RFID Industry size is expected to register 12% CAGR between 2024 and 2032 propelled by improved traceability and compliance.
Selbyville, Delaware, Sept. 03, 2024 (GLOBE NEWSWIRE) — RFID Market is projected to hit USD 40 billion by 2032, as per a recent study by Global Market Insights Inc.
The rising adoption of IoT and connected devices is a significant growth driver for the market. According to the World Economic Forum’s 2022 report, 131.4 million homes were using smart speakers in 2022, with the number expected to rise to 335.3 million by 2027. As the Internet of Things continues to expand, with billions of devices being interconnected globally, the demand for RFID technology has surged. RFID enables seamless communication and data exchange between connected devices, allowing for real-time tracking, monitoring, and management of assets. In industries such as manufacturing, logistics, healthcare, and retail, the integration of RFID with IoT systems enhances operational efficiency, improves inventory management, and strengthens supply chain visibility. The ability of RFID technology to provide precise and reliable data in an IoT ecosystem is driving its widespread adoption, positioning it as an essential component in the digital transformation of various sectors.
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Middleware segment to witness quick adoption
The middleware component segment will grow rapidly through 2032, owing to its ability to manage and interpret vast amounts of data generated by RFID systems, improving operational efficiency across various industries. This component plays a vital role in filtering, aggregating, and routing data, which is essential for real-time decision-making and automation in supply chain management, retail, and manufacturing sectors. As organizations increasingly recognize the value of RFID middleware in enhancing visibility and traceability of goods, the demand for sophisticated and scalable middleware solutions continues to rise.
Financial services to absorb RFID technology quickly
RFID market size from financial services segment will gain traction through 2032, as the application of RFID technology is transforming the way financial institutions manage assets, secure transactions, and enhance customer experiences. RFID tags are integrated into financial assets such as cards, documents, and devices, allowing for improved tracking and security. Financial institutions are leveraging RFID to streamline operations, reduce fraud, and ensure compliance with regulatory standards. For instance, RFID-enabled cards and devices are used for contactless payments, providing customers with faster and more secure transaction methods.
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Europe to come up as an emerging marketplace
Europe RFID Market size will expand at a fast pace over 2024-2032, driven by increasing investments in RFID technology and a strong industrial base, particularly in countries like Germany, France, and the UK. European companies are increasingly implementing RFID technology to improve supply chain efficiency, enhance product authentication, and ensure regulatory compliance. Moreover, the European Union’s stringent regulations on product safety and traceability have encouraged the adoption of RFID technology in sectors such as healthcare, automotive, and food & beverage.
RFID Market Players
Major industry players include Zebra Technologies Corporation, Avery Dennison Corporation, Honeywell International Inc., Impinj, Inc., Alien Technology LLC, NXP Semiconductors N.V., Smartrac N.V., HID Global Corporation. Their main growth strategies are the expansion of product portfolios through innovation and the development of advanced RFID solutions. They are investing heavily in research and development to enhance the functionality and efficiency of RFID technologies. Strategic partnerships and collaborations are being pursued to strengthen their market presence and tap into new customer bases across different industries. Additionally, these companies are increasingly adopting mergers and acquisitions to broaden their geographic reach and integrate complementary technologies.
In May 2023, CCL Industries Inc. announced the acquisition of eAgile Inc. and the intellectual property of Alert Systems for USD 54 million, including an estimated USD 1 million in net cash assumed and USD 7 million deferred over five years. This new acquisition will be integrated into CCL Label’s Healthcare & Specialty business, enhancing the company’s RFID expertise across its operations.
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