Global RFID Tags Market Size to Cross 19.68 Billion by 2027
Global RFID Tags Market is valued at USD 10.23 Billion in 2020 and expected to reach USD 19.68 Billion by 2027 with a CAGR of 9.8% over the forecast period
The COVID 19 has shown a negative impact on the global RFID tags industry due to the lockdown condition in disturbance in the supply chain, the demand for retail products is reduced. During COVID-19 pandemic, numerous organizations have faced a slowdown in tasks because of the lockdown and limitations on working standards from governments. The fall interest for costly retail items worldwide because of lockdown measures, alongside supply network interruptions, is relied upon to have hindered the development of the RFID market. However, utilizing RFID innovation with industrial automation arrangements, organizations can restore quicker than what was anticipated in the coming years.
Rising growth of e-commerce system and online retail sale is one of the major factors driving the growth of global RFID tags market. For instance; according to United Nations Conference on Trade and Development (UNCTAD) 2020, the online retail sale of U.S. was $598.0 billion in 2019 and it is increased to $791.7 billion in 2020. Similarly the online retail sale is increased in countries like Australia, Canada, China, Korea etc. The RFID tags are used in mostly in online retail sector.
In addition, increasing penetration of IOT is another major driving factor for the growth of RFID tags market. For instance; according to Confederation of Indian Industry (CII) 2020, across the world, spending on software and hardware related to IOT is projected to grow rapidly from US$726 billion in 2019 to US$ 1.1 trillion in 2023. RFID technology as a key enabling technique of the internet of things (IoT0 sensing layer now finds applications in a wide spectrum of fields for data integration and management including human identification, logistics and retail, access control etc.
No comments: