The global Radio Frequency Identification (RFID) market, valued at $11.8 billion in 2021, is projected to reach $31.5 billion by 2031, growing at a CAGR of 10.2% from 2022 to 2031. The report provides a comprehensive analysis of various aspects of the RFID market, including market dynamics, key segments, major geographical regions, key players, and the competitive landscape.
The RFID market size is segmented into product type, frequency, end use, and region. We have three types which are tags, readers, and software & services with the tag type dominating the market in terms of revenues. We also have three frequency that are low frequency, high frequency, and ultra-high frequency. The high frequency segment had the major share in 2021 and is expected to grow at a high CAGR% during the period of 2022-2031. By end use, the market is divided into commercial, animal tracking, agriculture, security and access control, healthcare, retail, logistics and supply chain, and others. The retail segment was at the top of the market in 2021 and is projected to dominate during the forecast period. However, the transportation segment is expected to grow fast as well.
Based on region, the market is divided into North America, Europe, Asia Pacific, and LAMEA. North America dominates the market and is expected to grow at a high CAGR of 7.3% during 2022-2031. The Africa region is also expected to experience high growth with a CAGR of 13.2% during the same period. Overall, the RFID market forecast across these regions demonstrates a diverse landscape with opportunities for growth driven by technological advancements, government initiatives, and increasing adoption across various industries.
Top companies include GAO RFID Inc., Alien Technology, LLC, Avery Dennison Corporation, Bar Code India Limited, Bartech Data Systems PVT. LTD., Bartronics India Limited, Honeywell International. Inc., IDENTIV, Inc., Infotek Software & Systems Ltd. (I-TEK), NXP Semiconductor N.V., and Zebra Technologies Corporation.