Industrial Automation Magazine India

RFID market for industrial applications set to grow by USD 2677.78 million from 2023 to 2027

Published on : Saturday 13-04-2024

Evolution of industry 4.0 boosts the market, estimated to grow at a CAGR of 10.63% during the forecast period – Technavio.

New York, April 8, 2024 – The global RFID market for industrial applications market size is estimated to grow by USD 2677.78 million from 2023-2027, according to Technavio. The market is estimated to grow at a CAGR of 10.63% during the forecast period.  The RFID market for industrial applications is experiencing significant growth, driven by Industry 4.0's transformation. This technology enables asset tracking with real-time data, improving operations in organisations through automation and efficiency. With a CAGR of X%, the market is expanding in regions like Europe and Asia, leveraging IoT sensors, AI, and identification systems for inventory management and supply chain optimisation. RFID's long range and self-diagnosis capabilities contribute to increased productivity and monitoring in industrial processes.

RFID technology, specifically HF RFID operating at 13.56 MHz, is widely used in various industries for applications that demand higher data transfer rates and enhanced security. Industries utilise RFID for storage solutions, enabling contactless and seamless interaction between devices in close proximity. HF RFID finds extensive use in access control, secure authentication, and identification processes. Notably, it powers near-field communication (NFC) systems, such as contactless payment systems, where users can make transactions by simply tapping their NFC-enabled cards or devices.

The RFID market for industrial applications in the Americas is driven by sectors such as automotive, consumer electronics, and aerospace and defense. Factors fueling adoption include the integration of digitalised processes and IoT. RFID solutions provide valuable data for industries, enhancing operational efficiency. Key players like Zebra and Honeywell have a significant market share due to their long-term presence. The US, with its automotive production growth due to declining oil prices, contributes to the market's trends and demand. Overall, the RFID market for industrial applications in the Americas is experiencing robust growth.

RFID technology, an advanced identification system, is revolutionising industrial asset tracking and inventory management. With a CAGR expected during the forecast period, RFID tags are replacing barcodes in organisations due to their extended range, automation capabilities, and superior efficiency in supply chain operations. RFID tags, utilising sensors for real-time identification, offer significant benefits in management and tracking applications across various regions.

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