Global RFID Market Is Expected to Reach $31.5 Billion by 2031: Allied Market Research
Portland, OR, Feb. 27, 2023 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global
generated $11.8 billion in 2021, and is estimated to reach $31.5 billion by 2031, witnessing a CAGR of 10.2% from 2021 to 2030. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscape, and competitive scenario. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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Report coverage & details:
|Market Size in 2021||$11.8 Billion|
|Market Size in 2031||$31.5 Billion|
|No. of Pages in Report||249|
|Segments Covered||Product Type, Frequency, End Use, and Region|
|Drivers||Surge in government initiatives to boost RFID-based solution across various industries|
|Rise in disposable income in emerging economies such as India, South Korea, Brazil, Dubai, and especially in Asia-Pacific and LAMEA|
|The rise in demand for RFID solutions in banking, healthcare and retail sectors|
|Opportunities||Surge in adoption of RFID tags for industry 4.0, Internet of Things and smart manufacturing|
|Restraints||High rise associated with the data security and privacy|
- The COVID-19 pandemic outbreak had a significant impact on the growth of the RFID market.
- This is due to a lack of skilled workforce availability and delay or cancelation of projects owing to partial or complete lockdown globally.
- However, the market has stabilized post the pandemic.
The report offers a detailed segmentation of the global RFID market based on product type, frequency, end use, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
Based on product type, the tags segment held the largest share in 2021, accounting for nearly three-fifths of the global RFID market and would maintain its dominance in terms of revenue through 2031. Moreover, the same segment is estimated to witness the
fastest CAGR of
during the forecast period. The report also discusses the readers, software, and services segments.
Based on frequency, the high frequency segment held the largest share in 2021, capturing nearly half of the global RFID market, and would lead the trail through 2031. The same segment is estimated to witness the fastest CAGR of 11.12% during the forecast period. The report also discusses low frequency and ultra-high frequency segments.
Based on end use, the retail segment held the largest share in 2021, capturing more than one-fourth of the global RFID market, and would lead the trail through 2031. The transportation segment, on the other hand, is estimated to witness the fastest CAGR of 12.23% during the forecast period. The report also discusses commercial, animal tracking, agriculture, security and access control, healthcare, logistics and supply chain, and others segments.
Based on region, the market in North America was the largest in 2021, accounting for more than one-third of the global RFID market share. However, the market in Asia-Pacific is likely to maintain its leadership in terms of revenue and is expected to manifest the highest CAGR of 13.43% from 2022 to 2031. The other regions analyzed in the study include LAMEA and Europe.
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Leading players of the global RFID market analyzed in the research include Bartech Data Systems Pvt. Ltd., Bartronics India Ltd., Honeywell International, Inc., Assa Abloy, AVERY DENNISON CORPORATION, Identiv, Inc., Impinj, Inc., Infotek Software & Systems Ltd., NXP Semiconductors, GAO RFID, Inc., Data logics S.P.A., Alien Technology, LLC, Bar Code India Ltd., Invengo Information Technology Co. Ltd., and Zebra Technologies Corporation.
The report analyzes these key players of the global RFID market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the RFID market analysis from 2021 to 2031 to identify the prevailing RFID market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the RFID market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global RFID market trends, key players, market segments, application areas, and market growth strategies.
Market Report Highlights
- Software and Services
- Low Frequency
- High Frequency
- Ultra-High Frequency
- Animal Tracking
- Security and Access Control
- Logistics and Supply Chain
(U.S., Canada, Mexico)
(UK, Germany, France, Italy, Rest of Europe)
(China, Japan, India, South Korea, Rest of Asia-Pacific)
(Latin America, Middle East, Africa)
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