Radio Frequency Identification Market is set to surpass a revenue of US$ 122.6 Billion by 2033-end at a healthy CAGR – Report by FMI
The global Radio frequency Identification market is expected to be worth approximately US$ 25.9 billion in 2023. The whole market is estimated to reach US$ 122.6 billion by 2033, at a CAGR of 16.8%.
The growing necessity for this technology in industrial industries for transmission lines is one of the major factors driving the RFID market’s faster growth rate. Furthermore, the growing requirement for better inventory management has recently increased demand for RFID products in the global industry.
RFID technology is currently being widely used to monitor assets in real time in areas such as transportation, logistics and supply chain, shopping, and security. Recent technical breakthroughs have also paved the way for the Healthcare Radio Frequency Identification (RFID) industry.
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The rapid adoption of RFID technologies in the healthcare and service industries has fueled the growth of the aforementioned industry. Furthermore, the increased number of legislation and policy initiatives is anticipated to fuel development in Radio Frequency Identification technology.
Unfortunately, the high costs of RFID installation, procurement, and maintenance are projected to impede market growth to some extent. Furthermore, concerns regarding data security and privacy are expected to stymie the quick adoption of RFID technology in a variety of industries.
Key Takeaways from the Radio Frequency Identification Market Study
- In terms of RFID product manufacturing and consumption worldwide, China is the dominant country. This regional market alone accounts for approximately 25% of the market and is expected to reach US$ 30.3 billion by 2033.
- The United States is the region’s second-largest RFID market. The market is expected to grow at an 11.5% CAGR over the forecast period, reaching a valuation of US$ 14.9 billion by 2033.
- India ranks third in total RFID product sales. However, it is the fastest-growing region in terms of RFID technology usage, with a CAGR of 22.9% expected until 2033.
- The United Kingdom is Europe’s largest market for RFID solutions. It is expected to expand at a 17.8% annual pace from 2023 to 2033, reaching a worth of US$ 7.3 billion by the end.
- RFID readers have outsold all other segments in terms of component sales. It is expected to grow at the fastest rate of 16.5% through 2033.
- Similarly, in terms of applications, the retail and consumer products industry represents a very profitable prospect for the market. During the projected years, this RFID market sector is expected to increase at a 15.9% year on year rate.
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Competitive Landscape for the Radio Frequency Identification Market
Zebra Technologies Corporation, Invengo Information Technology Co. Ltd., Xerox Corporation, Thin Film Electronics ASA, HID Global Corporation, GAO RFID Inc., Impinj, Inc., Alien Technology, Omni-ID, Ltd. and Molex Inc. among others are some of the major players in the global Radio-frequency Identification technology market.
The availability of low-cost RFID solutions with high rates of return has motivated many emerging industries to enter this market in the last few years. Additionally, an increased favourable policy and government frameworks and regulatory requirements for its uses have increased the sales of RFID tags recently.
Radio Frequency Identification Market by Category
- RFID Tags
- Low Frequency (LF)
- High Frequency (HF)
- Ultra-High Frequency (UHF)
- Microwave Frequency
- Ultra-Wideband (UWB)
- RFID Readers
- RFID Software and Middleware
- Logistics and Transportation
- Aerospace and Defense
- Retail and Consumer Goods
- North America
- Latin America
- East Asia
- South Asia
- Middle East & Africa