Rising Adoption Across Multiple Industries of RFID Market
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.
SWOT Analysis
Strength: RFID technology allows for automated data identification and collection without line of sight to increase efficiency. RFID tags can be affixed to various assets and products to allow for real-time tracking and monitoring with little human intervention. RFID technology offers improved accuracy compared to manual data collection methods and barcode scanning.
Weakness: Initial costs associated with implementing RFID technology systems can be high which impacts small businesses. Concerns around data security and privacy with RFID tags storing product and location information. RFID signals can be disrupted by liquids and metals which impacts reliability.
Opportunity: Growth in e-commerce logistics and need to automate inventory and supply chain management processes drives RFID adoption. Implementation of RFID in transportation and logistics for asset tracking, toll collection, and vehicle identification presents opportunities. Developing applications of RFID in healthcare sector for tracking medical equipment, patient information, and drugs.
Threats: Availability of alternative tracking technologies like barcodes, GPS and sensors limits RFID market growth. Stringent regulations around use of RFID technology in certain industries raises compliance issues. Consolidation of RFID vendors reduces options and increases dependence on few market leaders.
Key Takeaways
The Global RFID Market Size is expected to witness high growth over the forecast period driven by increasing demand for supply chain automation. 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.
North America currently dominates the market due to large presence of RFID solution providers and early technology adoption across industries like retail, healthcare, and manufacturing. The U.S. accounts for the largest share in the region supported by large retail chains implementing RFID for inventory management. Asia Pacific is projected to be the fastest growing regional market with countries like China and India emerging as major manufacturing hubs boosting RFID deployment.
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 market is highly competitive with leading players focusing on new product development and partnerships to expand geographic presence. Strategic mergers and acquisitions allow companies to enhance their technology portfolio and market share. Increasing foreign investments fuel innovation and commercialization of RFID solutions.
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