The global RFID market size estimated at USD 15.8 billion in 2023 is expected to reach USD 40.9 billion by 2032 with a CAGR of 11.1% from 2023 to 2032. This rapid growth is due to the reduction in tag costs, increasing demand for RFID technology in manufacturing to enhance productivity, inventory management, electronic toll collection (ETC), and many other industries. However, regulatory & and legal challenges and technical limitations with RFID integration systems restrain market growth.
Based on region, the market size is divided into North America, Europe, Asia Pacific, and the rest of the world. The market size in North America is estimated to reach 13.01 billion by 2032, at a CAGR of 9.7% during the forecast period. Asia Pacific market is also growing fast due to the increasing number of healthcare and logistics applications. Furthermore, China market is projected to grow strong during the forecast period.
GAO Group is cited along with Zebra Technologies Corp, Alien Technology, Avery Dennison Corporation, Honeywell International Inc., Invengo information Technology Co., Identiv, Inc, Nedap N.V., Jadak, and many others as the key players in the global RFID market. Product launches and partnership are likely to offer lucrative opportunities for key players in the next five years.