Radio-frequency identification (RFID) refers to a wireless data communication technology that utilizes radio waves to capture and transmit data. RFID tags or transponders are attached to objects in order to track and identify them wirelessly. Major advantages of RFID tags include their ability to withstand harsh environmental conditions, high data storage capacity, and long operational life. Growing need for efficient supply chain operations and inventory management across various industries is driving the adoption of RFID technology.

The global RFID market is estimated to be valued at US$ 18.21 Bn in 2024 and is expected to exhibit a CAGR of 3.2% over the forecast period 2024 to 2030.

Key Takeaways

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. These players are focusing on developing innovative RFID technologies and solutions to cater to diverse industry verticals. For instance, Basilea Pharmaceutica Ltd offers RFID tags and readers for tracking pharmaceutical products throughout the supply chain.

The growing demand from healthcare sector is a major factor driving the RFID market. RFID tags help in efficient management of medical equipment, blood bank management, and tracking clinical trials. They ensure quality control and regulatory compliance in the healthcare industry. Furthermore, adoption of RFID is increasing in retail stores and packaging industry for inventory management and supply chain visibility.

Technological advancements are further propelling the Global RFID market size. Key players are focusing on introducing paper-thin flexible RFID tags, chips with higher data storage capacity, and passive ultrahigh frequency tags with improved range. Advances like chipless RFID and hybrid RFID technologies are also gaining traction. They assist in tracking non-metallic and environment-sensitive products.

Market Trends

One of the key trends in the RFID market is the emergence of IoT-enabled RFID solutions. Integration of RFID with IoT enables real-time tracking of assets and automation of various industrial processes. It facilitate predictive maintenance and remote monitoring. Another major trend is the rising popularity of RFID in manufacturing industry for work-in-process tracking, equipment monitoring, and authenticating components during production. Major automakers are adopting RFID tags on assembly lines for enhanced visibility and productivity.

Market Opportunities

Growing focus on automation in warehousing and logistics presents significant growth opportunities. Implementation of autonomous robots and driverless vehicles coupled with RFID can optimize warehouse operations. Another key opportunity lies in increasing adoption of RFID for access control and attendance systems in corporate offices, schools, and public buildings. Such systems provide secure access, time tracking, and workforce management capabilities.

Impact of COVID-19 on RFID Market growth
The COVID 19 pandemic adversely impacted the RFID market globally in 2020. During the initial lockdown phases, manufacturing plants and supply chains across the industries were disrupted due to travel restrictions and logistic issues. This led to decreased consumption of RFID tags for various applications including retail, hospitality, healthcare etc. However, with the easing of restrictions from mid 2021, the market started recovering steadily. In the post COVID era, organizations are increasingly adopting touchless technologies like RFID for automated check-ins, presence tracking, contactless payments etc. to minimize physical contacts and ensure safety. Healthcare sector emerged as a new growth avenue for RFID as these tags are extensively used for tracking medical equipment, staff location, access control and inventory management. Automotive makers are also deploying RFID enabled solutions for parts management. Initiatives by governments to leverage digital technologies for more efficient logistics and supply chain operations are further expected to boost the adoption rates going forward.

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