RFID Tags Market revenue will reach $13.65 billion by 2024
As per the report "RFID Tags Market By Type (Active RFID and Passive RFID), By Frequency (High-Frequency RFID, Low-Frequency RFID and Ultra-High Frequency RFID), By End User (Healthcare, Retail, Electronics, Logistics and Supply Chain, Transportation and Other (Security and Surveillance, Defense, Agriculture, IT, etc.), Industry trends, Estimation & Forecast, 2016 - 2024," The global RFID Tags market was valued at $4.6 billion in 2016, and is projected to reach $13.65 billion by 2024, growing at a CAGR of 14.5 % from 2017 to 2024. By type, Passive RFID, generated the highest revenue share of $3.25 billion in 2016, growing at a CAGR of 13.8% in the global RFID Market. Among major regions, North America RFID tags market was the highest revenue generating market valued at $1.88 billion in 2016.
“The Asia-Pacific region is forecast to be the largest user of RFID technology in the near future due to its emergence as the fastest growing market for RFID in the world. APAC, which include major countries such as India, Japan, China, Australia and New Zealand, our contribution to the growth of RFID tags in Asia Pacific. The major countries have widely accepted RFID tags and are implementing various other applications in the healthcare, automobile, logistics and supply chain, electronics and retail industry”
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North America generated the highest revenue, in 2016, in terms of RFID tags market.
North America leads the RFID Market by generating revenue of $1.86 billion in 2016. It is would grow with a CAGR of 12.4% during the forecast period of 2017-2024. However the Asia Pacific RFID Market is supposed to witness the highest CAGR of 16.4% during the forecast period. This is because of the rapidly growing electronic market of the countries like China, India, Singapore and South Korea. The rapidly increasing industrialization and commercialization is invigorating the Asian companies to invest in RFID to enhance