Global RFID Market Projected to be Worth USD 15.84 Billion by 2021

According to the latest market study released by Technavio, the global RFID market is projected to grow to USD 15.84 billion by 2021, at a CAGR of nearly 9% over the forecast period.

This research report titled ‘Global RFID Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.

Middleware is currently the fastest-growing product in the RFID market, with analysts projecting it to showcase a CAGR of over 11% through 2021. RFID middleware is used in the accurate recording and analysis of internal databases and integrating it with ERP, CRM, WMS, and track and trace applications.

The growth of the segment is expected to originate from the increasing number of vendors offering middleware solutions and the entry of global players such Google (Alphabet) and Microsoft in the software RFID solutions segment. Also, the increase in demand for customized solutions for small and medium-sized businesses is also expected to impact the market segment.