RFID market to Reach $25.47 billion by 2030

 

According to a new report, the global RFID market was worth $10.41 billion in 2020, and is anticipated to reach $25.47 billion by 2030, exhibiting a CAGR of 9.6% from 2021 to 2030.

Increase in market competitiveness that leads to the availability of cost-effective RFID solution, rise in rules and initiatives by governments for various industries, and increase in the installation of RFID solutions throughout healthcare and manufacturing sectors fuel the global RFID market.

On the other hand, high cost of RFID installation, purchase, and maintenance and concerns towards data security and privacy hamper the market growth. On the contrary, increase in acceptance of the RFID tags for Internet of Things, Industry 4.0, and smart manufacturing create several lucrative market opportunities.

The pandemic has severely affected the growth rate of the RFID market in 2020. The market experienced relatively high growth due to a surge in demand for real-time asset tracking solutions across the globe.

The pandemic also created several challenges for the retail, manufacturing, and logistics industries, which affected the production of RFID solutions.