North American RFID Market on Pace to Hit $13.5B by 2023, Report Says
The U.S. is the most dominate RFID market in the region, forecast to increase from nearly $5.3 billion in 2018 to $9.6 billion by 2023.
WELLESLEY, Mass. — The North American market for radio-frequency identification (RFID) technologies is forecast to grow from nearly $7.2 billion in 2018 to $13.5 billion by 2023, according to a report by BCC Research. The projected increase amounts to a compound annual growth rate (CAGR) of 13.4% for the 5-year period.
RIFD systems are considered to play an important role in Internet of Things (IoT) and near-field communication (NFC) systems. As such concerns over digital security and growth of the IoT Things are two factors helping to boost the RFID market in North America.
RFID technology 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, according to BCC Research.
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, and this trend is expected to remain the same during the forecast period.
The United States is the most dominate RFID market in the region, forecast to increase from nearly $5.3 billion in 2018 to $9.6 billion by 2023 with a 12.7% CAGR. Canada will lead the market by growth, with a CAGR through 2023 of 16.1%, followed by Mexico at 13.3%.
To obtain the RFID market size and growth rate in the North American region, BCC Research says the primary factors considered were RFID tags, tag-readers, hardware, software and integration services. The findings and conclusions of the report are based on information gathered from all types of participants in the market, including manufacturers, distributors, end users, consultants and integrators.
The estimated values used in the report are based on companies’ total revenues. Projected and forecasted revenue values are in constant U.S. dollars and were not adjusted for inflation.
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