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RFID Market Size
- Report ID: GMI8068
- Published Date: Feb 2024
- Report Format: PDF
RFID Market Size
RFID Market size was valued at over USD 15 billion in 2023 and is estimated to register a CAGR of over 12% between 2024 and 2032. One key driver for the RFID (Radio-Frequency Identification) industry is the increasing demand for improved supply chain visibility and efficiency.
RFID technology enables automatic identification and tracking of items in real-time, providing a comprehensive and accurate view of the entire supply chain. RFID technology allows for real-time tracking of inventory movements, reducing the likelihood of errors associated with manual data entry. This leads to more accurate inventory levels and helps organizations optimize their stock levels, minimizing both excess and insufficient stock situations.
The automation and efficiency introduced by RFID systems can lead to significant cost savings in the supply chain. Enhanced visibility and automated tracking reduce the need for manual labor, minimize errors, and streamline various processes, resulting in overall operational efficiency.
For instance, in January 2023, MishiPay Ltd. announced the launch of its new RFID self-checkout kiosk. The kiosk utilizes RFID sensors, enabling customers to scan and remit payment for items without requiring the scanning of each item's barcode. Upon completion of the purchase, the RFID security tags are automatically rendered inactive, permitting customers to exit the store. This makes the checkout process faster and more efficient.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| RFID Market Size in 2023: | USD 15 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 12% |
| 2032 Value Projection: | USD 40 Billion |
| Historical Data for: | 2018 to 2023 |
| No. of Pages: | 250 |
| Tables, Charts & Figures: | 296 |
| Segments covered: | Component, system, application, and region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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The widespread adoption of RFID technology faces a notable constraint due to persistent privacy concerns. RFID involves continuous tracking and data collection, which can include sensitive information related to individuals, products, and assets. This constant surveillance has raised apprehensions among consumers about the potential misuse of personal data. Regulatory bodies, acknowledging the importance of safeguarding privacy, have intensified scrutiny, impacting the seamless integration of RFID in various applications. Addressing these privacy concerns is crucial for building trust and ensuring the ethical use of RFID technology in diverse sectors.
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RFID Market Scope
