The global RFID in retail market size was US$ 10 billion in 2021. The global RFID in the retail market is forecast to grow to US$ 25.1 billion by 2030, registering a compound annual growth rate (CAGR) of 10.7% during the forecast period from 2022 to 2030.
Radiofrequency identification (RFID) in retail employs electromagnetic radio-frequency to transmit data from a tag attached to an object via a wireless scan system. It is mostly used for tracking and automatic identification.
Factors Influencing the Market
- Change in consumer behavior is forecast to boost the adoption of RFID in retail segment. When any consumer buys products and makes payments through credit or debit card, the shop keepers can connect the data of the purchases to the recorded RFID data. This data is being used for marketing purposes later. Thus, such benefits will propel the growth of the RFID in retail market.
- For large retail shops, some unique sorts of tags are developed. These tags can be scanned all at once, allowing for the simultaneous scanning of multiple tags. As a result of such advancements, the global RFID in the retail market is forecast to grow rapidly.
- The governments of various nations have lifted COVID-19 lockdowns. Thus, many industries and offices around the world have resumed operations. However, governments have legislated that such industries maintain their social distance and minimal workforce capacity. To avert the further spread of the virus, multinational corporations are implementing a variety of preventative measures, including contact-tracing services. Many RFID solution suppliers have been offering new goods or enhancing existing products to cater to the needs of their customers. As a result, it will benefit the global RFID in the retail market during the forecast period.
- The limited awareness about RFID solutions may hamper the growth of the global RFID in the retail market.
COVID-19 Impact Analysis
This data collected through RFID helps the industries make improvements. It assists in the optimization of a store's inventory in order to predict consumer behavior. During the pandemic, the demand for expensive retail products decreased drastically. Thus, it hampered the growth of RFID in retail market. The declining demand for vehicles also had a negative effect on the automotive RFID market. On the contrary, governments in developing countries have made it compulsory to use RFID tagging on vehicles for tolling.
Regional Analysis
Europe holds the largest share in the global RFID in retail market. In addition, North America is another key contributor to the market growth, owing to the widespread use of RFID systems. The addition, the growth of the retail, manufacturing, transportation, logistics segments is fueling the growth of the RFID in retail market in these regions.
Competitors in the Market
- CoreRFID
- GlobeRanger
- GAO RFID
- Honeywell International
- Impinj
- Invengo Technology
- Mojix
- Omni-ID
- ORBCOMM
- Tyco Retail Solutions
- Other Prominent Players
Market Segmentation
The global RFID in retail market segmentation focuses on Product, Application, and Region.
By Product Type
By Application
- Agriculture
- Commercial
- Transportation
- Healthcare
- Logistics & Supply Chain
- Aerospace
- Defense
- Retail
- Security and Access Control
- Sport
- Animal Tracking
- Ticketing
By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
