RFID Market size to grow by USD 10,456.94 million at a CAGR of 10.9% by 2027

The radio frequency identification (RFID) market size is estimated to increase by USD 10,456.94 million from 2022 to 2027, at a CAGR of 10.9%, according to a recent market study by Technavio.

The market share growth by the industrial segment will be significant for the market growth during the forecast period. RFID technology is used in the industrial sector for supply chain management and inventory management. Both passive and active RFID tags are used in the industrial sector. These tags are only used in specialized applications.

Furthermore, the technology allows industrial end-users to follow inventory that has become blocked at various stages of production or assembly and gain a better understanding of inventory management. Hence, it is expected that the industrial segment in the radio frequency identification market will grow due to the increasing applications of RFID in the industrial processes during the forecast period.