RFID MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)


RFID Market Analysis:

The market size of Radiofrequency Identification (RFID) is projected to expand from USD 12.53 billion in 2023 to USD 17.06 billion by 2028, exhibiting a Compound Annual Growth Rate (CAGR) of 6.37% during the forecast period (2023–2028).

RFID technology is extensively utilized in supply chain management and logistics. Sensor-based RFID technology is increasingly being integrated into product packaging to track and trace the origin of the product and prevent any source of contamination or tampering within the supply chain. Logistics and transportation are major areas of implementation for RFID technology. Warehouse management, yard management, shipping and freight, and distribution centers are some of the areas where RFID tracking technology is commonly employed.

RFID primarily refers to a wireless system comprising two major components: tags and readers. The reader is essentially a device comprising one or more antennas that emit radio waves and receive signals back from the RFID tags. The tags, which use radio waves to communicate their identity and other crucial information to the nearby readers, can be passive or active type.

The passive RFID tags are primarily powered by the readers and do not have a battery. However, the active type RFID tags are powered by batteries. These RFID tags can store a wide range of information, ranging from one serial number to several pages of crucial data. The RFID readers are offered in a mobile form factor so that they can be carried by hand or can either be mounted on a post or overhead.

One of the most common applications of RFID technology has been tracking goods in the supply chain, tracking parts moving to a manufacturing production line, tracing assets, security, and payment systems that allow customers to pay for items without using cash. Additionally, RFID is frequently used in the healthcare industry on patient wristbands to provide tamper-proof, accurate identification for facility access control and security.

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