The article is about the “Global RFID Asset Tracking System Market” that is growing at a CAGR of 16.2% and is projected to reach 7.2 billion by 2027. The market growth is due to the huge benefits of RFID asset tracking system in many industries such as healthcare, commercial, industrial, retail, transportation, and others. It helps businesses improve their supply chain visibility, improve operation, reduce operation costs, and improve the security of assets. However, the high cost of RFID tags and the lack of awareness about the benefits of RFID technologies restrain the market.
Based on regions, North America is at the top with the largest market share, and it is expected to continue to grow strongly. Europe is also experiencing significant growth. Asia and the Middle East are experiencing rapid growth. Latina America market is also growing strongly due to healthcare sector as well.
There is intense competition in the market that may affect the prices. The threat of new entrants is moderate. The threat of substitution is low. The bargaining power of the supplier is low, and it is estimated to remain low for many years. The bargaining power of buyers is moderate and is expected to remain moderate due to few large players in the market. In addition, Impinj, Alien Technology, and Zebra Technologies are mentioned to be active and have variety of products and services and innovative. GAO RFID is also cited as one of the leading players in the market.