The global radio frequency identification (RFID) technology market size was estimated at USD 15,769.8 million in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 15.1% from 2023 to 2030. The market is poised to witness steady growth over the forecast period due to the growing demand for asset tracking, inventory management, resource optimization, and monitoring assets of security and safety. Moreover, the proliferation of Real Time Location Systems (RTLS), sensor networks, 5G, and the Internet of Things (IoT) has made RFID devices more significant in the connected world. RFID devices are anticipated to be increasingly important in capitalizing on these technologies, contributing to the market’s growing demand.
The RFID systems that are deployed in the market are composed of three major components, namely tags, readers, and middleware. The RFID tags form the largest part of the market and are subject to prime development activities. While the deployment of passive tags is the largest in the industry, active tags are also gaining momentum as numerous new applications have sprung up in recent years, and the tag size has persistently been reducing. The growth of the market can also be attributed to the benefits provided by RFID tags, including identifying objects without being in direct line of sight, the ability to scan objects from a large distance, real-time data updates, and less than 100 milliseconds per tag reading time.
The significant trends aiding in adopting RFID technology are automation, supply chain management, real-time intelligence, asset tracking & payments, and NFC. The government mandates for using RFID tags for tracking various industry products, such as defense, livestock, and data centers, are also essential factors in the industry’s development. Moreover, technological advancements in UHF technology, the convergence of RFID with other communication technologies, and the growth in semi-passive and printed tags are anticipated to drive market growth in the coming years.
Radio Frequency Identification Technology Market Segmentation
The report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global radio frequency identification technology market report based on component, system, frequency, application, and region:
- Component Outlook (Revenue, USD Million, 2017 - 2030)
- Tags
- Antennas
- Readers
- Middleware
- System Outlook (Revenue, USD Million, 2017 - 2030)
- Active RFID System
- Passive RFID System
- Frequency Outlook (Revenue, USD Million, 2017 - 2030)
- Low Frequency (LF) RFID
- High Frequency (HF) RFID
- Ultra-high Frequency (UHF) RFID
- Application Outlook (Revenue, USD Million, 2017 - 2030)
- Retail
- Financial Services
- Healthcare
- Industrial
- Government
- Transportation & Logistics
- Others
- Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
- Latin America
- Middle East & Africa
- Kingdom of Saudi Arabia (KSA)
- UAE
- South Africa
Key Company Insights
- January 2023, MishiPay Ltd. announced the launch of its new RFID self-checkout kiosk. The kiosk utilizes RFID sensors, enabling customers to scan and remit payment for items without requiring the scanning of each item's barcode.
Key Players
- Honeywell International Inc.
- Zebra Technologies Corp.
- Avery Dennison Corp.
- Nedap
- Impinj, Inc.
- NXP Semiconductors
- Unitech Electronics Co., Ltd.
- HID Global Corp.
- Invengo Information Technology Co., Ltd.
- Datalogic SpA
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