RFID Market to Reach $32.4 Billion by 2029
RFID systems are widely used for large volume inventory security, location mapping, content mapping, and movement of goods in facilities such as retail stores and supermarkets, among others. Radio Frequency Identification (RFID) is a form of wireless communication that incorporates electromagnetic or electrostatic coupling in the radio frequency portion of the electromagnetic spectrum to uniquely identify an object, animal, or person.
The benefits offered by RFID technology have influenced many end-use industries for its adoption. Market players in this ecosystem continuously strive to develop more robust and innovative solutions to stay ahead of the competition. Technological advancements are further widening the application areas of RFID technology, which is also expected to contribute to the growth of the RFID segment over the coming years.
The growth of this market is driven by the rising need to eliminate manual data capture & entry errors, supportive government initiatives encouraging the use of AIDC technologies, and the increasing adoption of RFID technology among manufacturing industries. However, the high capital requirements for deploying RFID technology restrain the growth of this market. The increasing deployment of RFID systems for Industry 4.0 and smart manufacturing applications is expected to create market growth opportunities.
However, the vulnerability to cyber threats is a major challenge for the players operating in this market. Additionally, smart mirrors, chip less RFID devices, the integration of Artificial Intelligence with RFID systems, the use of RFID technology for Industrial IoT applications, and the adoption of RFID technology across the retail sector are major trends in the global RFID market.
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