RFID Market Projected to reach $35.6 billion by 2030

According to a research report “RFID Market by Offering (Tags, Readers, Software & Services), Tag Type (Passive, Active), Wafer Size, Frequency, Form Factor (Card, Implant, Key Fob, Label, Paper Ticket, Band), Material, Application & Region – Global Forecast to 2030″ published by MarketsandMarkets, 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.

Increasing need of RFID in manufacturing units for productivity, availability of cost effective RFID solutions and high returns of investments, rising need for improving inventory management, increasing government initiatives and regulations for safety and security are some of the major drivers of RFID market.

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In tag type segment, passive tags is expected to grow at higher CAGR and hold the largest market share during the forecast period

Passive tags is expected to hold higher market share and grow at a higher CAGR during the forecast period. The large share of this segment can primarily be attributed to the low cost of passive tags in comparison with active tags. The most commonly used RFID tags are labels and cards. RFID labels and cards are used for identification, access control, asset labeling, and payment applications. Passive RFID tags do not require an external power source, e.g., battery, and are instead powered by electromagnetic waves transmitted by RFID readers. The readers transmit a low-power radio signal through the antenna, which is received by the tag to activate it. The tag then verifies and exchanges the data with the reader. Passive tags can transmit information over a shorter distance (10 feet or less) than active tags. Passive tags do not require an external power source. These are inexpensive and smaller, and easier to manufacture than active tags. Passive RFID tags can be used in various applications and are commonly used to track goods in pharmaceuticals, retail, supply chain, enterprise, and other industries. Based on the range of frequency, passive tags are further segmented into low-frequency (LF), high-frequency (HF), and ultra-high-frequency (UHF) tags.

The RFID tag technology has evolved from reading from a close distance to more than 100 meters, i.e., active frequency tags. Active frequency tags are not only used to track standalone assets but also to track moving assets and personnel in real time. These tags are now being widely used in industries such as transportation, logistics and supply chain, retail, defense, etc., to track assets in real time. With technological advancements and innovations, the passive ultra-high frequency has been further segmented into a new band (860 to 960 MHz), called RAIN RFID. The adoption of RAIN RFID has increased multifold to reach many suppliers in the ecosystem. It is currently the most adopted RFID frequency globally.

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