Radio Frequency Identification Market are forecast to Increase At An Impressive 15.9% CAGR, Reaching US$ 54.7 Bn by 2028.

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Future Market Insights (FMI) has projected the global radio frequency identification (RFID) market size to reach US$ 22.5 Bn in 2022. With a favorable demand outlook, sales are forecast to increase at an impressive 15.9% CAGR, reaching US$ 54.7 Bn by 2028.

Increasing adoption of RFID tags in the manufacturing sector for asset management and quality control is expected to boost the market. Besides this, growing demand for contact tracing driven by the outbreak of COVID-19 is anticipated to continue pushing sales in the market. The increasing focus on security and management of assets in the retail, healthcare, and automotive sectors also will create growth opportunities. As per FMI, sales of radio frequency identification are projected to represent 55% of the global asset tracking market share in 2022.

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On the basis of components, the RFID software and middleware segment is expected to register attractive growth over the forecast period. Based on application, the agriculture segment is estimated to gain high penetration in terms of market share during the forecast period.

radio frequency identification market

The annual revenue of the global RFID market was US$ 12,912.0 Mn by the end of 2021, which is expected to grow at a steady pace over the coming years. The dominating regions, i.e., North America, SEA & Others of APAC and Western Europe, are expected to collectively account for a majority share in the global RFID market. These regions are likely to dominate the global market over the forecast period.

Over a decade ago, RFID technology was used by large enterprises.  With improvements in technology and economical cost, this technology has been adopted by small and medium enterprises. RFID technology is widely used by all tier companies to streamline operations and enhance the visibility of their supply chain and logistics operations. The usage of RFID technology in automated item identification systems is gaining importance in the retail sector.

The increasing need for RFID tags across the globe is driven by robust opportunities in the healthcare sector. In the healthcare sector, an increasing focus on RFID technology for the tracking and classification of medical instruments has been driving the demand for RFID tags worldwide.

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This technology holds immense potential for improving supply chain efficiency and ensuring patient safety while reducing human errors in healthcare processes at the same time. Healthcare management and monitoring of critical care equipment represent other interesting areas of application for the RFID market.

The automotive and aerospace industry is adopting the RFID technology especially for the tracking of vehicles, inventory management of spare parts and visibility in logistics operations. Also, Vendor management has become smoother with use of RFID technology since it provides detailed performance metrics.

On the basis of FMI analysis, the RFID tags in the component segment are expected to dominate the market due to the high penetration of advanced technologies such as RAIN RFID tag in various industry verticals.

The High Frequency (HF) sub-segment in the RFID tags segment is estimated to remain dominant in terms of market share during the forecast period.

On the basis of applications, the agriculture segment will be a dominating segment due to the wide adoption of RFID technology for the tagging of animals through which the farmers can easily trace them and improve supply chain efficiency.

The North America RFID market is expected to dominate the global RFID market due to the large automotive tires market in the country. The market has huge potential in China owing to major technological advancements in the healthcare, retail and consumer goods markets.

The SEA and Others of APAC RFID market will be a target market for market participants looking to penetrate the retail and consumer goods segment.

Latin America is estimated to grow with an above-average CAGR over the forecast period. Brazil is expected to hold a major revenue share in the Latin America RFID market over the forecast period.

According to FMI analysis, long-term contracts with business partners are estimated to help increase revenue and new innovation strategies are likely to enable RFID vendors to reach new growth markets. Some of the market participants in the global RFID market report include Zebra Technologies Corporation; HID Global Corporation; Thin Film Electronics ASA; Invengo Information Technology Co., Ltd.; GAO RFID Inc.; Impinj, Inc.; Xerox Corporation; Omni-ID; Alien Technology, LLC and Molex, LLC.

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Key Questions Answered in the Report

  • What is the global radio frequency identification market size?

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