RFID Market worth $35.6 billion by 203

According to a research report, the RFID market is projected to reach USD 35.6 billion by 2030 from USD 14.5 billion in 2022; it is expected to grow at a CAGR of 11.9% from 2022 to 2030.

The logistics and supply segment accounted for the largest market share in 2021, and this trend is expected to continue during the forecast period. The dominance of this segment is due to the high adoption of tracking systems by logistics organizations to track and monitor their cargo in transit. Companies are also using sensor-based RFID tagging systems to monitor environmental conditions around the products being transported. Any deviation in the properties or external parameters is notified to the stakeholders so that adequate action can be taken to prevent damage.

RFID tags has helped government officials in monitoring assets and assort the legal supply of products. Such measures to prevent loss of product in transit have largely contributed to the adoption of RFID tags in the logistics and supply chain application.

The logistics and supply chain segment includes the use of RFID tags in applications such as postal and courier, asset tracking, freight tracking, cargo tracking, container tracking, and other supply chain activities. RFID solutions help industries optimize their supply chain by better managing warehouse inventory, tracking shipments, and streamlining the best route for the supply chain. By adopting an electronic and paperless environment through RFID technology, suppliers and wholesalers can attain inventory accuracy of over 99.9% by avoiding human errors. Using RFID solutions, real-time information can be kept in a database, including information on stocks in warehouses and transit.