North American RFID Market Forecast to Be Worth $13.5B by 2023
A new market report by BCC Research projects the RFID market in the region will grow at more than 13% annually for the period 2018-2023.
WELLESLEY, Mass. — The North American market for radio-frequency identification (RFID) technologies will grow from nearly $7.2 billion in 2018 to $13.5 billion by 2023, according to a market report by BCC Research, based here.
The RFID market in North America is projected to be increasing at a compound annual growth rate (CAGR) of 13.4% for the period of 2018-2023. The U.S. RFID technologies market will grow from nearly $5.3 billion in 2018 to $9.6 billion by 2023 with a CAGR of 12.7%. In Canada, the market is forecast to grow from $1.2 billion in 2018 to $2.6 billion by 2023 with a CAGR of 16.1%.
RFID is a technology that uses radio frequency waves to exchange data between a reader and a movable object in order to locate, identify or track the object. In recent times, RFID systems started gaining much attention due to their effective role in everyday life, according to the report.
For example, RIFD systems are one of the important parts of modern Internet of Things (IoT) and near-field communication (NFC) systems. The technology extends the capacity of such systems and makes them more secure for its users, according to the report.
The North American market for RFID technology is receiving renewed attention as smart devices and wearables, as well as new applications in retail, security and military are driving increased traction. This increased awareness and demand for the technology and its products could be a driving factor for adoption in the in the region.
RFID is considered one of the emerging and continuously growing technologies used for security applications, specifically for safety tracking of devices, products and components in the retail, transportation, agriculture and medical industries, as well as many others.
The largest user of RFID technologies is the transportation/logistics industry, where these identification systems are deployed in supply chains to help track shipments from the production floor to final destinations.
In the healthcare industry, RFID growth is driven by applications that involve patient health monitoring, diagnostics, patient identification and scheduling of medication, among others.
Identification/security and e-payments applications are expected to account for the highest market share because governments in the North American region are regulating the use of RFID technology in these application sectors. This trend is expected to remain the same during the forecast period.
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