Growing demand for RFID products in the retail industry will drive market growth

According to Global News, the global RFID market is worth $31.4 billion in 2021 and is expected to reach $49.7 billion by 2027. The market is expected to grow at a CAGR of 8.2% during the forecast period 2022-2027.

RFID technology is expected to witness steady growth in the coming years owing to the increasing need to locate, track and monitor objects and living things for safety, security and resource optimization. RFID technology is expected to play an increasingly important role as the world moves towards real-time location systems (RTLS), sensor networks, and the Internet of Things (IoT).

Technological advancements in RFID technology, based on the convergence of RFID devices with other communication technologies, and the growth of semi-passive and printed labels are expected to drive the growth of the RFID technology market over the next few years. Furthermore, hybrid systems, pre-printed labels, and efficient memory usage are key opportunities that solution vendors are focusing on in this market.

As the RFID industry continues to mature, there is an increasing effort to standardize products and frequency bands. The International Organization for Standardization (ISO), the Engineering, Procurement and Construction Organization (EPC) and the global alliance RAIN RFID are some of the organizations expected to play an important role in this process. Intellectual property rights, well-developed supply chain, product licensing, and innovation are the key factors expected to influence the future of organizations during the forecast period.

RFID technology offers many advantages such as enabling higher productivity, improved regulatory compliance, improved data capture quality, better security, and accurate and relevant management information. Moreover, the recent growth and application of RFID technology in a wide range of industries including retail, healthcare, transportation, and defense has increased its adoption rate. The Retail Industry is at the forefront and has witnessed technology scouting brought about by the use of RFID tags.

RFID technology will increasingly become part of an entire ecosystem of sensor and communication technologies that will help organizations better monitor and manage Assets and goods. It has the potential to enable a range of new applications in retail, healthcare, manufacturing and other industries.

Advancement in emerging materials, growing adoption of nanotechnology, and application of organic polymers in industrial products will further boost market growth. For example, RFID Readers can be printed directly on fabric or packaging using biodegradable conductive inks, rather than labels attached to clothing. New initiatives of this type will allow both end users and RFID manufacturers to take advantage of these new technologies and prepare for the wider use of RFID technology.