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Cold Chain RFID Market to Hit $4636.6 Million by 2030: Explore Trends, Segmentation, and Growth Factors | Valuates Reports
BANGALORE, India, Jan. 8, 2025 /PRNewswire/ — Cold Chain RFID Market is Segmented by Product (Sensors, RFID Tag, RFID Reader), by Technology (Passive RFID, Active RFID), by Application (Food and Beverages, Pharmaceutical & Biomedical).
The Cold Chain RFID Market was estimated to be worth USD 1544.1 Million in 2023 and is forecast to a readjusted size of USD 4636.6 Million by 2030 with a CAGR of 16.5% during the forecast period 2024-2030.
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Major Factors Driving the Growth of Cold Chain RFID Market:
The Cold Chain RFID Market is poised for substantial growth, driven by the increasing need for efficient and reliable tracking solutions in the transportation and storage of temperature-sensitive products. RFID technology offers comprehensive monitoring and real-time data collection, ensuring that products such as pharmaceuticals, food, and biologics are maintained within optimal conditions throughout the supply chain.
The ability to provide detailed visibility into the movement and status of goods enhances operational efficiency, reduces losses, and ensures compliance with regulatory standards. Additionally, advancements in RFID technology, including improved sensor integration and data analytics capabilities, further enhance the effectiveness of cold chain management systems.
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TRENDS INFLUENCING THE GROWTH OF THE COLD CHAIN RFID MARKET:
RFID tags are instrumental in driving the growth of the Cold Chain RFID Market by enabling precise tracking and monitoring of temperature-sensitive products throughout the supply chain. These tags provide real-time data on the location and condition of goods, ensuring that products such as pharmaceuticals, food, and perishable items are maintained within optimal temperature ranges during storage and transportation. The ability of RFID tags to offer detailed insights into environmental conditions helps businesses prevent spoilage, reduce waste, and ensure compliance with regulatory standards. As the demand for efficient and reliable cold chain management solutions increases, RFID tags become essential tools for enhancing visibility, improving inventory accuracy, and ensuring the integrity of temperature-sensitive products. This critical functionality propels the adoption of RFID technology in the cold chain sector, thereby driving market growth.
Sensors are a pivotal component driving the growth of the Cold Chain RFID Market by providing essential data on environmental conditions such as temperature, humidity, and vibration. These sensors, integrated with RFID tags, continuously monitor the state of goods throughout the supply chain, ensuring that they remain within specified parameters. The real-time data collected by sensors allows for immediate detection of any deviations, enabling swift corrective actions to prevent product degradation. Advanced sensor technologies enhance the accuracy and reliability of monitoring systems, making them indispensable for maintaining the quality and safety of sensitive products. The increasing emphasis on data-driven decision-making and the need for comprehensive monitoring solutions in the cold chain industry further boost the adoption of sensors, thereby fueling the growth of the Cold Chain RFID Market.
Passive RFID systems drive the growth of the Cold Chain RFID Market by offering a cost-effective and energy-efficient solution for tracking and monitoring products. Unlike active RFID systems, passive RFID tags do not require an internal power source, making them simpler and more affordable to deploy across extensive supply chains. These tags rely on energy from RFID readers to transmit data, enabling widespread adoption without significant infrastructure investments. Passive RFID is ideal for applications where long-term monitoring and low-cost solutions are essential, such as in the transportation of pharmaceuticals and perishable foods. The scalability and durability of passive RFID systems make them suitable for diverse cold chain environments, from warehouses to refrigerated trucks. As businesses seek efficient and economical tracking solutions, the demand for passive RFID systems continues to rise, driving the expansion of the Cold Chain RFID Market.
