- The global RFID market is estimated to witness noteworthy growth in forecast period due to rising usage of RFID technology in various end use industries across the globe. The North America region is anticipated to witness significant growth by 2027

NEW YORK, Aug. 27, 2021 /PRNewswire/ -- Research Dive in its latest published report estimates that the Global RFID (Radio Frequency Identification) Market will generate $21,361.9 million and exhibit a CAGR of 9.9% from 2020 to 2027.

Market Dynamics

The growing usage of RFID technology in various end-use industries is the major factor predicted to boost the growth of the global RFID market during the forecast period. In addition, rising installation of RFID systems in manufacturing units is another factor predicted to drive the overall market growth by 2027. However, the cost associated with manufacturing of RFID tags is projected to hinder the market growth during the estimated timeframe.

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Impact of COVID-19 Pandemic on the RFID Industry

The COVID-19 pandemic has significantly impacted the global RFID market. The increase in the growth rate of the market is mainly because RFID were used in multiple ways in the healthcare industry to follow social distancing. In addition, RFID technology automates the data collection process and hugely reduces the human effort & error which helped to curb the spread of the coronavirus among the population. Moreover, RFID has helped in tracking the medical equipment and devices and also helped the staff to quickly locate the equipment in the hospital premises.

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Key Segment Findings of the Market:

The research report segments the global RFID market into product, type, material, frequency, end user, and region.

• Based on product, the tag sub-segment is expected to grow at a CAGR of 10.3% and dominate in terms of market share during the forecast period. This growth is majorly because RFID tags are the most used RFID technology across all the industries.
• Based on type, the passive sub-segment is projected to hold largest share and rise at a CAGR of 8.9% in the estimated period. This can be attributed to increasing usage of passive type of RFID technology in tracking the goods in multiple end-use industries as passive tags.
• Based on material, the plastic material sub-segment accounted for $1,968.2 million in 2019 and predicted to hold highest CAGR by 2027. This is majorly because plastic is used in most of the RFID technologies.
• Based on frequency, the ultra-high frequency sub-segment accounted for $4,773.5 million and is predicted to have the highest growth rate by 2027. Ultra-high frequency RFID technology have extremely high read range than both high & low frequency RFID, which is estimated to drive the sub-segment market over the forecast period.
• Based on end user, the retail sub-segment valued for $2,145.2 million in 2019 and is predicted to have highest share in the global market during the forecast period. This is majorly due to rising demand of the RFID technology in the retail sector for product tracking.
• Based on region, the North America market for RFID valued for $3,442.4 million in 2019 and is projected to witness dominant growth during the forecast period. The growth of the region is mainly driven by the growing adoption of RFID technology for several operational use in various end use industries and the presence of leading companies.

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Top 10 Major Players in RFID industry

The key players of the global RFID industry include

1. Honeywell
2. Avery Dennison
3. NXP Semiconductors
4. Zebra Technologies
5. HID Global
6. Impinj
7. GAO RFID
8. Invengo
9. Identiv
10. Nedap

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These players are focusing on product launches, technological advancements, and strategic collaborations to gain a competitive in the global market. For instance, Avery Dennison, the leading materials science company specializing in the design & manufacture of a broad variety of functional & labeling materials, announced the launch of 'AD-332u8 RAIN RFID' inlay in September 2020 that outdoes in high density & close proximity conditions. This product can be used for inventory accuracy and supply chain management.

They are focusing on advanced product developments and merger & acquisition. These are some of the strategies conducted by the startups as well as established business organizations. 

More about RFID:

1. Global RFID Market to Experience Accelerating Growth by 2027, Due to Massive Demand of RFID in Retail Sector
2. RFID: Future Alternative to Barcode Technology
3. RFID Market Projected To Grow At A CAGR Of 9.9% And Generate A Revenue Of $21,361.9 Million In The Estimated Timeframe

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