Demand for RFID Technology to Surpass US$40 Billion by 2030 | Industry Experts, Inc.

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Industry Experts, Inc. has released its latest report on Radio Frequency Identification (RFID) Technology Market, estimating its demand at US$18.6 billion in 2024 and projecting it to reach US$40.6 billion by 2030, with a CAGR of 13.9% during the period 2024-2030.

Some of the factors instrumental in driving demand for RFID Technology include integration of this technology with the Internet of Things (IoT) and Industry 4.0 initiatives and the wide deployment of RFID-enabled tags and devices across a range of industries to collect real-time data and create a smart, connected ecosystem, offering enhanced visibility, automation and decision-making and an increase in regulatory requirements for product traceability, safety and security in sectors, such as healthcare, pharmaceuticals, food & beverage and aerospace.

Worldwide, the Retail sector is the leading end-user of RFID technology, since this technology has proved invaluable in allowing retailers to gain enhanced visibility into their supply chain, starting from manufacturing to distribution and the final product reaching stores. The use of RFID helps retailers in tracking shipments, monitoring delivery schedules and identifying possible bottlenecks or obstacles in the supply chain. The retail industry has also been benefitted by being able to prevent thefts from stores and manage inventory better. Owing to these factors, the demand for RFID in this sector has been and will continue to post impressive growth. The demand for RFID in Healthcare & Medical and Manufacturing is also poised to post promising growth over the coming period.

The report studies the RFID Technology market across all major regions including North America (The United States, Canada and Mexico), Europe (France, Germany, Italy, Russia, Spain, The United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea and Rest of Asia-Pacific), South America (Argentina, Brazil and Rest of South America) and Middle East & Africa.

The market for major components of RFID Technology analyzed in this report include Readers, Tags [Active Tags & Passive Tags (Low Frequency, High Frequency & Ultra-High Frequency)] and Software, Middleware & Services. The study also examines the market for RFID Technology by application, comprising Quality Assurance & Quality Control (QAQC) and Tracking & Management (Crops, Forest Produce & Livestock, Financial & Physical Assets, Inventory, Production and Supply Chain). The end-use sectors where RFID Technology is used as analyzed in this report include Agriculture, Automotive, Healthcare & Medical, Logistics & Transportation, Manufacturing and Retail, among Others (Primarily including Aerospace & Defense, Apparel, Commercial, Financial Services, Food & Beverages, Government, Hospitality and Security Access & Control).

About Industry Experts, Inc
Industry Experts, Inc., ranks among the leading market research providers globally. The company's off-the-shelf and customized business intelligence reports offer strategic insights and valuable guidance to enable various stakeholders, such as corporate strategists, analysts, researchers and startups, among others, in obtaining valuable, crisp and unbiased current and future market data. For more information, contact us on +1-320-497-3787 or visit https://industry-experts.com/

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