Global RFID market is projected to register a revenue of $21,361.9 million

According to a report published by Research Dive, the global RFID market is projected to register a revenue of $21,361.9 million at a CAGR of 9.9% during the forecast period (2020-2027), increasing from $9,966.4 million in 2019.

The demand for RFID technology is rising in the manufacturing industries owing to its manifold benefits. With the help of this technology, products can be identified and effortlessly tracked in an inventory and track the production stage of a certain product. RFID technology also help to understand the lifecycle of the product. These are the factors enhancing the growth of the market during the forecast period.

The main factor hampering the growth of the market is the expensiveness of production process of the RFID tags and reader.