Global UHF and NFC RFID Tags Market to Touch Valuation of USD 27.28 Billion By 2032: Astute Analytica

The global UHF and NFC RFID tags market is experiencing robust growth, fuelled by the demand for real-time inventory tracking and contactless experiences. North America dominates, though Asia Pacific is surging due to industrialization and e-commerce. NFC’s integration into billions of smartphones drives its market segment, enabling secure contactless payments, ticketing, and customer engagement.

New Delhi, Feb. 27, 2024 (GLOBE NEWSWIRE) — According to a recent report by Astute Analytica, the global UHF and NFC RFID tags market is projected to expand from US$ 7.73 billion in 2023 to US$ 27.28 billion by 2032. This growth, at a compound annual growth rate (CAGR) of 15.04%, underscores the significant impact that RFID technology is expected to have in the coming years.

The UHF and NFC RFID tags market is growing fast, driven by the intense desire for more agile supply chains, contactless experiences, and greater asset tracking.  UHF RFID technology leads the way. With an ability to read labels at distances of up to 12 meters and process hundreds of tags every second, it meets the demands of retail apparel tagging – where almost half of all UHF RFID labels are deployed – as well as warehouse management. However, cost remains a key issue; while prices for UHF tags are falling, they still surpass those of cheaper lower-frequency alternatives. Regulatory differences between regions around the use of UHF frequencies also add complications for global organizations.
NFC RFID, although on a relatively low market share, has a unique place due to its integration within billions of smartphones. It’s very short read range makes it intrinsically secure and thus indispensable for contactless payments (where it has seen explosive growth).

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Beyond payments, NFC offers easy device pairing, secure ticketing for events and transportation – and increasingly innovative marketing opportunities where users can tap their phones in order to interact with NFC-tagged products. Fresh research indicates that while NFC’s core payment capabilities are well-established already, there’s great potential for expansion in use cases including product authentication and enhanced customer engagement.

As per Astute Analytica, the UHF and NFC RFID tags market will be determined by evolving needs plus new technology developments. Researchers are working on making smaller tags that pack greater power and sensing capability. Convergence between UHF and NFC into one tag could further increase versatility too. In addition, sustainability is an increasing priority leading to the development of more recyclable tags with less environmental impact.

Key Findings in Global UHF and NFC RFID Tags Market

Market Forecast (2032) US$ 27.28 Billion
CAGR 15.04%
Largest Region (2023) North America (32.78%)
By Component RF Interface (35.1%)
By Tag Type UHF RFID Tags (68.96%)
By Category Passive RFID Tags (67.58%)
By Application Retail Inventory Management (25.02%)
By Sensor Type UHF RFID (69.25%)
By Frequency Type 300 MHz to 1 GHz (41.94%)
By End User Retail & E-commerce (27.01%)
Top Trends
  • Growing Adoption of Hybrid Tag with UHF + NFC Capabilities Combined
  • Sustainability Focus for RFID Tag Design
  • Increasing Adoption of RFID + sensors for enhanced IoT data
Top Drivers
  • Demand for Real-Time Supply Chain Visibility
  • Contactless Experiences Become the Norm
  • RFID Applications Expand Beyond Basic Tracking
Top Challenges
  • Cost Barriers Limit Wider RFID Adoption
  • RFID Signal Interference in Complex Environments
  • Data Security and Privacy Concerns Persist

The Visibility Imperative: How Demand for Real-Time Supply Chain Data Drives RFID Adoption

The relentless pursuit of real-time supply chain visibility is a core driver of UHF and NFC RFID tags market across industries. Businesses recognize the critical importance of this visibility, with 87% citing it as crucial for their competitive edge (Zebra Technologies). However, a profound gap exists: 60% of companies still lack an end-to-end view of their supply chain. This disconnects fuels the investment in technologies like RFID to bridge the gap.

The financial impact of inadequate inventory visibility is staggering. Inaccurate inventory data can lead to phantom inventory – stock listed as available but physically absent – with up to 30% of system listings potentially being incorrect. This translates to an estimated $1.1 trillion lost annually for retailers worldwide (RetailWire). Furthermore, out-of-stocks stemming from poor management account for an average 1% loss in annual retail sales (Invesp). The stark reality is that 69% of companies in the UHF and NFC RFID tags market do not possess complete visibility of their inventory (Zippia).

RFID shines in tackling this challenge. Case studies demonstrate its potential to drastically boost inventory accuracy to 99% (GS1) and slash out-of-stocks by up to 80% (IDC). Moreover, enhanced visibility can result in supply chain cost reductions of 25-30% and shorten lead times by up to 50%. Notably, retail giant Walmart observed a 16% drop in out-of-stocks post-RFID implementation (RFID Journal), offering tangible evidence of the technology’s benefits. While the demand for supply chain visibility is paramount, other drivers intertwine with it. The rise of contactless solutions makes RFID-powered self-checkouts increasingly attractive. Simultaneously, the growth of e-commerce raises the stakes for inventory accuracy, further accelerating RFID adoption to meet the heightened demands of a digital marketplace.

Retail Inventory Management Offers a $6.9 Billion Market Opportunity by 2032

Retail inventory management is the most lucrative application segment in the UHF and NFC RFID tags market, contributing more than 25.02% to revenue. This leadership position is due to the ability of RFID to address key concerns of retailers, including loss prevention. The need for accurate omnichannel inventory visibility and the desire to enhance store operations through insights backed by data. Major clothing retailers such as Decathlon, Levi’s and Nike have already made extensive deployments of RFID technology. Tagging garments, footwear and accessories ensures product availability and streamlines both online and in-store experiences.

