APAC RFID Market

APAC RFID Market Size (2023 to 2028)

The RFID market size in the Asia-Pacific region is predicted to be worth USD 4.5 billion by 2028 from USD 2.92 billion in 2023, growing at a CAGR of 9.02% from 2023 to 2028.

The growing adoption of RFID technology in the healthcare industry across the Asia-Pacific region is one of the major factors propelling the APAC RFID market growth. With the surging patient population in hospitals and the associated complexities arising from the treatment process, healthcare facilities are increasingly deploying RFID bands positioned around patients' wrists. These bands enable the effective tracking of patients within hospital premises. By storing crucial patient data, including names and medical records, the RFID wristbands facilitate personalized and efficient treatment by providing insights into patients' previous medical history, such as known allergies to specific medications.

The growing geriatric population and rising birth cases further boost the demand for RFID technology in the Asia-Pacific region and drive regional market growth. Hospitals are equipping older patients with RFID tags to locate them accurately and ensure their well-being. Similarly, RFID tags are employed for pregnant mothers and their infants, enabling seamless identification and reuniting of mother-child pairs. Notably, India alone witnesses an annual count of 26 million births, underscoring the substantial market potential in the Asia-Pacific region.

The growing adoption of RFID in the retail sector for inventory management, rising awareness regarding the benefits of using RFID such as real-time tracking of products, reducing out-of-stock situations and improving overall operational efficiency in various sectors, increasing efforts from the governments of APAC countries to promote the use of RFID technology through initiatives, policies, and regulations and growing demand for efficient supply chain management drive the RFID market growth in the APAC region. The rising e-commerce industry, growing need for asset tracking and management, increasing demand for contactless payment systems, a growing number of smart city initiatives, technological advancements in RFID technology, rising awareness and education about RFID benefits and growing demand for inventory control and visibility further propel the regional market growth.

Poor awareness among potential users regarding the benefits of RFID is one of the key factors hampering the APAC RFID market growth. High cost of implementing RFID systems has become a significant burden to medium and small-level enterprises to adopt these systems, which is further limiting the market growth in this region. The growing concerns about privacy and security of using RFID, lack of robust and reliable infrastructure such as network connectivity and power supply required to implement RFID systems in the APAC region and lack of standardized protocols and interoperability among different RFID systems further impedes the market growth.

This research report on the APAC RFID market has been segmented and sub-segmented into the following categories.

By Component Type:

• RFID Tags
• RFID Readers
• RFID Middleware

By Tag Type:

• Passive Tags
• Active Tags

By End-User:

• Logistics and Manufacturing
• Retail and Consumer Goods
• Healthcare
• Aerospace and Defence
• Government
• Others

By Country:

• India
• China
• Japan
• South Korea
• Australia
• New Zealand
• Thailand
• Malaysia
• Vietnam
• Philippines
• Indonesia
• Singapore
• Rest of APAC

The Asia-Pacific region occupies a prominent share of the worldwide market during the forecast period. China had the leading share of the APAC market in 2022 and is expected to grow at a healthy CAGR during the forecast period owing to the growing investments made by healthcare organizations and the growing awareness regarding the potential of RFID among the end-users. The government of China has been actively endorsing the adoption of RFID technology to enhance healthcare activities. The substantial presence of medical device companies that rely on RFID technology for efficient tracking of devices and healthcare products in China and the emphasis of China on supply chain management and product tracking further drives the Chinese market growth. During the COVID-19 pandemic, RFID technology played a pivotal role in mitigating the spread of Covid-19 by enabling contactless information retrieval through device scanning, a vital capability in curbing the virus's transmission.

The Indian RFID market is estimated to grow at a noteworthy CAGR during the forecast period due to the growing number of RFID manufacturing companies.

Japan on the other hand is anticipated to hold a considerable share of the APAC market during the forecast period due to the widespread adoption of RFID technology across various sectors, including healthcare, industrial, and animal domains.

KEY MARKET PLAYERS:

Honeywell International Inc., Impinj, Inc., Zebra Technologies Corporation, NXP Semiconductors N.V., Avery Dennison Corporation, Fujitsu Limited, HID Global Corporation, Checkpoint Systems, Inc., SMARTRAC N.V., Sato Holdings Corporation, Datalogic S.p.A., Invengo Technology Pte. Ltd., Shenzhen Chuangxinjia Smart Card Co., Ltd and Jiangsu Xinde RFID Technology Co., Ltd are some of the notable companies in the APAC RFID market.