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The RFID Market is projected to grow at a CAGR of 11.1% from 2023 to 2032

MarketsandMarkets Research Pvt. Ltd.
5 min read
MarketsandMarkets Research Pvt. Ltd.
MarketsandMarkets Research Pvt. Ltd.

Chicago, March 17, 2024 (GLOBE NEWSWIRE) -- The RFID market Size is projected to reach USD 40.9 billion by 2032 from USD 15.8 billion in 2023; it is expected to grow at a CAGR of 11.1% from 2023 to 2032. RFID Market, By Offering (Tags, Readers, Software & Services), Tag Type (Active, Passive), Wafer Size, Frequency (Low Frequency, High Frequency, Ultra-high Frequency), Form Factor, Material, Application and Region - Global Forecast to 2032.

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The global RFID market is experiencing significant growth fueled by several key factors, including the growing need for increased productivity in manufacturing units is driving the adoption of RFID systems. These systems enable streamlined production processes and improved asset tracking, ultimately leading to greater output. Additionally, increasing government regulations and initiatives aimed at enhancing safety and security are further propelling the demand for RFID solutions.

These solutions provide real-time tracking and improved visibility into operations, mitigating potential risks. Furthermore, the rising need for optimized inventory management within logistics and supply chains is another crucial factor driving the market. RFID technology facilitates automated inventory tracking, reduces stock-outs, and streamlines fulfillment processes.

The Healthcare application is expected to grow at the second highest rate during the forecast period

In the healthcare industry, patient monitoring within hospitals has been presenting ample opportunities for the integration of RFID solutions. These technologies offer a means to track and accurately identify patients, thereby facilitating enhanced safety protocols. By leveraging RFID-enabled patient monitoring solutions, hospitals can optimize patient flow and throughput, streamlining routing workflows while concurrently reducing medication errors.

Additionally, these systems facilitate the monitoring of patient movement history and activity levels, ensuring comprehensive room-level patient visibility. Additionally, RFID technology can play a pivotal role in detecting instances of patients falling from beds or wheelchairs. Real-time monitoring capabilities afforded by RFID solutions offer a proactive approach to preventing such incidents.

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The Paper Material segment of RFID Tags is expected to grow at the highest CAGR during the forecast period

The growth of Paper material in RFID Tags can be attributed to significant applications, particularly in labels and ticketing sectors. The surge in adoption of smart ticketing solutions across transportation networks, coupled with the expanding utilization of paper labels for efficient asset tracking, is poised to drive substantial growth in the paper-based RFID tags market. As industries increasingly prioritize streamlined operations and enhanced efficiency, the demand for paper-based RFID solutions continues to surge, leading to the growth of this segment.

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