Global Radio-Frequency Identification Technology (RFID) Market Research Report, 2024-29

The Radio Frequency Identification (RFID) market stands at the forefront of technological innovation, revolutionising how industries across the globe track, manage, and optimise their assets, processes, and operations. RFID technology, leveraging radio waves for data transmission between RFID tags and readers, has transcended its early roots and evolved into a ubiquitous solution with diverse applications spanning retail, healthcare, logistics, manufacturing, and beyond. With RFID, organisations can achieve unprecedented levels of visibility, automation, and efficiency, empowering them to make informed decisions, enhances customer experiences, and drive sustainable growth. From inventory management and supply chain optimisation to access control and smart city initiatives, RFID continues to redefine possibilities, enabling seamless integration with emerging technologies like the Internet of Things (IoT), artificial intelligence (AI), and cloud computing. As the global RFID market continues to expand, fueled by technological advancements, regulatory mandates, and evolving industry trends, it presents boundless opportunities for innovation and transformation, shaping the future of how we interact with the physical world around us. The globalisation of supply chains and the proliferation of e-commerce have fueled the expansion of the global RFID market. Emerging economies, particularly in Asia-Pacific and Latin America, are witnessing robust adoption of RFID technology, driven by rapid urbanization, infrastructure development, and the digital transformation of industries. According to the research report, “Global Radio-Frequency Identification (RFID) Market Research Report, 2029,” published by Actual Market Research, the radio-frequency identification (RFID) market is anticipated to cross USD 30 Billion by 2029, increasing from USD 19.24 Billion in 2023. The market is expected to grow at a 9.12% CAGR by 2024–29. Industries require accurate and real-time data capture for efficient operations and decision-making. RFID technology offers superior data capture capabilities compared to traditional methods like barcodes, as it allows for quick and automatic identification of items without line-of-sight requirements. With increasing concerns about security and access control, industries rely on RFID technology to enhance security measures. RFID-enabled access control systems provide a secure and efficient means of managing entry and exit points in facilities, vehicles, and restricted areas. Businesses across various sectors, including retail, manufacturing, and logistics, seek efficient inventory and asset management solutions to streamline operations, minimise stockouts, and reduce losses. RFID technology enables automated tracking and management of inventory and assets, leading to improved accuracy, visibility, and efficiency. The healthcare and retail sectors are significant drivers of RFID adoption. In healthcare, RFID technology is used for patient tracking, medication management, and asset tracking, improving patient safety and operational efficiency. In retail, RFID enables inventory management, theft prevention, and omnichannel retailing, enhancing customer experiences and driving sales. With an increasing focus on sustainability and resource efficiency, industries are turning to RFID technology to optimise processes, reduce waste, and improve resource utilization. RFID-enabled solutions contribute to sustainability goals by enhancing supply chain visibility, minimising errors, and enabling better inventory management. Technological advancements, such as smaller and more affordable RFID tags, improved reader capabilities, and enhanced software solutions, have made RFID technology more accessible and cost-effective for businesses. As costs decrease and performance improves, the adoption of RFID technology is expected to accelerate further. Market Drivers

What's Inside a Actual Market Research`s industry report?

Asia-Pacific dominates the market and is the largest and fastest-growing market in the animal growth promoters industry globally

Download Sample

• Asset Tracking and Management: Asset tracking and management represent a significant driver of the global RFID market, particularly in industries where the efficient utilisation and monitoring of assets are critical for operations. RFID technology enables organisations to accurately track and manage assets, equipment, and resources in real-time, providing visibility into their location, status, and usage. By attaching RFID tags to assets, businesses can automate data capture processes, streamline inventory management, prevent loss or theft, improve asset utilisation, and facilitate maintenance scheduling. RFID-enabled asset tracking solutions offer numerous benefits, including increased operational efficiency, reduced downtime, lower operational costs, and improved compliance with regulatory requirements. Industries such as manufacturing, logistics, healthcare, construction, and utilities leverage RFID technology for asset tracking and management to optimise asset lifecycle management, enhance productivity, and maximise return on investment. • Emerging Applications: The emergence of new applications and use cases is driving the growth of the global RFID market, expanding its relevance and adoption across diverse industries. RFID technology continues to evolve beyond traditional applications such as inventory management and access control, enabling innovative solutions to address emerging challenges and opportunities. Emerging applications of RFID technology include product authentication, brand protection, smart packaging, customer engagement, environmental monitoring, and supply chain transparency. For example, RFID-enabled smart packaging solutions leverage RFID tags to provide real-time visibility into product authenticity, freshness, and usage information, enhancing consumer trust and brand loyalty. In the healthcare sector, RFID technology is used for patient monitoring, medication management, and medical device tracking to improve patient outcomes and operational efficiency. Market Challenges

Make this report your own

We're excited to discuss your needs and our solutions. Let's schedule a call.

