RFID Market expected to be worth 31.42 Billion USD by 2023

(IT-NEWSWIRE.COM, July 18, 2017 ) According to the new market research report "RFID Market by Product (Tags, Reader, and Software), Wafer Size, Working (Passive, and Active), Frequency( Low, High, Ultra-high), Applications, Form Factor (Button, Card, Electronic Housing, Implants), Label Type, and Region - Global Forecast to 2023",the radio-frequency identification (RFID) market is expected to be valued at USD 31.42 Billion by 2023, growing at a CAGR of 7.7% between 2017 and 2023. The factors that are driving the growth of this market are the increasing penetration of RFID in various industries; and evolution of IoT.

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“RFID market for tags expected to grow at the highest rate during the forecast period”

The market for RFID tags is expected to grow at the highest CAGR between 2017 and 2023. Reduction in the costs have led to rise in adoption of RFID tags; demand for the tags will continue to raise competitive situations in the market, which in turn will lead to further innovations in the RFID systems.

“The RFID market for the commercial industry to grow at a high rate between 2017 and 2022”

Among various applications, the commercial industry accounted for the largest share of the overall RFID market based on the end-user industry in 2016. The commercial sector is witnessing good growth, an in turn, are using RFID to optimize their operations and to give them a competitive advantage. RFID technology enables the commercial industry to identify and track items, and thus, enhance data center and warehouse management across various verticals such as IT asset tracking, laundry management, and jewelry tracking. The increasing population, along with rising commercialization, are driving investment in the RFID systems, and software.

“The Americas expected to lead the RFID market between 2017 and 2023”

The Americas is expected to hold the largest size of the RFID market during the forecast period. The players in the Americas region are emphasizing on research and development activities, to facilitate operational efficiency through advanced technologies. Furthermore, the adoption of RFID technologies and a significant number of established players in the RFID market are driving the demand for RFID tags in the Americas.

The major players operating in the RFID market are Impinj (US), NXP Semiconductors (Netherlands), Alien Technology (US), Avery Dennison (US), Smatrac (Netherlands), Invengo (Singapore), Checkpoint Systems (US), Mojix (US), GAO RFID (US), Nedap (Netherlands), Zebra Technologies (US), GlobeRanger (US), HID Global (US), Applied Wireless (US), CAEN RFID (Italy), Honeywell (US), Thing Magic (US), Identiv (US), SAG (US), Omni-ID (US), Vizinex RFID (US), Savi Technology (US), RFID Global Solution (US), Confidex (Finland), and TrackX (US).

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RFID Market expected to be worth 31.42 Billion USD by 2023