The global RFID market can be segmented by product type, frequency band, industry vertical and geography. By product type, the passive RFID tags segment dominates the market and accounted for around 60% share of the total market in 2023. This is because passive RFID tags do not need an internal power source as they derive power from reader’s RF field for operation. They are comparatively cheaper than active RFID tags. By industry vertical, the retail and logistics segment accounted for the largest market share in 2023. This is owing to growing adoption of RFID technology for inventory management, asset tracking and supply chain management across the retail and logistics sector. Geographically, North America dominated the global RFID market owing to high adoption of the technology across various industry verticals in the region.
Key Takeaways
The Global RFID Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. The global RFID Market is estimated to be valued at US$ 15.8 Bn in 2023 and is expected to exhibit a CAGR of 3.2% over the forecast period 2023-2031.
Regional analysis shows that North America held the largest share of over 35% in the global RFID market in 2023. This is owing to rising adoption of RFID technology across industries such as retail, healthcare, manufacturing among others in the region.
Key players operating in the RFID market are Basilea Pharmaceutica Ltd, Astellas Pharma Inc., SCYNEXIS, Inc., NovaDigm Therapeutics, Mycovia Pharmaceuticals, Inc., Pfizer Inc, and Viatris Inc., among others.
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