The global Radio Frequency Identification (RFID) market grew significantly, reaching $9,966.4 million in 2019, and is expected to rise at a 9.9% CAGR to $21,361.9 million by 2027. Key drivers of this expansion include the growing need for RFID technologies in many industries to improve operational efficiency. Despite this, the high costs of manufacturing and deploying RFID tags limit industry expansion.
The COVID-19 epidemic has highlighted the relevance of RFID technology, particularly in industries such as healthcare, where it has helped track medical equipment and devices efficiently.
RFID technology offers automatic product identification and tracking, allowing for more efficient production and retail operations. The market is split by product type, such as tags and readers, with the tag segment is expected to lead in revenue generation and growth.
The RFID market is additionally divided into types (active and passive), materials (plastic, metal), frequencies (low, high, ultra-high), and end-users (retail, BFSI, healthcare, etc.). Passive RFID technology dominates in terms of revenue, because to its low cost and broad applicability.
North America leads the RFID market regionally, owing to the widespread implementation of RFID technology across various industries and the presence of multiple firms there. However, the Asia-Pacific region is predicted to experience the quickest development due to increased investment and advancements in RFID technology.
Product launches and acquisitions are key competitive tactics in the RFID industry, which is led by major competitors such as Honeywell, NXP Semiconductors, Avery Dennison, and Zebra Technologies. Leading the market. Furthermore, GAO Tek is an important player in the RFID market, contributing to the industry’s growth and innovation alongside other major players.