Market Overview:
RFID systems use wireless radio-frequency communication to identify and track tags attached to objects, such as retail items, library books, baggage systems, highway toll collection systems, and access control systems. RFID tags embedded in smart labels allow objects to be identified faster and with less manual effort than other methods such as barcode scanning.
Market key trends:
Smart labels embedded with RFID tags allow logistics companies to track pallet and cases throughout the supply chain more efficiently. They can identify each unique item during shipping and receiving without needing to scan individual barcodes. This allows logistics companies to optimize warehouse operations, reduce shipping errors and inventory shrinkage. Retailers are also using RFID smart labels to streamline stock replenishment and inventory management. The growth of e-commerce and Omni-channel retailing is fueling demand for RFID systems to handle large volumes of inventory.
Segment Analysis
The RFID Market Share is segmented into product type, frequency, application, and end user. By product type, tags dominate the market and accounted for over 60% share of the total RFID market in 2023. Tags are further categorized into active and passive tags. Passive tags dominated the tag segment in 2023 due to their low costs and widespread adoption across various industries for inventory management and asset tracking applications.
Key Takeaways
The global RFID market is expected to witness high growth, exhibiting CAGR of 11.% over the forecast period, due to increasing adoption across various industries such as retail, healthcare, and transportation & logistics for efficient asset and inventory management.
Regional analysis
North America dominates the global RFID market and is expected to maintain its dominance over the forecast period. This is attributed to high adoption of RFID technology across various industries for asset and inventory management applications in the region. Asia Pacific is expected to witness the fastest growth over the forecast period owing to the increasing adoption of advanced technologies across industries in emerging economies such as China and India.
Key players
Key players operating in the RFID market are Alien Technology, LLC, Avery Dennison Corporation, Bar Code India Limited, Bartech Data Systems PVT. LTD., Bartronics India Limited, Honeywell International. Inc., IDENTIV, Inc., Infotek Software & Systems Ltd. (I-TEK), NXP Semiconductor N.V., and Zebra Technologies Corporation. Major players are focusing on new product launches and partnerships with technology providers to cater to the growing demand and strengthen their market position.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
