Global RFID Market Global Scenario, Market Size, Outlook, Trend, and Forecast, 2019 – 2028

The global RFID market is anticipated to reach US$ 21.30 billion by 2028; growing at a compound annual growth rate (CAGR) during the forecast period, 2021 – 2028. Radio Frequency Identification is a wireless system which uses radio waves to uniquely identify certain objects, automobiles, humans & animals. For tracking, RFID systems uses electromagnetic fields which detect the tags that are attached to the object or items. The tags wirelessly track the items even from several feet away because of the microchip & antenna attached to it. RFID systems have parts called Tags and Readers. Tags communicate through radio waves to the readers whereas, Readers emit signals radio waves to receive signal from RFID tags. Each RFID tag has a different serial number and this is the key reason of the accurate identification & tracking of the RFID tags.
Use of RFID systems prove to be extremely beneficial in industries of Boilers, tanks, conveyors, cameras & pipes. Use of RFID systems in parts of automobile industry, construction, engineering, manufacturing units, chemical industries, retail, public sector and the logistics are extensively boosting the global RFID market. The retail sector is the leading user of RFID systems amongst all the industries. Amazon is the leading company which is extensively working on the Research & Development of RFID systems. Other dominant companies such as Honeywell and Data logic are expanding their investments in the R&D of RFID devices. RFID also called smart radio tags is the core of the upcoming 'Internet of Things' which aims to connect places & objects. RFID systems will be creating lucrative opportunities for software development and other industries along with a big impact on society. However, the rift in the relationships between China & India leading to ban on exports & imports has majorly affected the global RFID market.

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The global RFID market is bifurcated into Product type, Tag type, Application, Frequency, material and region.
Global RFID market outlook – North America is dominating the global RFID market.
Based on region, the global RFID market is segmented into North America, Europe, Asia-Pacific and MEA. Currently, the North America is leading the market. The key countries across these geographies have also been covered under the scope of the study.
The prominent players in the global RFID market are – Avery Dennison, Honeywell, Amazon, Impinj, Nedap, Invengo, NXP Semiconductors, HID Global, Zebra Technologies, GAO RFID and Identiv. The market players are adapting certain strategies like collaborations, expansions, development and partnerships to further increase their productivity and market shares which in turn boosts the global RFID market.

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