The increasing demand for traceability in the supply chain is a major factor driving the Cold Chain RFID Market. Traceability ensures that products can be tracked from their origin to their final destination, providing transparency and accountability throughout the supply chain. In the cold chain sector, traceability is crucial for maintaining the quality and safety of temperature-sensitive products such as food, pharmaceuticals, and biologics. RFID technology enables detailed tracking and monitoring, allowing businesses to verify the integrity of their products and comply with regulatory requirements. Enhanced traceability helps in identifying and addressing issues promptly, reducing the risk of product recalls and ensuring consumer safety. The growing emphasis on traceability and the need for reliable tracking solutions significantly boost the adoption of RFID technology in the cold chain industry, driving market growth.
The rapid expansion of e-commerce is a key driver of the Cold Chain RFID Market, as the surge in online retail necessitates efficient and reliable logistics solutions for delivering temperature-sensitive products. The rise of e-commerce platforms has increased the volume of shipments that require strict temperature control, such as fresh food, beverages, and pharmaceuticals. RFID technology facilitates seamless tracking and monitoring of these shipments, ensuring that products are handled appropriately throughout the delivery process. The need for timely and accurate data on product conditions helps e-commerce businesses maintain high standards of quality and customer satisfaction. As e-commerce continues to grow globally, the demand for advanced cold chain management solutions, including RFID systems, escalates, thereby propelling the Cold Chain RFID Market.
Governments are increasingly enforcing standards that necessitate the adoption of advanced technologies like RFID to enhance supply chain transparency and accountability. Compliance with these regulations not only ensures the safety and quality of products but also fosters consumer trust, encouraging businesses to invest in RFID solutions for their cold chain operations. The regulatory push towards enhanced supply chain management significantly boosts the adoption of RFID technology, driving the growth of the Cold Chain RFID Market.
RFID technology provides precise tracking and monitoring, enabling companies to identify inefficiencies and implement corrective measures that lower operational costs. By reducing the incidence of temperature excursions and ensuring that products are maintained within optimal conditions, RFID systems help minimize spoilage and waste, leading to substantial cost savings. Additionally, the automation of inventory management and the reduction of manual labor through RFID technology enhance overall efficiency, further contributing to cost reductions. The ability to achieve higher accuracy and reliability in cold chain operations at a lower cost makes RFID an attractive investment for businesses, driving the adoption and growth of the Cold Chain RFID Market.
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COLD CHAIN RFID MARKET SHARE:
North America leads the market, driven by its advanced logistics infrastructure, high adoption rates of RFID technology in sectors like pharmaceuticals and food, and stringent regulatory standards for cold chain management.
Europe follows closely, with substantial investments in supply chain technologies, strong emphasis on sustainability, and increasing demand for temperature-sensitive products.
Key Companies:
- Alien Technology
- Checkpoint Systems Inc
- Impinj
- Invengo Technology BV
- GAO RFID Inc.
- Avery Dennison Corporation
- Sato Holdings Corporation
- Maka RFID
- Nedap
- Nedap N.V.
- RFID4U (eSmart Source, Inc.)
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DISCOVER MORE INSIGHTS: EXPLORE SIMILAR REPORTS!
– RFID Cold Chain Management Market
– Cold Chain Monitoring Devices Market
– Radio-Frequency Identification (RFID) in Pharmaceuticals Market
– RFID-enabled Scanners Market was estimated to be worth USD 351 Million in 2023 and is forecast to a readjusted size of USD 456.7 Million by 2030 with a CAGR of 3.9% during the forecast period 2024-2030.
– The global Cold-Chain Temperature Loggers market was valued at USD 1120 Million in 2023 and is anticipated to reach USD 2013.3 Million by 2030, witnessing a CAGR of 9.0% during the forecast period 2024-2030.
– Passive RFID Tags for Asset Tracking Market was estimated to be worth USD 103 Million in 2023 and is forecast to a readjusted size of USD 132.3 Million by 2030 with a CAGR of 3.6% during the forecast period 2024-2030.
– RFID Electronic Control Card Market
– Cold Chain Monitoring System Market was estimated to be worth USD 4977.6 Million in 2023 and is forecast to a readjusted size of USD 7248.2 Million by 2030 with a CAGR of 5.4% during the forecast period 2024-2030.
