RFID Market Growing at the Fastest Rate in APAC Region

Posted by edwardzmusso on July 11th, 2022

RFID technology uses radio waves to identify/detect people or objects. RFID tags are small electronic devices that send/receive data to/from RFID readers. RFID tags can be incorporated into products, animals, or humans for identification and data collection. According to the Food and Drug Administration (FDA), “Radio frequency identification (RFID) refers to a wireless system composed of two components: tags and readers. The reader is a device that has one or more antennas that emit radio waves and receive signals back from the RFID tag. Tags that use radio waves to communicate their identity and other information to nearby readers, can be passive or active. Passive RFID tags are powered by the reader and do not have a battery. Active RFID tags are powered by batteries.

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The RFID market in APAC is expected to grow at highest CAGR during the forecast period (2022-2027)

The Asia Pacific region stores huge opportunities for the RFID market; the market in this region is expected to grow at the highest CAGR during the forecast period. With the growing trade network among Asia Pacific countries, companies are leveraging the benefits of RFID solutions for gaining visibility into the supply chain. RFID is an ideal medium for tracking assets or people in organizations in real time. Adoption of RFID solutions across various industries, such as manufacturing, sports & entertainment, logistics and supply chain, and retail, is expected to increase in Asia Pacific during the forecast period.

The region is witnessing advancements in healthcare, retail, and manufacturing sectors, along with the adoption of new technologies. Countries such as Japan, South Korea, China, India, Australia & New Zealand (ANZ), and ASEAN are also showing interest in RFID technology, as it is affordable and can derive benefits in the long term. RFID technology is largely adopted by the healthcare industry players in Japan.

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In 2021, China was the largest RFID tag market in Asia Pacific. The growing manufacturing sector in the country is generating huge demand for RFID solutions to improve operational efficiency and lower operational costs by tracking equipment, goods, materials, safety, assembly lines, and distribution in manufacturing facilities in China. This factor is anticipated to drive the market growth in the country.