RFID Chips Market Size to Surpass USD 23.2 Billion by 2031 and Growing at 12.3% CAGR

The global RFID chips market is estimated to flourish at a CAGR of 12.3% from 2024 to 2034. Transparency Market Research projects that the overall sales revenue for RFID chips is estimated to reach US$ 23.2 billion by the end of 2031.

A prominent driver is the increasing focus on sustainability. With growing environmental concerns, companies are seeking RFID solutions that minimize environmental impact. This includes the development of eco-friendly RFID tags and chips made from biodegradable materials, as well as the implementation of energy-efficient RFID systems.

An emerging driver is the adoption of blockchain technology in conjunction with RFID. Blockchain provides a secure and transparent platform for tracking and managing RFID data, enhancing data integrity and trust in supply chain operations. By combining RFID and blockchain, companies can ensure the authenticity and provenance of products throughout the supply chain, addressing concerns related to counterfeit goods and ensuring regulatory compliance.

The rise of edge computing is influencing RFID chip adoption. Edge computing enables real-time data processing and analytics at the point of data capture, reducing latency and bandwidth requirements. This allows for more efficient RFID data management and decision-making, particularly in fast-paced environments such as retail and logistics.