– UHF RFID Chip Market was estimated to be worth USD 683 Million in 2023 and is forecast to a readjusted size of USD 1103.2 Million by 2030 with a CAGR of 7.1% during the forecast period 2024-2030.
– Smart RFID Ear Tag Market was estimated to be worth USD 198 Million in 2023 and is forecast to a readjusted size of USD 263.7 Million by 2030 with a CAGR of 4.2% during the forecast period 2024-2030.
– RFID Inventory Retail Management Market was estimated to be worth USD 7475 Million in 2023 and is forecast to a readjusted size of USD 13150 Million by 2030 with a CAGR of 8.5% during the forecast period 2024-2030.
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- Piloted by 60 enterprise businesses including: Patagonia, On, Indeed, NordSecurity and Fubo
- AI helps businesses increase payment conversion rates by up to 6% compared to legacy implementations
NEW YORK, Jan. 9, 2025 /PRNewswire/ — Adyen, the global financial technology platform of choice for leading businesses, announces the launch of Adyen Uplift. The AI-powered payment optimization suite will help businesses increase payment conversion, simplify fraud management, and reduce the cost of payments. Adyen’s customers can utilize data-driven, tailored performance recommendations and opportunities to test different payment configurations to maximize performance.
Saving businesses from trading off between conversion, risk, and cost
The complexity of payment management still holds businesses back from reaching their ambitions. They constantly need to compromise between conversion, fraud, and cost. Thanks to Adyen Uplift, businesses can optimize the full payments funnel with AI. AI-powered payment optimizations bundled in a single product suite are trained on Adyen’s global transaction dataset. Rather than navigating the complexity of payments in operational silos, the AI-first approach uses risk-based intelligence and automated conversion optimization to help businesses get more out of payments. The pilot has shown a significant effect on profits, with businesses seeing an overall uplift of up to 6% on their payment conversion rate.
“Balancing risk management, driving conversion, and minimizing cost has always required ineffective compromises – until now” said Carlo Bruno, VP of Product at Adyen. “Adyen Uplift changes the game by unleashing the depth and power of AI to solve for real-time payment optimization. This will transform cost savings and performance, redefining business efficiency in 2025 and beyond.”
$1 trillion+ payments data
Businesses and other providers rely on limited datasets, impacting their ability to recognize shoppers and payment behavior. With Adyen Uplift, companies benefit from AI trained on over a trillion dollars worth of global payments data from Adyen’s single platform.
“We’ve increased our conversion rate by up to 2% with Adyen’s AI, making a real difference to both our performance and cost efficiency, while keeping fraud under control,” commented Luca Spichtig, Head of Digital Operations & Projects at On.
Adyen has processed payments for over one billion consumers globally, giving its AI solutions a strong basis to differentiate good shoppers from fraudsters. When an Adyen customer encounters a new shopper, there is a high likelihood that Adyen has seen the shopper elsewhere on the platform. For a retail merchant on the Adyen platform, there is more than a 90% chance that Adyen has seen that shopper before. When a good shopper is identified, AI optimizations allow them to speed through checkout whilst shoppers and retailers also benefit from precise payment fraud mitigation.
“We’ve increased our conversion rate on customer initiated transactions by 10% by leveraging Adyen’s AI technology, which optimizes the entire payment funnel while maintaining control over fraud and costs,” commented Kes Saulis, Head of Payments at Nord Security.
The AI-first approach to fighting fraud
Today, the fraud control process is highly complex, requiring businesses to implement extensive manual rules to combat ever-evolving fraud techniques. With Adyen Uplift, businesses can automate fraud control by removing the operational burden from fraud management teams. The solution automates and refines risk management without relying on manual rules. This enables businesses to lower fraud levels and reduce false positives, depending on their risk appetite.
Businesses piloting the risk product have seen the impact firsthand. Adyen’s pilot enterprise customers have reduced their manual risk rules by 86% on average, and 35% of customers have completely eliminated manual rules saving valuable time and resources.