Although cost is still a consideration, the price of RFID tags continues to fall. A basic UHF tag can now be purchased for as little as $0.05 each, making it accessible for high-volume inventory monitoring purposes.
As for consumers, their focus is less on RFID itself and more on what it enables them to do – Easily find products they want in stock without hassle, quickly click-and-collect and make frictionless returns when necessary.

Beyond simple tracking applications though, there are other possibilities that come with incorporating this technology in retail supply chains: NFC integration allows personalized marketing messages and custom product interactions via smartphones; “Smart mirrors” use it to enhance customer experience inside stores; And from an eco-conscious consumer perspective point of view; retailers can reduce waste and optimize their inventory thanks to radio frequency identification systems. Astute Analytica expect more innovation in these areas as retailers continue exploring strategic uses of this tech aimed at improving both operational efficiency but also customer satisfaction at every touchpoint possible.

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Exploring the Dominance of Battery-Less Passive Tags in Market

Passive RFID tags hold the lion’s share of the UHF and NFC RFID tags market at 67.58% revenue. From this, its clear passive technology has a significant edge in terms of cost-effectiveness: being much cheaper than its powered counterpart. Active tags use onboard batteries – which, while more powerful, are also pricier. Using passive tags is the best option for high-demand tagging endeavours like retail apparel where each item must be tagged individually. These are tasks that would simply be too expensive to do if using active tech. And as manufacturing improves, they’re becoming even more affordable.

Size does matter when it comes to RFID tags: particularly how thick they can be made without needing a battery. The lack of battery support makes these tags better suited for smaller items like jewellery or documents — and their non-intrusive design won’t disrupt product packaging either. Their simplicity also means there are fewer components that could fail over time, giving them longer lifespans on average. Naturally, passive tags have shorter read ranges than active ones — but this fits well with most applications: including within stores themselves or during point-of-sale interactions.

Innovation is driving the passive RFID tags in UHF and NFC RFID tags market to new heights as research continues into finding ways to give passive tech features that were once solely available in active forms (like built-in sensors). Food safety and cold chain monitoring are two such applications that would benefit from sensor-equipped passive UHF and NFC devices — especially given the lower costs associated with this type of tagging technology. Additionally, sustainable tag designs have been growing in popularity lately due to their low impact on nature — which could make them appealing for users who prioritize environmental responsibility above all else.

North America Leads, Asia Pacific Surges: Regional Dynamics in the RFID Market

The global UHF and NFC RFID tags market showcases distinct regional patterns, with North America securing the top spot with 32.78% of the revenue. Several factors contribute to this dominance:

  • Early Adoption: North America was an early adopter of RFID technology, particularly in retail and supply chain management, fostering a mature market with established players and infrastructure.
  • Tech Innovation Hub: Major RFID technology providers and innovators are headquartered in North America, driving advancements within this region.
  • Regulatory Support: Favourable regulations and industry standards facilitate the wider deployment of RFID technologies within North American markets.

However, the Asia Pacific region is poised for explosive growth in the global UHF and NFC RFID tags market, projected to have the fastest CAGR at 15.97%. This surge is fuelled by:

  • Rapid Industrialization: Expanding manufacturing, retail, and logistics sectors in countries like China and India create a massive demand for asset tracking and inventory management solutions.
  • Government Initiatives: Government investment in smart city projects and supply chain modernization often involve RFID, stimulating further growth in the Asia Pacific region.
  • Rising E-commerce: The boom in e-commerce demands precise inventory visibility and anti-counterfeiting measures, accelerating RFID adoption in the Asia Pacific market.

Global UHF and NFC RFID Tags Market Key players

  • Avery Dennison
  • Neoaid Pemetzrieder GmbH & Co. KG
  • NXP Semiconductors
  • SAG RFID
  • HID Global
  • Identiv Inc.
  • Infineon Technologies
  • RFID4U IT Solutions Pvt. Ltd
  • Sinfotech.it S.r.l.
  • STMicroelectronics
  • TE Connectivity
  • Texas Instruments Incorporated
  • Zebra Technologies
  • Other Prominent players

Key Segmentation:

By Tag Type

  • UHF RFID Tags
  • NFC RFID Tags
    • Type 1
    • Type 2
    • Type 3
    • Type 4
    • Others

By Category

  • Passive (Battery Less)
  • Active (with Battery)
  • Battery Assisted Passive

By Sensor Type

  • UHF RFID
    • Humidity/Moisture Sensor
    • Pressure Sensor
    • Light Sensor
    • Temperature Sensor
    • Motion Sensor
    • Other Sensors
  • NFC RFID
    • Humidity/Moisture Sensor
    • Pressure Sensor
    • Light Sensor
    • Temperature Sensor
    • Motion Sensor
    • Other Sensors

By Frequency Range

  • 3 to 30 MHz
  • 300 MHz to 1 GHz
  • 1 MHz to 3 GHz

By Application

  • Retail Inventory Management
  • Pharmaceutical Anti-Counterfeiting
  • Wireless Device Configuration
  • Airport Baggage Handling
  • Smart Manufacturing
  • Ticketing
  • Medical Wearables
  • Other Applications

By End User

  • Retail & E-commerce
    • Supermarkets
    • E-commerce
    • Others
  • BFSI
  • Manufacturing
  • Healthcare
  • Automotive
  • Construction
  • Agriculture
  • Transportation & Logistics
  • Education
  • Government & Defense
  • Others

By Region

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa (MEA)
  • South America

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About Astute Analytica

Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.

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