Global Radio Frequency Identification Market - 2022-2029

Global Radio Frequency Identification Market - 2022-2029

Market Overview

Radio frequency identification (RFID) market size was worth US$ XX million in 2021 and is estimated to record significant growth by reaching up to US$ XX million by 2029, growing at a CAGR of 20.4% within the forecast period (2022-2029).

Radiofrequency identification (RFID) is a passive wireless technology that uses radio waves to identify tagged things. It is used in various commercial and industrial applications, from tracking items via a supply chain to tracking items checked out of a library.

RFID works by storing information on a small electrical device, usually a microchip. The devices are often incredibly small, sometimes as small as a grain of rice and can store enormous amounts of data. In addition, even though they don't always emit electricity, some contain a stored power source or batteries.

The system's two main components are readers and tags. The reader transmits radio waves and receives signals from the RFID tag, while the tag uses radio waves to communicate its identity and other data. The technology can be used for various things, but it's most commonly employed to track items, animals and money.

Market Dynamics

Technological advancements in RFID technology. Increasing focus on consumer convenience from industries

Technological advancements in RFID technology drive the market share for the product

Gen2 radio frequency identification (RFID) chips are state-of-the-art technology. One of the characteristics that distinguish these new RFID chips is their size. The chips are 125 micrometers in diameter.

Manufacturers can now generate RFID tags and chips at a low cost due to technological developments, allowing consumers to use tags and broaden their uses. Another advantage is that the circuit design now works with various semiconductor technologies, including those found in traditional computer chips. In addition, it permits embedding RFID tags in computer chips, allowing users to track individual chips throughout their lifespan. As a result, this may help reduce counterfeiting while allowing for verification.

The growing advancement has resulted in companies investing in the business to cater to the demand. For instance, in April 2021, the RAIN Alliance established a working group to promote RAIN RFID, an ultrahigh-frequency radio-frequency identification, for electronic tolling on European roadways. The RAIN Alliance's European Road Charging Workgroup (EURCWG) would lobby for EU legislation to allow RAIN RFID to be used as a road charging technology.

Similarly, MIT's Auto-ID Labs has been at the forefront of RFID research and development for a long time. The labs released a new ultra-high-frequency (UHF) RFID tag-sensor system in June 2018 that detects glucose spikes and wirelessly transmits the information. In the future, the team aims to adapt the tag to detect chemicals and gases in the environment, such as carbon monoxide

Susceptibility of data breaching hurdles the market growth for the RFID market

Radio frequency identification (RFID) technology works with network-connected devices to transmit radio waves to activate tags and read information. RFID technology collects and processes vast amounts of data for smooth functioning. Geolocations, position, personal information of consumers, and product information are some types of data collected by RFID systems.

The vast amounts of data handled by RFID technology systems raise questions about data privacy.RFID tag data is held in memory on the tag itself; however, the rest of the system uses cloud infrastructure to share and store data. A data breach or cyberattack on RFID cloud infrastructure may compromise vast amounts of data.

RFID tags can respond to a variety of signals. Using signal spoofing, cybercriminals can gain unauthorized access to contactless payment cards, thereby leading to financial loss for the consumer. The rapid growth in the adoption of RFID technology and increasing digitization raises important questions about data security and privacy. The susceptibility of data breaching is a key challenge for the growth of the global radio frequency identification (RFID) market.

COVID-19 Impact Analysis

The global radio frequency identification (RFID) market experienced a decline in 2020, owing to COVID-19's impact. Governments globally imposed strict lockdowns and movement restrictions of varying durations starting from March 2020 to curb the spread of the emerging COVID-19 pandemic.

U.S., one of the largest radio frequency identification (RFID) markets, experienced an upswing in cases from May 2020, culminating in a massive wave from the end of 2020 to early 2021, affecting various end-user industries. Growth for the market showed some positive momentum starting from the end of 2020, since dropping COVID cases and infection rates led to a partial rollback of various restrictions and economic activity picked up globally. However, cases rose quickly and the second pandemic wave hit the world in May 2021. Thus, demand remained subdued from 2020 through early 2021.

However, the use of radio frequency identification (RFID) technology in the healthcare sector picked pace due to the COVID-19 pandemic since the technology-enabled faster processing with greater efficiency.

Market Segment

The global radio frequency identification (RFID) market can be segmented on type, frequency, product, material, application and region.

Rising government strict legislation addressing pollution control escalated the demand for disposable air masks due to affordability, user-friendliness and durability of the product

Based on type, the global radio frequency identification (RFID) market is segmented into active, passive, and battery-assisted passive (BAP) RFID. The largest product segment in 2021—with XX% of the market share—was passive RFID. Passive RFID systems use the electromagnetic energy from an RFID reader to power tags that don't have an internal power source. Passive RFID systems are used in access control, file tracking, race timing, smart labeling, supply chain management and other applications. Furthermore, passive RFID systems are cost-effective for various industries because of the lower cost per tag.