Adyen’s customer Indeed, a leading job matching and hiring platform, was able to run AI-based optimization experiments that are tailored to the unique characteristics of its business. This translated into a reduction in operational workload by automating processes to drive efficiency.
Reduce payment processing costs by up to 5%
Today, businesses are more focused than ever on their bottom line, yet many still view payments as a commodity rather than a powerful cost-saving strategy.
Adyen Uplift has reduced payment cost by up to 5% for pilot customers in the U.S. Adyen’s AI selects the best routes with the best rates for transactions to help minimize total cost of payment. Pilot customers also experienced cost savings through Adyen’s optimizations, which tailored the shopper-facing checkout flow to their needs.
To learn more about Adyen Uplift, click here.
About Adyen
Adyen (ADYEN:AMS) is the financial technology platform of choice for leading companies. By providing end-to-end payments capabilities, data-driven insights, and financial products in a single global solution, Adyen helps businesses achieve their ambitions faster. With offices around the world, Adyen works with the likes of Meta, Uber, H&M, eBay, and Microsoft. Adyen continuously improves and expands its product offering as part of its ordinary course of business. New products and features are announced via press releases and product updates on the company’s website.
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New logo reflects ability to power mission-critical decisions with confidence
LONDON, Jan. 9, 2025 /PRNewswire/ — Crisil Limited, a provider of ratings, data, research, analytics and solutions, today unveils its new brand logo.
The new brand identity, ‘Crisil’ (earlier written as CRISIL), reinforces the company’s position as a global, insights-driven analytics firm, building on a distinguished legacy of close to four decades.
Large and highly respected firms partner with us for the most reliable opinions on risk in India, and for uncovering powerful insights and turning risks into opportunities globally. We are integral to multiplying their opportunities and success.
Says Amish Mehta, Managing Director & CEO, Crisil, “Our reimagined brand expresses a more progressive vision of our future. It celebrates a pioneering and illustrious past and showcases our commitment to deliver actionable insights to clients. Our people’s analytical rigour and domain expertise will continue to set standards and empower clients to make mission-critical decisions with confidence. The new brand identity guides us in shaping how we present ourselves to the world, influencing every interaction internally and externally to help us deliver exceptional client value.”
The strategic brand transformation positions Crisil’s businesses — Crisil Ratings, Crisil Intelligence (formerly MI&A), Crisil Coalition Greenwich, and Crisil Integral IQ (formerly GR&RS) — under a cohesive identity that offers a consistent and more connected experience for clients around the world.
Crisil Ratings: Offers independent credit ratings in India that empower informed decisions and objective benchmarking by lenders, investors and issuers.
Crisil Intelligence: Offers insights, consulting, technology-driven risk solutions and advanced data analytics, serving clients across government, private and public enterprises, empowering them to make informed decisions.
Crisil Coalition Greenwich: Offers strategic benchmarking, analytics and insights to the financial services industry and specialises in providing unique, high-value and actionable information to help clients measure and drive their business performance.
Crisil Integral IQ: Offers solutions and actionable intelligence to financial institutions around the globe to deliver strategic transformation, optimise risk and drive operational excellence.
The main logo in bold black is simple yet strong, symbolising excellence and the certainty that we deliver. Complementing this, our business logos now feature a distinct teal colour that conveys the confidence and trust rooted in rigour and domain expertise.
About Crisil Limited
Crisil is a global, insights-driven analytics company. Our extraordinary domain expertise and analytical rigour help clients make mission-critical decisions with confidence.
Large and highly respected firms partner with us for the most reliable opinions on risk in India, and for uncovering powerful insights and turning risks into opportunities globally. We are integral to multiplying their opportunities and success.
Headquartered in India, Crisil is majority owned by S&P Global.
Founded in 1987 as India’s first credit rating agency, our expertise today extends across businesses: Crisil Ratings, Crisil Intelligence, Crisil Coalition Greenwich and Crisil Integral IQ.
