RFID Market Set for Steady Growth: Key Trends and Forecasts Through 2031

The RFID market was valued at $11.8 billion in 2021, and is estimated to reach $31.5 billion by 2031, growing at a CAGR of 10.2% from 2022 to 2031.

The growth of RFID is majorly driven by the surge in government initiatives to boost RFID-based solutions across various industries coupled with the growing demand for RFID products in retail sectors. Moreover, the rise in demand for RFID solutions in the banking and healthcare sectors is expected to drive market growth. However, the high rise associated with data security and privacy is acting as a prime restraint of the global market. On the contrary, the surge in the adoption of RFID tags for Industry 4.0, the Internet of Things, and smart manufacturing is anticipated to provide lucrative opportunities for the RFID industry during the forecast period.

According to RFID market analysis, the retail segment was the highest contributor to the market in 2021. The security & access control and retail segments collectively accounted for around 46.8% market share in 2021. The surge in prime players' initiatives to develop and deploy next-generation smart infrastructure solutions has led to the growth of the RFID market. Further, the high-frequency segment is expected to emerge as the fastest-growing segment of the market during the forecast period of 2022-2031.