RFID Market to reach USD 40 Billion by 2032, Says Global Market Insights inc.
RFID Industry size is expected to register 12% CAGR between 2024 and 2032 propelled by improved traceability and compliance.
Selbyville, Delaware, Sept. 03, 2024 (GLOBE NEWSWIRE) — RFID Market is projected to hit USD 40 billion by 2032, as per a
Europe to come up as an emerging marketplace
Europe RFID Market size will expand at a fast pace over 2024-2032, driven by increasing investments in RFID technology and a strong industrial base, particularly in countries like Germany, France, and the UK. European companies are increasingly implementing RFID technology to improve supply chain efficiency, enhance product authentication, and ensure regulatory compliance. Moreover, the European Union’s stringent regulations on product safety and traceability have encouraged the adoption of RFID technology in sectors such as healthcare, automotive, and food & beverage.
RFID Market Players
Major industry players include Zebra Technologies Corporation, Avery Dennison Corporation, Honeywell International Inc., Impinj, Inc., Alien Technology LLC, NXP Semiconductors N.V., Smartrac N.V., HID Global Corporation. Their main growth strategies are the expansion of product portfolios through innovation and the development of advanced RFID solutions. They are investing heavily in research and development to enhance the functionality and efficiency of RFID technologies. Strategic partnerships and collaborations are being pursued to strengthen their market presence and tap into new customer bases across different industries. Additionally, these companies are increasingly adopting mergers and acquisitions to broaden their geographic reach and integrate complementary technologies.
In May 2023, CCL Industries Inc. announced the acquisition of eAgile Inc. and the intellectual property of Alert Systems for USD 54 million, including an estimated USD 1 million in net cash assumed and USD 7 million deferred over five years. This new acquisition will be integrated into CCL Label’s Healthcare & Specialty business, enhancing the company’s RFID expertise across its operations.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
CONTACT: Aashit Tiwari Corporate Sales, USA Global Market Insights Inc. Toll Free: +1-888-689-0688 USA: +1-302-846-7766 Europe: +44-742-759-8484 APAC: +65-3129-7718 Email: [email protected]