Ask an Expert

Kripa Shah

Senior Analyst

• Security Risks b: One of the significant challenges facing the global RFID market is the potential security risks associated with RFID technology. RFID systems are vulnerable to various security threats, including data interception, eavesdropping, spoofing, and unauthorised access. Weaknesses in RFID protocols, a lack of encryption, and inadequate authentication mechanisms can expose RFID systems to exploitation by malicious actors seeking to steal sensitive information, disrupt operations, or compromise system integrity. Security breaches in RFID systems can result in financial losses, reputational damage, regulatory non-compliance, and privacy violations. Additionally, ongoing security monitoring, threat intelligence, and vulnerability management are essential for detecting and mitigating emerging security threats and ensuring the trustworthiness of RFID deployments. • Privacy Concerns: Privacy concerns represent another significant challenge for the global RFID market, particularly regarding the collection, storage, and use of personal data obtained through RFID technology. RFID systems generate vast amounts of data about individuals' movements, behaviours, and interactions with RFID-tagged objects or assets, raising concerns about privacy infringement, surveillance, and unauthorised tracking. Individuals may fear that RFID technology could be used to monitor their activities without their consent, leading to privacy violations, identity theft, or profiling. Moreover, RFID data collected by organisations may be susceptible to unauthorised access, data breaches, or misuse, posing risks to individuals' privacy and autonomy. By prioritising privacy protection and adopting privacy-preserving measures, organisations can build trust with stakeholders and mitigate the negative impacts of privacy concerns on RFID adoption and acceptance. Market Trends

