RFID Market Size, Share, Growth by 2030

The RFID industry is anticipated to expand from US$ 16.83 billion in 2022 to US$ 39.30 billion by 2030, reflecting a compound annual growth rate (CAGR) of 11.2% from 2023 to 2030.

RFID technology offers significant advantages for airport management, particularly in enhancing baggage handling processes. By automating various manual tasks such as bag check-in, loading onto aircraft, and unloading upon arrival, RFID can significantly decrease passenger wait times associated with baggage handling. For example, in June 2022, Delhi Airport implemented RFID-enabled tags to monitor incoming checked luggage. This technology provides passengers with real-time updates regarding their bags, including information on when and on which carousel their luggage will arrive at the terminal. Such advantages are driving the increased adoption of RFID solutions within the airline sector.

North America hosts a variety of RFID market participants that manufacture RFID products and services, including notable companies like SML Group, Impinj, Inc., and HID Global Corporation (a subsidiary of ASSA ABLOY). These companies are actively engaged in expanding their offerings and delivering innovative solutions to their clientele. In May 2022, HID Global Corporation enhanced its range of high-performance passive RFID tags by acquiring Vizinex, thereby strengthening its asset-tracking tag portfolio. The growing investments from these market players are contributing to the expansion of the RFID market in North America.

In Europe, numerous firms are broadening their operational reach. For instance, in February 2023, Identiv, Inc. inaugurated a new manufacturing facility in Europe, which enhances its global footprint with a competitively priced specialty UHF product lineup. The company has also entered into a strategic partnership with Trace Trace-ID to provide top-tier specialty and industrial UHF RFID solutions to manufacturers across Europe. The growth of both domestic and international RFID companies in Europe is significantly driving the market's expansion in the region.

In the Middle East and Africa, various organizations are adopting RFID technologies to facilitate cashless transactions. In October 2022, Fun City, a division of the Landmark Group, implemented the Parafait RFID cashless solution at its locations throughout the Middle East. Over 4,000 Lumin RFID readers have been installed at Fun City, allowing visitors to tap their game cards to participate in games. Such advancements in the Middle East and Africa are fostering the adoption of cutting-edge technologies, thereby propelling the growth of the RFID market.

In South and Central America, numerous retailers are leveraging RFID technologies for effective inventory management. For example, in November 2018, Anjos Baby, a Brazilian children?s clothing manufacturer, enhanced its operational efficiency by integrating RFID technology from iTag RFID Smart Labels. Anjos Baby reported achieving 100% accuracy in order fulfillment for its retail clients following the implementation of RFID technology. Furthermore, the company noted a 90% reduction in operational times within its inventory management area and a 60% decrease in processing times for clothing during checkout. Consequently, the advantages of RFID technologies in the retail sector are driving the growth of the RFID market in South and Central America.

Key players in the RFID market, as highlighted in this market analysis, include Zebra Technologies Corp., Assa Abloy AB, Honeywell International Inc., OMRON Corp., Siemens AG, MIWA Lock Co., Impinj Inc., dormakaba Holding AG, Bar Code India Ltd., and APK Identification. In addition to these ten prominent RFID market participants, the study also examined various other leading global and regional players, emerging companies, market disruptors, and niche market participants.