Our globally diverse workforce operates in the Americas, Asia-Pacific, Europe, Australia and the Middle East, setting the standards by which industries are measured.
For more information, visit www.Crisil.com
Connect with us: LINKEDIN | TWITTER | YOUTUBE | FACEBOOK
Disclaimer
This press release is transmitted to you for the sole purpose of dissemination through your newspaper/ magazine/ agency. The press release may be used by you in full or in part without changing the meaning or context thereof but with due credit to Crisil. However, Crisil alone has the sole right of distribution of its press releases for consideration or otherwise through any media including websites, portals, etc.
Crisil has taken due care and caution in preparing this press release. Information has been obtained by Crisil from sources which it considers reliable. However, Crisil does not guarantee the accuracy, adequacy or completeness of information on which this press release is based and is not responsible for any errors or omissions or for the results obtained from the use of this press release. Crisil especially states that it has no financial liability whatsoever to the subscribers/ users/ transmitters/ distributors of this press release.
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DUBAI, UAE, Jan. 9, 2025 /PRNewswire/ — MANTRA, a purpose-built layer 1 blockchain for tokenized real-world assets (RWAs) has signed a US$1 billion agreement with DAMAC Group, a prominent investment conglomerate, renowned for its diversified portfolio that spans across key sectors such as real estate development, hospitality, data centres, and more, to tokenize assets in the Middle East.
The collaboration between MANTRA and the DAMAC Group will enable token-based financing for a diverse range of assets within the group’s extensive portfolio of companies, with a minimum value of US$1 billion.
The DAMAC Group assets will be available in early 2025, exclusively on MANTRA Chain, marking a bold step in leveraging blockchain technology to bring greater transparency, security, and accessibility to DAMAC Group’s wide-ranging assets. This milestone partnership is yet another step in MANTRA’s vision to become the preferred ledger of record for real-world assets.
“This partnership with DAMAC Group is an endorsement for the RWA industry. We’re thrilled to partner with such a prestigious group of leaders that share our ambitions and see the incredible opportunities of bringing traditional financing opportunities onchain,” said John Patrick Mullin, CEO of MANTRA.
Amira Sajwani, Managing Director of Sales & Development at DAMAC, said, “DAMAC is always exploring new technologies to enhance our product offerings. Partnering with MANTRA is a natural extension of our commitment to innovation and forward-thinking solutions. Tokenizing our assets will provide investors with a secure, transparent, and convenient way to access a wide range of investment opportunities.”
The MANTRA and DAMAC Group partnership follows the recent announcement of MANTRA Chain’s Mainnet launch, which went live in October, representing a significant milestone in the integration of traditional finance with blockchain technology.
About MANTRA:
MANTRA is a purpose-built Layer 1 blockchain for real-world assets, capable of adherence to real world regulatory requirements. As a permissionless chain, MANTRA empowers developers and institutions to seamlessly participate in the evolving RWA tokenization space by offering advanced tech modules, compliance mechanisms, and cross-chain interoperability.
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About DAMAC Group:
The DAMAC Group is the multi-billion-dollar business conglomerate of UAE based Hussain Sajwani. The Group’s investments are divided into seven core areas; real estate, capital markets, hotels & resorts, manufacturing, catering, high-end fashion and data centres.
Some of the Group’s most notable activities include DAMAC Properties, one of the region’s largest property developers, the acquisition of the Italian fashion house, Roberto Cavalli and luxury Swiss jewellery brand de GRISOGONO, the 50-storey development DAMAC Towers Nine Elms in London and a luxury resort in the Maldives.
In a bid to disrupt the global data centre landscape, the Group recently announced plans to build data centres through its digital infrastructure company, EDGNEX Data Centers by DAMAC, across different global locations.
Today, the Group’s global footprint extends across North America, Europe, Asia, Middle East and Africa. With its vision firmly set on growth and expansion, the Group continues in its quest for diversification and business excellence.
Visit us at www.damacgroup.com
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