Growing Adoption of RFID Technology across Numerous Industry Verticals to Drive the RFID Readers Market

The overall RFID readers market expected to demonstrate double digit CAGR during the forecast period from 2023 to 2030. RFID technology has emerged among the most revolutionary elements across numerous applications including retail, industrial manufacturing, transportation, supply chain management, healthcare and various others. Due to its ease of use, reliability and greater detection range, RFID technology has witnessed profound penetration across numerous industry verticals, thereby emerging as replacement for barcodes. Thus, with growing penetration of RFID technology worldwide, the demand for RFID readers is expected to remain strong over the forecast period. RFID readers segment accounts for over 1/4th of the overall RFID market. The market is primarily dependent on retail, manufacturing and transportation & logistics sectors contributing to nearly 80% of the total market value worldwide. Consistent growth across the retail and transportation & logistics sectors, especially in Asia Pacific, is set to ensure promising market growth over the forecast period.

Handheld RFID Readers to Continue Dominance throughout the Forecast Period

Handheld RFID readers segment, contributing to over 2/3rd of the total market value generated worldwide, leads the RFID readers market. Handheld RFID readers are prominently used in retail, warehouses, transportation and various other industrial sectors. In addition, healthcare too is among the most promising end-users of RFID technology, thereby supporting the demand for handheld RFID readers. These readers are cheaper and offer immense convenience as compared to their fixed counterparts. Due to low cost of these readers, end-users prefer installing more number of handheld readers rather than installing single, high cost fixed reader. As a result, the segment would continue its dominance in the market throughout the forecast period.

Rising Industrial & Retail Sectors to Ensure High Market Share for Asia Pacific

In 2021, Asia Pacific held the largest share, in terms of value, in the overall RFID readers market accounting for over 40% of the global market value. Asia Pacific is home to the most promising retail sector across the world, exhibiting approximately 5% growth rate every year since 2015. Additionally, growing manufacturing capacity across various industrial sectors is expected to ensure higher demand for RFID readers in the region. Another major factor expected to support the market growth is government programs in countries such as China, Japan, India, Singapore and Malaysia aimed at effective personnel identification. North America and Europe follow the Asia Pacific region in the global RFID readers market. Apart from retail and warehouses, RFID readers are now increasingly finding applications in personnel identification, pharmaceutical and healthcare industries.

New Product Development for Serving Multiple End-use Verticals to Remain the Key Strategy

The overall RFID readers market is highly competitive in nature with major market players having emphasis on product enhancement. Due to continued adoption of across different verticals such as warehouses, healthcare and others, RFID technology has witnessed immense advancement over the period. In recent years, RAIN RFID has been gaining rapid traction owing to their advantages over conventional RFID systems. For instance, in June 2020, Impinj, Inc. introduced a new fixed RFID reader called Speedway R120 based on RAIN RFID technology. The new reader is designed for applications including retail, logistics, healthcare and manufacturing. Major players profiled in the market include Zebra Technologies Corporation, Impinj, Inc., Alien Technology Corporation, Invengo Technology Pte. Ltd., Xerox Corporation, Honeywell Safety and Productivity Solutions, GAO RFID, Inc., Datalogic S.p.A., CipherLab Co., Ltd., ThinkMagic (Trimble), Technology Solutions UK Ltd. (TSL) and others.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of RFID Readers market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the RFID Readers market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of RFID Readers market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the RFID Readers market?
• Which is the largest regional market for RFID Readers market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving RFID Readers market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the RFID Readers market worldwide?