Radio Frequency Identification (RFID) technology is primarily used for supply chain and logistics management. It helps in tracking inventory levels and optimizing supply chain efficiencies. RFID tags attached to products facilitate scanning of multiple items simultaneously without a direct line of sight. This helps organizations in counting inventory accurately and reduces labor costs associated with manual checking. RFID is gaining widespread acceptance across various industries like retail, healthcare, transportation, and manufacturing due to benefits like real-time visibility, automated processes, and improved security.
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 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The adoption of RFID is accelerated by rising inventory management needs of organizations. As product variety increases and supply chains expand globally, efficient tracking of shipments and stocks has become crucial. RFID assists in optimal inventory levels by automating replenishment processes. This saves costs associated with stock-outs and overstocking. Moreover, counterfeiting and theft losses are controlled through real-time item monitoring. As such, major retailers and manufacturing companies are increasingly implementing RFID solutions to gain operational efficiencies in the highly competitive business environment.
Segment Analysis
The global RFID market is dominated by the active RFID segment. Active RFID tags have an in-built battery that increases their range and allows communicating with readers from greater distances. As a result, they are highly adopted across industries that require tagging over long-ranges like supply chain management and logistics. Their advantages over passive RFID tags including improved signal strength and two-way communication capabilities have accelerated their demand.
Key Takeaways
The global RFID Market Growth is expected to witness high growth. 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 to 2030.
Regional analysis related content comprises: North America currently holds the largest share in the global RFID market owing to high technology adoption across industries like retail, healthcare, manufacturing etc in the US and Canada. However, Asia Pacific is expected to register the fastest growth during the forecast period due to rising adoption of RFID technology across industries in emerging economies like China and India.
Key players related content comprises: 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. Basilea Pharmaceutica Ltd is a commercial stage biopharmaceutical company committed to discovering, developing and commercializing innovative pharmaceutical products to meet medical needs of patients.
For more insights, read- https://www.newsanalyticspro.com/rfid-market-trends-size-and-share-analysis/
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