The market for radiofrequency identification (RFID) tags is estimated to reach $11.67 billion in 2024, growing at a compound annual growth rate (CAGR) of 8.1% from $10.79 billion in 2023. With a CAGR of 8.4%, the estimate shows further expansion reaching $16.09 billion by 2028. The expansion of the industrial sector, a spike in e-commerce, higher healthcare costs, and the uptake of IoT and Big Data technologies are some of the major factors driving this growth.
RFID technology greatly facilitates the expansion of e-commerce by providing better supply chain visibility. With over $120 billion in sales, e-commerce made up 30% of the UK retail sector as of 2022. RFID use is fueled by rising healthcare sector spending, which improves productivity and patient care. For example, in 2023, the United Kingdom spent $367.25 billion on healthcare, and $51.84 billion on pharmaceuticals.
IoT integration and other technological developments allow RFID tags to be used for real-time monitoring. To broaden their market reach and offer cutting-edge solutions, businesses are also concentrating on joint ventures and acquisitions.
With coverage of Asia-Pacific, Western and Eastern Europe, North and South America, the Middle East, and Africa, North America dominated the RFID tag market in 2023. Several prominent companies, including GAO Tek Inc., are a leading player in the RFID market. Other notable companies in the sector include Avery Dennison Corporation, Honeywell International Inc., NXP Semiconductors N.V., Identiv Inc., Zebra Technologies Corporation, HID Global, Invengo Information Technology Co Ltd., Nedap, Omni-ID, GAO RFID Inc., Essen RFID, Asset Online Pvt. Ltd., Raviraj Technologies, Greenfuturz, Chipsilicon, Copper Spiral RFID, and CFI global. These companies represent a diverse range of offerings and are actively shaping the RFID landscape with their products and services.
In conclusion, the market for RFID tags is expected to increase rapidly due to the expansion of e-commerce, healthcare spending, technological advancements, and strategic alliances. Businesses in a variety of industries and geographical areas can develop and broaden their product offerings thanks to market opportunities.