Northbrook, IL 60062 -- (SBWIRE) -- 07/08/2022 -- The RFID market is projected to reach USD 35.6 billion by 2030 from USD 14.5 billion in 2022; it is expected to grow at a CAGR of 11.9% from 2022 to 2030.
RFID technology uses radio waves to identify/detect people or objects. RFID tags are small electronic devices that send/receive data to/from RFID readers. RFID tags can be incorporated into products, animals, or humans for identification and data collection. The evolution of RFID technology started during World War II, when the German, Japanese, American, and British armies used radar to signal the ground staff about approaching enemy planes. With continuous developments, RFID technology has come a long way to be commercially used in aerospace, logistics, sports, and other industries. It is widely used in inventory or asset tracking to reduce the labor costs incurred due to manual asset management. With Walmart adopting RFID, the technology entered and witnessed widespread adoption in the retail industry. The adoption expanded to the ever-growing e-commerce and m-commerce segments for better inventory management.
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Increasing demand for hybrid RFID solutions, rising adoption RFID tags for IoT and smart manufacturing, and developing regions are creating opportunity for RFID solutions in market. However, high initial cost associated with installation of RFID systems and concers regarding data security and privacy are the major restraints of RFID market. Concerns related to data security and privacy are among the major issues faced by various industries. The threat of cyberattacks is one of the prime issues for every organization using RFID technology in the network system. Real-time location tracking systems are revolutionizing various industries where efficient resource utilization is critical.
RFID provides the real-time location of individuals and offers the visibility required to keep people safe. However, it has been observed that an RFID solution can be used to monitor specific employees and may lead to the loss of privacy due to personal monitoring. In the US, the amount of electronic data is doubling every three years, driven by the increased use of the Internet, smartphones, social networks, and the growth of machine-generated data, including data generated from RFID tags, sensors, and surveillance cameras. The personal medical and health data of the patient, which is protected by the Health Insurance Portability and Accountability Act (HIPAA), can be disclosed through several sources such as credit card payments for regular physician visits to alternative medical practitioners. With the expansion of the digital world, public concern regarding privacy is increasing. Thus, data breaches resulting from the use of RFID are expected to restrain the market growth.
The major players in the RFID market include Zebra Technologies (US), Alien Technology (US), CAEN RFID (Italy), Impinj (US), Avery Dennison (US), Honeywell (US), NXP Semiconductors (Netherlands), GAO RFID (Canada), HID Global (US), Invengo (China), Infotek Software & Systems (P) Ltd (i-TEK) (India), Bartronics India Ltd. (India), Bartech Data Systems Pvt. Ltd., Bar Code India Ltd. (BCI) (India), ORBCOMM Inc. (US), GlobeRanger (US), Mojix (US), Securitag Assembly Group (SAG) (Taiwan), Linxens (France), Checkpoint Systems (US), Identiv (US), Confidex (Finland), Datalogic (Italy), Nedap (Netherlands), ThingMagic (Jadak Company) (US), and Omni-ID (US).
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