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Radio Frequency Identification Market: Revenue to Grow at a CAGR of 14.5% During 2018–2028, Driven by Integrating RFID Technology with IoT and Big Data Platforms for Real-time Data Access

Report Description

RFID, as considered under the scope of the report, is used in various industries for supply chain management.

The global RFID market is estimated to be valued at US$ 12,912.0 Mn by the end of 2017 and is expected to grow in the coming years at a CAGR of 14.5% in terms of value over the forecast period. The global RFID market is anticipated to represent a large incremental opportunity between 2018 and 2028.

On the basis of application, the global RFID market can be segmented into logistics & transportation, aerospace & defence, automotive, retail & consumer goods, agriculture, healthcare, government and others. The retail and consumer goods segment is expected to account for a sizable share of the overall RFID market by the end of the forecast period. The growth of the RFID market is predominantly driven by the rising need for efficient supply chain management in the developing economies of South East Asia & Others of APAC, Middle East & Africa and China. In the healthcare sector, the focus on RFID technology for the tracking and classification of medical instruments is rising, and this is expected to drive the demand for the technology. The adoption of RFID technology by customers of aircrafts, such as Airbus, Boeing and the U.S. Department of Defence, for improving supply chain visibility, asset management & utilization, work-in-process (WIP) tracking, improved maintenance tracking and efficient logistics & manufacturing operations has increased.

The North America RFID market holds a major value share in the global market and is likely to maintain its dominance in the global RFID market over the forecast period. The market in this region is projected to represent a significant incremental opportunity between 2018 and 2028. Rising need for efficient supply chain management is expected to support the growth of the North America RFID market during the forecast period. RFID stores detailed information related to the product on which it is tagged. The prices and details of products with RFID tags are automatically recorded when the customer approaches the counter without the need to scan every product, which saves the time of the customer. Moreover, it allows the cost tally in one scan, which saves the time of the customer as well as the retailer. These advantages have encouraged retail and manufacturing companies across developing regions such as SEA & Others of APAC and China to adopt RFID for tagging their products. China is expected to present attractive opportunities for RFID manufacturers followed by countries located in the South East Asia & Pacific. The China RFID market is estimated to grow at a significant CAGR in terms of value over the forecast period. Sales of RFID in the Western Europe market are projected to represent a total incremental opportunity of US$ 6,802.7 Mn and the Latin America RFID market is also anticipated to witness significant growth.

At present, the vendors in the market are focusing on the integration of RFID with IoT to be able to identify an object and its real-time location. Some of the market vendors in the global RFID market include Zebra Technologies Corporation; HID Global Corporation; Thin Film Electronics ASA; Invengo Information Technology Co., Ltd.; GAO RFID Inc.; Impinj, Inc.; Xerox Corporation; Omni-ID; Alien Technology, LLC and Molex, LLC.

Key developments in the RFID market

  • In January 2017, Zebra Technologies Corporation launched Zebra SmartSense RFID for application in the retail sector for identifying and tracking the location of merchandise, associates and shoppers in a retail store in real-time

  • In May 2017, HID Global Corporation launched IoT solutions to offer enterprises solutions for asset management and equipment management. HID Location Services is used for item management, and it monitors the location and movement of assets & equipment across multiple locations or in a particular area

  • In February 2017, Impinj, Inc. entered into a partnership with STANELY Healthcare, a leading provider of healthcare products, to integrate Impinj’s Platform with MobileView Real-Time Location Systems (RTLS) software platform to offer RFID products for application in the healthcare industry.

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