RFID Market Projected to reach $40.9 billion by 2032

NORTHBROOK, Ill. - March 4, 2024 - PRLog -- The RFID Market is projected to grow at a CAGR of 11.1% from 2023 to 2032. The RFID market is projected to reach USD 40.9 billion by 2032 from USD 15.8 billion in 2023; it is expected to grow at a CAGR of 11.1% from 2023 to 2032.

Increasing need for RFID systems in manufacturing units for improving productivity, increasing government initiatives and regulations for safety and security and rising need for improving inventory management for logistics and supply chain to drive the growth of the RFID market. The RFID market has a promising growth outlook due to its increasing adoption across various industries. With the integration of RFID into the Internet of Things (IoT) ecosystem and its expanding use in sectors such as healthcare and pharmaceuticals, retail, logistics, and manufacturing, the market is set to expand.

The Asia Pacific RFID market is projected to have the highest market share during the forecast period.

During the forecast period, Asia Pacific region is poised to experience the most significant growth in the RFID tag market. In 2022, China held the largest share of the RFID tag market in the Asia Pacific. However, Japan is projected to exhibit the highest CAGR in the foreseeable future. Notably, the healthcare and retail sectors in Japan have been early adopters of RFID solutions. Moreover, the sports and entertainment industry in the region is demonstrating a growing interest in RFID technology. The presence of prominent baseball leagues in Japan and South Korea, coupled with various sports organizations and associations in Australia and New Zealand, is expected to drive RFID technology adoption in the sports sector. Catapult Sports, a prominent RFID solutions provider based in Australia, is actively involved in the sports industry. The manufacturing, retail, healthcare, oil and gas, and mining sectors are anticipated to play a substantial role in propelling the RFID market's growth in the Asia Pacific. The automotive manufacturing, heavy equipment manufacturing, and other related industries in the region offer significant growth potential for the RFID market due to increasing awareness of RFID benefits, including cost efficiency, enhanced asset visibility, time savings, and simplified auditing processes. These advantages are likely to drive greater adoption of RFID solutions, particularly in countries like Japan, China, and India.

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Key Players of RFID Market:

Zebra Technologies Corp. (US), Alien Technology, LLC (US), CAEN RFID S.r.L. (Italy), Impinj, Inc. (US), Avery Dennison Corporation (US), Honeywell Internartional Inc. (US), NXP Semiconductors (Netherlands), GAO Group (Canada), HID Global Corporation (US), Invengo Information Technology Co., Ltd. (China), Infotek Software & Systems (P) Ltd (i-TEK) (India), Bartronics India Limited (India).