RFID Market Projections: Anticipating US$ 25.9 Billion by 2023

Future Market Insights (FMI) forecasts that the global Radio Frequency Identification (RFID) Industry is poised to reach an impressive valuation of US$ 25.9 Billion by 2023, with a remarkable 16.8% Compound Annual Growth Rate (CAGR) anticipated over the next decade.

Driven by a surge in demand across various sectors, the market is projected to scale new heights, ultimately touching a valuation of US$ 122.6 Billion by 2033.

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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.

Drivers and Opportunities:

One of the primary driving forces behind this exponential growth is the increasing adoption of RFID tags in the manufacturing sector for efficient asset management and enhanced quality control. Additionally, the global COVID-19 pandemic has accelerated the adoption of radio frequency identification services for contact tracing purposes, opening up substantial opportunities for the RFID market, especially in healthcare applications.

Furthermore, heightened focus on security and asset management in sectors such as retail, healthcare, and automotive is expected to create significant growth prospects. According to FMI’s analysis, RFID sales are poised to command a substantial 55% share of the global asset tracking market in 2023.

RFID technology has evolved significantly, with the capability to detect tags from distances exceeding 100 meters. Active RFID tags have expanded their utility, enabling real-time tracking of moving objects and personnel.

The introduction of portable RFID readers, including sled readers, has revolutionized vehicle tracking and monitoring, offering cost-effective solutions, which have spurred demand in the transport sector.

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Competitive Landscape – Regional Trends:

With recent technological advancements and enhancements, the previously passive ultra-high frequency band of 860 to 960 MHz has given rise to the RAIN RFID band. This new frequency band has become the most widely adopted in the market, attracting numerous vendors into the RFID ecosystem.

Restraints:

While the RFID market exhibits promising growth, it is not without its limitations and challenges. The market may face constraints related to standardization and data security. It is imperative for industry stakeholders to address these issues to sustain the market’s upward trajectory.

Region-wise Insights – Category-wise Insights:

FMI’s analysis suggests that the RFID market’s potential is not uniform across regions, with varying adoption rates and growth trajectories. Additionally, within the RFID market, specific categories and applications may witness distinct trends and growth patterns, requiring tailored strategies for success.