Steve Katz, Associate Editor07.16.21
Demand for Radio Frequency Identification technology – RFID – is growing. The global RFID market is estimated to be $10.7 billion in 2021 and is projected to reach $17.4 billion by 2026, at a CAGR of 10.2% during the forecast period, according to Research and Markets, a global research firm.
“The market has a promising growth potential due to several factors, including growing market competitiveness leading to the availability of cost-effective RFID solutions, high returns on investment, and increasing regulations and government initiatives for various industries. Moreover, increasing installation of RFID systems in manufacturing units to improve productivity due to Covid-19 could play a key role in driving the growth of the RFID market,” Research and Markets reports.
Tags are projected to be the largest product segment of the RFID market, as they are key components in an RFID solution and make up the majority of the market due to bulk and multiple applications. Due to this, the segment captured the largest share of the market in 2020, the firm says, adding that the number of tags installed is much higher than the number of read
“The market has a promising growth potential due to several factors, including growing market competitiveness leading to the availability of cost-effective RFID solutions, high returns on investment, and increasing regulations and government initiatives for various industries. Moreover, increasing installation of RFID systems in manufacturing units to improve productivity due to Covid-19 could play a key role in driving the growth of the RFID market,” Research and Markets reports.
Tags are projected to be the largest product segment of the RFID market, as they are key components in an RFID solution and make up the majority of the market due to bulk and multiple applications. Due to this, the segment captured the largest share of the market in 2020, the firm says, adding that the number of tags installed is much higher than the number of read
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