An RFID antenna, an RFID reader or interrogator and RFID tags are the three main components of a passive RFID system. Unlike active RFID tags, passive RFID tags only have two major components: the antenna and the microchip or integrated circuit (IC).

Furthermore, passive RFID tags lack a built-in power supply, and a typical passive RFID tag solely comprises an IC and an internal antenna. The tags are designed to collect energy from the reader, producing just enough radio waves to power the tag's memory chip and receive a reflected signal while remaining within the rules.

A passive tag's read range is typically 3-5 meters, which is more than enough to cover a standard door, dock, or shop floor. Even though an active RFID tag can communicate over a much greater distance, passive RFID tags are still the favored alternative since they are significantly less expensive and offer wider possibilities based on widely-accepted standards. Passive RFID tags can be found in different frequencies. The frequency range and other parameters heavily influence the read range, attachment materials and application possibilities

Geographical Analysis

The growing inclination towards real-time monitoring systems in healthcare has escalated the demand for RFID in the North American region

The high adoption of RFID U.S. is a major factor in North America's dominant position in the RFID market. In U.S. and throughout the North Americas, the RFID tag market is dominated by retail, manufacturing, transportation, logistics and supply chain, animal tracking, healthcare, defense and I.T. asset tracking.

RFID is used in supply chain management to track real-time assets. RFID tags are being used in hospitals around the U. S. for equipment tracking, patient monitoring and other tracking duties. The RFID tag market in the region is likely to rise due to these advancements.

For instance, using health information technology to improve patient safety and treatment quality has become a top goal for U.S. government and healthcare providers. The Health Information Technology for Clinical Health Act instructs new healthcare technologies and encourages the development and application of new health information technology in U.S. Furthermore, U.S. Department of Health and Human Services and the Food and Drug Administration strongly promote and support the use of health information technology and the creation of effective real-time monitoring systems.

Thus the growing inclination towards real-time monitoring systems in healthcare has escalated the demand for RFID in the North American region. RFID technology offers a better method for reducing errors in patient care, facilitating tracing and tracking of patients and equipment, promising better management of healthcare assets and improving the process of audits and forecasting, thus creating opportunities for the market's future growth.

Competitive Landscape

The Radio Frequency Identification (RFID) market is highly competitive with the presence of local and global companies. Some prime companies contributing to the market's growth are Impinj, Inc, Identiv, Inc, Nedap N.V, Honeywell International Inc, Zebra Technologies Corp, NXP Semiconductors, Invengo Technology Pte. Ltd, AVERY DENNISON CORPORATION, GAO Group, HID Global Corporation and others.

The major companies are adopting several growth strategies such as acquisitions, product launches and collaborations, contributing to the global radio frequency identification (RFID)'s global market growth.

On 14 February 2022, Impinj, Inc. joined the DoseID Consortium to expand its RAIN radio-frequency identification (RAIN RFID) applications in healthcare and contribute to RAIN RFID standards.

Identiv, Inc

Overview: Identiv, Inc. is a U.S.-based leading provider of secure identity and physical security solutions. The company's business is divided into two segments: Identity and Premises. The Identity section encompasses products and solutions that use radio-frequency identification (RFID) embedded security to protect linked objects and information.

The Premises section comprises government and enterprise security solutions, such as access control, video surveillance, analytics, audio, access readers and identities. Physical access control products, logical access control tools, credentials and RFID inlays and tags are among the company's offerings

Product Portfolio:

High-Frequency (HF) Inlays and Tags: The company offers flexible RFID high-frequency (HF) inlays and tags for medical asset and pharmaceutical tracking, industrial manufacturing automation, ticketing and customer loyalty

Key Development

For instance, on 01 February 2022, Identiv, Inc. launched its UHF RFID TOM (Tag On Metal) portfolio, offering unrivaled performance and price in harsh industrial applications.

Why Purchase the Report?
• Visualize the radio frequency identification (RFID) market segmentation by type, frequency, product, material, application and region, highlighting key commercial assets and players.
• Identify commercial opportunities in the radio frequency identification (RFID) market by analyzing trends and co-development deals.
• Excel data sheet with thousands of radio frequency identification (RFID) market-level 4/5 segmentation data points.
• PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
• Product mapping in excel for the key product of all major market players

The global radio frequency identification (RFID) market report would provide approximately 77 market data tables, 76 figures and 209 pages.

Target Audience 2022
• Service Providers/ Buyers
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