The RFID Market is projected to reach USD 35.6 billion by 2030 from USD 14.5 billion in 2022; it is expected to grow at a CAGR of 11.9% from 2022 to 2030.
Key Market Players
The prominent players operating in the RFID market are Zebra Technologies (US), Alien Technology (US), CAEN RFID (Italy), Impinj (US), Avery Dennison (US), Honeywell (US), NXP Semiconductors (Netherlands), GAO RFID (Canada), HID Global (US), Invengo (China), Infotek Software & Systems (P) Ltd (i-TEK) (India), Bartronics India Ltd. (India), Bartech Data Systems Pvt. Ltd., Bar Code India Ltd. (BCI) (India), ORBCOMM Inc. (US), GlobeRanger (US), Mojix (US), Securitag Assembly Group (SAG) (Taiwan), Linxens (France), Checkpoint Systems (US), Identiv (US), Confidex (Finland), Datalogic (Italy), Nedap (Netherlands), ThingMagic (Jadak Company) (US), and Omni-ID (US).
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In offering segment, the tags sub-segment is expected to hold the largest market share during the forecast period
The tags segment accounted for the highest market share of the total RFID market, by value, in 2021. Tags are the key components in an RFID solution and are used in multiple applications in large quantities, owing to which the segment captured the largest market share in 2021. The number of tags installed is much higher than the number of readers and software used in a complete RFID system of an organization. Additionally, with the rising number of assets, the number of tags installed increases; however, old readers can scan new tags. This is the main reason due to which the market size for tags is larger. A tag is used to identify a particular asset or person. Each tag has its own identity or ID number. These tags are used to track individuals, equipment, or any other asset of an enterprise. An RFID tag comprises different elements, such as electronic circuitry, battery, and antenna. The electronic circuitry includes semiconductor chips and other electronic components, such as resistors and capacitors. The other two elementsâ€”integrated antenna and batteryâ€”vary according to the requirement and the technology used for communication between the tag and the reader. Various types of tags are ring tags, labels, cards, tickets, wristbands, key fobs, tie wraps, embedded tags, and mountable tags. These tags can be used for standalone monitoring and real-time
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Opportunity: Increasing demand for hybrid RFID solutions
The RFID market is witnessing a rise in demand for hybrid solutions. Hybrid solutions have been designed to overcome some of the challenges associated with a single technology-based RFID system. A hybrid solution not only helps the end users deploy RFID technology at blind spots but also helps reduce infrastructure cost by utilizing existing technologies such as Wi-Fi or GPS. For instance, localized RFID can be used in areas where GPS has visibility problems, without incurring the infrastructure cost of full-scale RFID. The result is a robust, easy-to-install, and flexible solution that offers unsurpassed reliability immediately after the deployment.