Don’t pay for what you don’t need. Save 30%

Customise your report by selecting specific countries or regions

Specify Scope Now

• Global Market Expansion: The trend of global market expansion in the RFID industry signifies the increasing adoption and deployment of RFID technology across diverse regions and industries worldwide. Emerging economies, in particular, are witnessing significant RFID market expansion as infrastructure development, industrialization, and urbanisation create opportunities for RFID deployments in sectors such as manufacturing, logistics, healthcare, retail, and smart cities. Furthermore, the globalisation of supply chains and the rise of e-commerce are driving demand for RFID technology to enable real-time visibility, traceability, and efficiency in global trade networks. The expansion of the global RFID market not only creates new business opportunities for RFID vendors and solution providers but also fosters economic growth, digital transformation, and competitiveness across regions and industries. • Innovative Use Cases: The trend of innovative use cases in the RFID industry reflects the continuous evolution and diversification of RFID applications beyond traditional use scenarios. As RFID technology matures and becomes more versatile, organisations are exploring new and creative ways to leverage RFID to address emerging challenges and seize new opportunities. Innovative use cases span a wide range of industries and applications, including smart cities, connected healthcare systems, intelligent retail environments, sustainable supply chains, and environmental monitoring. In retail, RFID technology enables inventory management, product authentication, and personalised customer experiences through features such as smart shelves, interactive displays, and cashierless checkout systems. These innovative use cases demonstrate the transformative potential of RFID technology in addressing complex challenges, driving efficiency gains, and unlocking new value propositions across industries and sectors. Covid-19 Impacts The shutdown caused by COVID-19 has had a detrimental effect on the worldwide market for RFID tags, as it has interrupted the supply chain and decreased demand for retail goods. Many organisations have experienced a halt in operations during the COVID-19 pandemic as a result of government restrictions, lockdowns, and workplace standards. Diminish worldwide demand for pricey retail goods in addition to disruptions in the supply chain, which are said to have impeded the growth of the RFID tag industry. But, by integrating RFID innovation with industrial automation companies, agreements were restored more quickly than anticipated in the near future. Moreover, it is expected that RFID tags will be essential in detecting issues throughout the healthcare supply chain. Furthermore, the economic uncertainty and business disruptions caused by the pandemic led many organisations to postpone or cancel RFID projects and deployments. Budget constraints, shifting priorities, and uncertainty about future market conditions prompted businesses to delay investments in RFID technology, impacting the growth and expansion of the RFID market in the short term. The retail sector, a significant end-user of RFID technology, experienced reduced activity due to lockdowns, store closures, and decreased consumer spending during the pandemic. Retailers faced challenges such as reduced foot traffic, inventory imbalances, and shifting consumer preferences, which affected their demand for RFID solutions. The decline in retail activity resulted in lower demand for RFID tags and systems, impacting the revenue and growth prospects of RFID vendors and solution providers. Based on the product types, there are segmented tags, readers, and software and services. Tags significantly contribute to the market; over the years, the cost of RFID tags has significantly decreased, making them more affordable for widespread adoption across various industries. This reduction in cost has lowered the barrier to entry for businesses looking to implement RFID technology, driving increased demand for RFID tags. Technological advancements in RFID tag design and manufacturing have led to improvements in performance, durability, and functionality. Smaller form factors, increased read ranges, enhanced memory capacities, and battery-free options have expanded the capabilities of RFID tags, making them suitable for a wider range of applications. Various industries, including retail, healthcare, logistics, manufacturing, and agriculture, are increasingly recognising the benefits of RFID technology for improving efficiency, visibility, and productivity. As more businesses adopt RFID solutions for inventory management, asset tracking, supply chain optimisation, and other applications, the demand for RFID tags continues to grow. Regulatory mandates and industry standards in sectors such as healthcare, pharmaceuticals, and food and beverage require the use of RFID technology for track-and-trace purposes. Compliance with these regulations drives the adoption of RFID tags, particularly for product authentication, serialisation, and supply chain traceability. The emergence of new applications and use cases for RFID technology, such as smart packaging, IoT integration, and contactless payment systems, is fueling demand for RFID tags. Innovations in areas like sensor integration, temperature monitoring, and tamper-evident features are expanding the utility of RFID tags in diverse industries and driving market growth. In terms of the tag types active and passive, passive RFID tags are a leading market. Passive RFID tags are typically more cost-effective than active RFID tags. They do not require an internal power source, such as a battery, which reduces manufacturing costs. This cost advantage makes passive RFID tags more attractive for large-scale deployments across various industries. Passive RFID technology integrates seamlessly with IoT (Internet of Things) platforms, enabling real-time data capture and analytics. By combining passive RFID tags with IoT sensors and devices, organisations can gain deeper insights into their operations and optimise processes for improved efficiency and productivity. Passive RFID systems typically require less infrastructure compared to active RFID systems. They rely on RFID readers to provide power and communication to the tags, eliminating the need for complex network setups or frequent battery replacements associated with active RFID systems. Passive RFID tags are available in a variety of sizes and form factors, ranging from small, adhesive labels to ruggedized hard tags. This versatility allows passive RFID tags to be deployed across a wide range of assets, products, and environments, making them adaptable to diverse applications. Passive RFID technology has been widely adopted across industries such as retail, logistics, manufacturing, and healthcare for applications like inventory management, asset tracking, and supply chain optimization. The established presence and reliability of passive RFID solutions contribute