RFID Market is Anticipated to reach $ 36 billion by 2030

The RFID market is expected to cross US$ 13.50 billion in 2022 and is projected to hit US$ 36 billion by 2030, recording a CAGR of 12% during the forecast period.

The emergence of smart-sensing RFID solutions is expected to have a snowballing impact of RFID market. Development of smart-sensing RFID would bring IoT to modern warehouse. In new solutions, sensors will permit the system to track temperature and different factors which could influence the supply chain operations. Therefore, development of advanced RFID solutions would create lucrative business opportunities for RFID market players. Moreover, with rising applications of RFID such as inventory control, vehicle tracking, and inventory management, the scope of using RFID tags is getting broaden which in turn is fueling the RFID market.

The RFID market has undergone several significant developments. In September 2022, Avery Dennison Label & Packaging Materials has showcased RFID/intelligent labeling capabilities. As the demand for RFID in labeling industry is gaining momentum, the company is seeking forward to introduce intelligent label solutions.

In August 2022, the leading automation provider in Medication Intelligence named Kit Check has declared about incorporation of RFID technology in new KinetiX Propofol syringes. These syringes are developed by a pharmaceutical company Genixus. As Propofol is one of a commonly used products in health and hospitals systems, Kit Check is focusing on changing acute and critical care medicines.