Global RFID Equipment Market Will Reach USD 25.40 billion by 2022

According to a new report, global RFID Equipment Market was valued at around USD 8.66 billion in 2016 and is expected to reach approximately USD 25.40 billion by 2022, growing at a CAGR of slightly above 19.60% between 2017 and 2022.

Several governments have made animal tagging mandatory in order to track and monitor the animals using their unique Animal Identification Number (AIN). However, high installation cost and maintenance cost of RFIDs are expected to be the factors restraining the growth of this market.

Device inoperability away from the hostile environment is a major challenge for the market. In coming years, the wide use of RFIDs in public transportation, healthcare, animal tracking is expected to provide major potential opportunities for RFID equipment manufacturers.