to their dominance in the market. According to the frequency, it is segmented into low frequency, high frequency, and ultra-high frequency. UHF RFID tags have a longer read range compared to other RFID frequencies, such as high frequency (HF) and low frequency (LF). This allows for greater flexibility in tag placement and enables the efficient tracking of assets, inventory, and shipments over larger distances. UHF RFID technology offers high throughput capabilities, allowing for the simultaneous reading of multiple tags in a single RFID read cycle. This high read rate enhances operational efficiency in applications where rapid data capture is essential, such as inventory management and logistics. UHF RFID tags are cost-effective solutions for large-scale deployments due to their relatively low manufacturing costs. The ability to mass-produce UHF RFID tags at a lower cost per unit makes them attractive for applications requiring high-volume tag usage, such as retail inventory management and supply chain optimization. UHF RFID technology operates on globally recognised standards, such as EPC Gen2 (Electronic Product Code Generation 2) and ISO 18000-6C, ensuring interoperability and compatibility across regions and industries. This standardised approach simplifies implementation and facilitates the adoption of UHF RFID solutions on a global scale. UHF RFID technology finds applications across a wide range of industries, including retail, logistics, healthcare, manufacturing, and automotive. From inventory management and asset tracking to supply chain visibility and retail analytics, UHF RFID technology offers versatile solutions that address diverse business needs and requirements. Based on the end user, they are bifurcated into Retail, Healthcare, Logistics & Supply Chain, Transportation, Aerospace & Defence, Animal Tracking/Agriculture, Commercial, Security & Access Control, and Others. Commercial is significantly contributing to the market share; RFID technology enables businesses to streamline operations, improve efficiency, and enhance productivity across various commercial applications. By automating manual processes and improving inventory accuracy, RFID technology helps businesses reduce operational costs associated with labour, inventory shrinkage, stockouts, and inefficient workflows. The ability to track assets and goods in real-time minimises the need for safety stock and excess inventory, optimising resource allocation and reducing overall costs. RFID technology provides businesses with greater visibility and control over their supply chains, enabling them to track the movement of goods, monitor inventory levels, and optimise logistics operations. Real-time data insights from RFID-enabled supply chain systems allow businesses to identify bottlenecks, mitigate disruptions, and optimise inventory levels, resulting in faster order fulfilment, reduced lead times, and improved customer satisfaction. As RFID technology continues to evolve, businesses are exploring innovative applications and use cases across diverse commercial sectors. From smart packaging and asset management to contactless payment systems and IoT integration, RFID technology enables businesses to unlock new revenue streams, differentiate their offerings, and stay competitive in rapidly evolving markets. Europe significantly contributes to the market due to technological advancements and industry adoption. Mandates in sectors like retail drive RFID use. Tech innovations improve RFID performance, and industries like healthcare and logistics increasingly adopt RFID for efficiency and traceability. Europe is witnessing significant growth in the RFID market due to various factors contributing to its adoption and expansion across industries. Regulatory mandates imposed by the European Union, particularly in sectors like retail, healthcare, and logistics, are driving the uptake of RFID technology. These regulations often require the implementation of RFID for product tracking, authentication, and traceability, fostering widespread adoption across the region. Moreover, technological advancements and innovations in RFID systems have made the technology more efficient, reliable, and cost-effective. Improved tag designs, increased read ranges, and enhanced data analytics capabilities have propelled the adoption of RFID across diverse applications, from inventory management to supply chain optimization. Industries in Europe are increasingly recognising the tangible benefits offered by RFID technology. In retail, RFID enables real-time inventory visibility, reduces out-of-stock situations, and enhances the overall shopping experience for customers. In healthcare, RFID facilitates asset tracking, patient monitoring, and medication management, leading to improved efficiency and patient safety. Similarly, in logistics and manufacturing, RFID streamlines operations, improves productivity, and enables seamless tracking of goods throughout the supply chain. Additionally, the COVID-19 pandemic has accelerated the adoption of RFID technology in Europe, particularly in sectors such as healthcare and retail, where the need for contactless solutions and supply chain resilience has become paramount. As businesses seek to adapt to evolving market dynamics and consumer demands, RFID technology offers a versatile and scalable solution for addressing operational challenges and driving business growth. The RFID market is characterised by a diverse range of companies, each contributing uniquely to the industry's landscape. There are many companies that are operating segments of the RFID market, including Zebra Technologies Corporation, Avery Dennison Corporation, Honeywell International Inc., Impinj, Inc., Assa Abloy AB, NXP Semiconductors N.V., Datalogic S.p.A., Invengo Information Technology Co., Ltd., ORBCOMM Inc., CCL Industries Inc., and many more. • Avery Dennison: in 2022, With the introduction of the AD Minidose U9 RAIN RFID inlay for pharmaceutical applications, Avery Dennison Smartrac opened up significant RFID value for laboratory asset management, pharmacies, and healthcare. The DoseID industry consortium has approved the usage of the AD Minidose U9, making it one of the smallest devices available on the market to gain ARC certification (Spec S) from Auburn University's RFID Lab Considered in this report • Historic year: 2018 • Base year: 2023 • Estimated year: 2024 • Forecast year: 2029 Aspects covered in this report • RFID market Outlook with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By Product type • Tags • Readers • Software & Services By Tag Type • Passive • Active By Frequency • Low Frequency (30 KHz to 300 KHz) • High Frequency (3 to 30 MHz) • Ultra-High Frequency (300 MHz to 3GHz) By Application • Healthcare • Logistics & Supply Chain • Transportation • Aerospace & Defence • Animal Tracking/Agriculture • Commercial • Security and Access Control • Others (Apparel, Food, Sports, Ticketing, etc.) The approach of the report: This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the RFID industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.