RFID Market Size, Share and Growth Analysis Report - Forecast Trends and Outlook (2025-2034)

The global RFID market size reached around USD 18.06 Billion in 2024. The market is projected to grow at a CAGR of 11.70% between 2025 and 2034 to reach nearly USD 54.61 Billion by 2034.

Global RFID Market Growth

The shift towards cloud-based data storage technologies and the emergence of hybrid/remote working models have led to an increase in the number of cyberattacks on corporate organisations. In 2023, organisations witnessed a 112% growth in the volume of credential-based attacks, with 62% of all organisations finding it difficult to manage and control data accessibility. Around 70% of all data breaches involve a human element, and stolen credentials have emerged as one of the primary ways for cybercriminals to access an organisation’s sensitive data. As per industrial analysis, the number of attempted password attacks recorded a y-o-y growth of 10% in 2023. This is expected to lead to RFID market expansion, as the technology can be utilised for creating customised credentials for each employee. With the switch towards identity access management solutions, smart cards using RFID technology are expected to garner market traction rapidly, thereby leading to market growth.

The growing shift towards contactless interactions between consumers and foodservice retailers is anticipated to have a favourable impact on the RFID market dynamics. This includes the use of digital payment solutions and the use of RFID tags for managing inventory at point of sale.

Key Trends and Developments

Increasing demand for passive UHF RFID tags; growing demand for RFID tags from Latin America; advancements in flexible printing options; and a shift towards cloud-based data storage are the major factors favouring the RFID market growth

October 2024

Avery Dennison partnered with The Kroger Co. to facilitate item-level identification of grocery items at its retail stores by relying on RFID automation technology for inventory management.

April 2024

Powercast launched an Extended-Temperature RAIN Reader Module, featuring Impinj E710 reader chip, which can be integrated into high-temperature RFID readers for locating, identifying, and authenticating large groups of tagged items quickly.

December 2023

Honeywell International Inc. launched a new RFID handheld reader device “IH45”, that facilitates reliable inventory tracking and is integrated with 1D/2D barcode scanning capabilities. It is expected to witness widespread applications in the logistics and retail industry, which can drive the RFID market expansion.

February 2023

Avery Dennison Smartrac invested USD 100 million to establish a new RFID tag manufacturing plant in Querétaro, Mexico. This is expected to cement its position as one of the leading RFID technology companies worldwide.

Increasing demand for passive UHF RFID tags

UHF RFID tags have the longest read range and the fastest reading speed. Besides, they are relatively cheaper than other passive UHF tags, which is expected to facilitate the RFID market development.

Growing demand for RFID tags from Latin America

This can be attributed to the growth of Brazil’s agricultural industry, whereby farmers are adopting RFID tags for identifying and managing herds of cattle and ensuring high-quality production of meat products for global markets.

Advancements in flexible printing options

Advancements in thin-film transistor technology have enabled RFID tags to become bend-resistant and slim, which has opened new areas for its applications. This includes reducing theft-related incidents, by embedding them into textiles and apparel in showrooms. Over the forecast period, this is expected to substantially increase the RFID market value.

Shift towards cloud-based data storage

The shift towards cloud-based data storage is expected to enhance data accessibility, and optimise stock management, and product replenishment and availability in retail stores. This can further enhance supply chain management and enhance overall productivity.

Global RFID Market Trends

The number of IoT devices installed is expected to reach 75.4 billion in 2025, which is almost double in 2020. Nearly 27% of all global manufacturers estimate that sales revenues can increase by nearly 10% y-o-y increase in the next 5 years, suggesting an increase in the demand for IoT devices that can reliably track and trace production equipment and tools on the factory floor. This is expected to increase the RFID market value in the coming years.

Global RFID Industry Segmentation

The report titled “Global RFID Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:

Breakup by Technology

• RFID Tags
• RFID Interrogators
• RFID Software/Services
• Active RFID/RTLS

Breakup by Frequency

• Low Frequency (LF)
• High-Frequency (HF)
• Ultra-high frequency (UHF)

Breakup by Application

• Retail
• Financial Services
• Healthcare
• Industrial
• Transportation and Logistics
• Others

Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Global RFID Market Share

Based on region, the market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. Over the forecast period of 2024-32, the demand for RFID in the Asia Pacific is expected to grow at a CAGR of 13.5%, thereby favourably shaping the RFID market dynamics. This can be attributed to the growth of the regional logistics industry and the emergence of flexible 3D printing solutions for RFID tags. The increasing demand for passive UHF RFID tags is also expected to drive market growth in the upcoming years.

Leading Companies in the Global RFID Market

Major players are introducing cost-effective and flexible RFID tags to facilitate vaccine administration for adults and children in hospitals. This can increase the RFID market revenue in the upcoming years.

Zebra Technologies Corporation

Zebra Technologies Corporation was founded in 1969 and is headquartered in Illinois, United States. It serves around 80% of all Fortune 500 companies by offering digital connectivity solutions, including RFID services.

Invengo Information Technology Co., Ltd.

Invengo Information Technology Co., Ltd. was founded in 1993 and is headquartered in China. It is a leading provider of IoT technology and RFID solutions to numerous industries, including pharmaceutical, healthcare, and transportation.

Nedap N.V.

Nedap N.V. was founded in 1929 and is headquartered in Groenlo, the Netherlands. It is engaged in developing advanced software architecture, connected devices, and emerging communication technologies.

Datalogic S.p.A.

Datalogic S.p.A. was founded in 1972 and is headquartered in Bologna, Italy. It is a globally renowned leader in producing mobile computers, barcode readers, laser marking systems, RFID vision systems, and advanced sensors.

Other players included in the RFID market report are Honeywell International Inc., Avery Dennison Corporation, Impinj, Inc., NXP Semiconductors N.V., unitech electronics co., ltd., and ASSA ABLOY Group, among others.