Radio frequency identification (RFID) is a wireless non-contact technology that uses radio waves to automatically identify and track objects. RFID tags, consisting of microchips and antennas, are attached to products and assets that enable item-level tracking. They play a major role in supply chain operations by streamlining processes such as receiving, put-away, stock replenishment, inventory management, and more.

The global RFID Market is estimated to be valued at US$ 15.8 Bn in 2023 and is expected to exhibit a CAGR of 3.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Growing Adoption Across Industries (One driver from heading): The growing adoption of RFID tags across various industries such as retail, healthcare, manufacturing, and automotive among others is contributing to the growth of the market. RFID tags help in improving supply chain visibility, monitoring work in progress, tracking assets, and inventory management. This is resulting in operational efficiency and cost-savings for businesses. Furthermore, mandates from regulatory bodies regarding implementation of RFID are further propelling the market growth.

The other key driver is Technological Advancements in RFID Systems. Continuous technological innovations are helping RFID systems perform complex tasks with improved accuracy. Emergence of near field communication (NFC) technology has enabled contactless transactions and mobile payments. Growing IoT integration with RFID is also augmenting interactive communication between objects and systems. These advancements are encouraging more end-use industries to adopt advanced RFID solutions.

SWOT Analysis

Strength: The RFID market offers real-time tracking of assets and inventory. RFID provides improved supply chain visibility and efficiency. RFID tags are increasingly being used across various industries to streamline operations.

Weakness: RFID tag costs are relatively high compared to barcodes. Implementation of RFID systems requires high capital expenditure which can be difficult for small businesses to afford.

Opportunity: The growth of e-commerce and increasing focus on supply chain optimization is driving demand for RFID solutions. Advancements in RFID technology like chipless tags offer opportunities for new applications.

Threats: Availability of alternative tracking technologies can reduce RFID adoption rates. Strict regulations regarding RFID data privacy and security pose compliance challenges.

Key Takeaways


The global RFID Market Growth is expected to witness high growth over the forecast period of 2023 to 2030 supported by a CAGR of 3.2%. Growing need for real-time asset visibility across industries encourages RFID implementation. Regional analysis related content comprises

The Asia Pacific region dominates the global RFID market and is expected to continue its leadership through 2030. Rapid industrialization and rising adoption of automation across various sectors in emerging economies of China and India contributes to the large share of Asia Pacific. North America ranks among the fastest growing regions due to large presence of RFID vendors and growing focus on supply chain efficiencies in industries such as retail and healthcare in the US and Canada.

Key players related content comprises
Key players operating in the RFID market are Basilea Pharmaceutica Ltd, Astellas Pharma Inc., SCYNEXIS, Inc., NovaDigm Therapeutics, Mycovia Pharmaceuticals, Inc., Pfizer Inc, and Viatris Inc., among others. The prominent players focus on new product launches and strategic collaborations with logistics and retail companies for sustained leadership in the global RFID market.

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