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RFID Market Growing to $28.5 Billion in 2023

MarketsandMarkets estimates the RFID market at $16.95 billion in 2016, and is expected to grow at a CAGR of 7.7% between 2017

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By: DAVID SAVASTANO

Contributing Editor, Coatings World and Ink World, Coatings World and Ink World Magazine

In its report, “RFID Market by Product (Tags, Reader, and Software), Wafer Size, Working (Passive, and Active), Frequency( Low, High, Ultra-high), Applications, Form Factor (Button, Card, Electronic Housing, Implants), Label Type, and Region – Global Forecast to 2023,” MarketsandMarkets values the RFID market at USD $16.95 billion in 2016. The firm sees the market growing at a CAGR of 7.7% through 2023.
 
Driven by lower prices of RFID tags, and increasing penetration of RFID technology in various industries, the RFID market is likely to witness high growth in coming years. The RFID market was valued at USD 16.95 billion in 2016 and is expected to grow at a CAGR of 7.7% between 2017 and 2023, to $28.5 billion.
 
The RFID ecosystem comprises chip and inlay providers, tag manufacturers, reader and software providers, and system integrators.

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