02.10.23
The global RFID market share is expected to witness considerable growth, owing to an increase in demand for industry 4.0, Internet of Things, and industrial automation solutions paired with the rise in disposable income in emerging economies such as India, South Korea, Brazil, Dubai, and especially in Asia-Pacific and LAMEA region, which is driving the RFID market growth.
According to a new report published by Allied Market Research (AMR), titled “RFID Market by Product Type, Frequency, End Use, and Region: Global Opportunity Analysis and Industry Forecast, 2022–2031," The RFID market was valued at $11.8 billion in 2021, and is estimated to reach $31.5 billion by 2031, growing at a CAGR of 10.2% from 2022 to 2031.
The growth of RFID is primarily driven by the surge in government initiatives to boost RFID-based solution across various industries coupled with the growing demand for RFID products in retail sectors. Moreover, the rise in demand for RFID solutions in banking and healthcare sectors is expected to drive market growth. The surge in adoption of RFID tags for industry 4.0, Internet of Things and smart manufacturing is anticipated to provide lucrative opportunities for the RFID industry during the forecast period.
According to RFID market analysis, the retail segment was the highest contributor to the market in 2021. The security & access control and retail segments collectively accounted for around 46.8% market share in 2021. The high frequency segment was the highest revenue contributor to the market by frequency in 2021. Surge in prime players initiatives to develop and deploy next generation smart infrastructure solution has led the growth of the RFID market. Further, the high frequency segment is expected to emerge as the fastest growing segment of the market during the forecast period of 2022-2031.
According to a new report published by Allied Market Research (AMR), titled “RFID Market by Product Type, Frequency, End Use, and Region: Global Opportunity Analysis and Industry Forecast, 2022–2031," The RFID market was valued at $11.8 billion in 2021, and is estimated to reach $31.5 billion by 2031, growing at a CAGR of 10.2% from 2022 to 2031.
The growth of RFID is primarily driven by the surge in government initiatives to boost RFID-based solution across various industries coupled with the growing demand for RFID products in retail sectors. Moreover, the rise in demand for RFID solutions in banking and healthcare sectors is expected to drive market growth. The surge in adoption of RFID tags for industry 4.0, Internet of Things and smart manufacturing is anticipated to provide lucrative opportunities for the RFID industry during the forecast period.
According to RFID market analysis, the retail segment was the highest contributor to the market in 2021. The security & access control and retail segments collectively accounted for around 46.8% market share in 2021. The high frequency segment was the highest revenue contributor to the market by frequency in 2021. Surge in prime players initiatives to develop and deploy next generation smart infrastructure solution has led the growth of the RFID market. Further, the high frequency segment is expected to emerge as the fastest growing segment of the market during the forecast period of 2022-2031.
