The global Radio Frequency Identification (RFID) market is expected to grow rapidly by 2027, driven mostly by the increasing demand for RFID technology in the retail sector. RFID uses low-power radio waves to intelligently classify artifacts, providing advantages over standard barcode systems, particularly in data collecting without direct vision.
Despite the interruptions created by the COVID-19 epidemic in several industries, the RFID industry grew rapidly because to its automation potential, particularly in sectors such as healthcare, where it aided in the tracking of surgical equipment. Industries have been proactive in implementing growth strategies such as mergers and acquisitions, collaborations, and product launches to enhance their market position and contribute to overall market growth.
The RFID business emphasizes its Increasing uses and technical developments. Murata Manufacturing Co., Ltd., for example, produced RFID IC tags for use on metal surfaces for surgical tools, whilst FEIG ELECTRONIC implemented RFID solutions in key business areas such as Moscow-City.
While RFID technology has tremendous benefits for inventory management and product tracking, the high costs of RFID tags and readers continue to be a concern when compared to traditional barcode systems. The benefits of RFID, such as improved tracking capabilities, encourage its growth in a variety of industries.
According to a Research Dive analysis, the global RFID market is estimated to reach $21,361.9 million by 2027, with North America leading the industry due widespread adoption in various operational uses across industries.
Industries in the RFID market, including Honeywell, NXP Semiconductors, Avery Dennison, Zebra Technologies, Impinj, HID Global, Identiv, Invengo, and GAO Tek, contribute to the industry’s growth through innovation and strategic initiatives.