Global RFID Market Poised for Exceptional Growth
RFID technology is playing a pivotal role in enhancing baggage handling processes at airports by automating various manual tasks, including baggage check-in, loading onto and unloading from airplanes. This automation translates into reduced wait times for passengers, significantly improving the overall travel experience. A notable example is Delhi Airport's introduction of RFID-enabled tags in June 2022, allowing passengers to receive real-time information about their luggage. Travelers can now track when and on which baggage belt their check-in luggage will arrive at the terminal. These benefits are driving the adoption of RFID technologies within the airline industry.
North America is a hub for RFID market players such as SML Group, Impinj, Inc., and HID Global Corporation (part of ASSA ABLOY). These companies are continuously expanding their product offerings and innovating solutions for their customers. For instance, HID Global Corporation acquired Vizinex in May 2022, strengthening its portfolio of high-performance passive RFID tags. Such investments by key market players are fueling the growth of the RFID market in North America.
European companies are extending their geographical footprint. Identiv, Inc. inaugurated a new manufacturing plant in Europe in February 2023, enhancing its global presence with a competitively priced specialty UHF product portfolio. The company has also established a strategic partnership with Trace-ID to provide top-notch specialty and industrial UHF RFID to European manufacturers. The expansion efforts of domestic and global RFID market players across Europe are propelling the market's growth in the region.
In the Middle East & Africa, companies are embracing RFID technologies for cashless payments. Fun City, a division of the Landmark Group, implemented the Parafait RFID cashless solution across its Middle Eastern locations in October 2022. Over 4,000 Lumin RFID readers were deployed at Fun City, enabling visitors to tap their game cards and engage in various activities. These technological advancements are driving the adoption of RFID technologies and fueling market growth in the Middle East & Africa.
South & Central American retailers are optimizing their operations with RFID technologies. In November 2018, Anjos Baby, a Brazilian children's clothing manufacturer, reported significant improvements in inventory management after deploying RFID technology from iTag RFID Smart Labels. The adoption of RFID led to 100% order delivery accuracy to retail clients, a 90% reduction in operating times in the inventory area, and a 60% decrease in clothing processing times during billing. These efficiency gains are driving RFID market growth in South & Central America.
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