About This Statistic
This statistic represents the projected size of the market for RFID tags from 2016 to 2020. In 2020, the global market for RFID tags is projected to be sized at around 24.5 billion U.S. dollars.
Projected size of the global market for RFID tags
The abbreviation RFID stands for radio-frequency identification, a technology that can be classified as a sub-group of automatic identification and data capture (AIDC) technologies. The large-scale commercialization of machine-to-machine (M2M) communication has stirred a fourth industrial revolution lately, and RFID tags are vital to what was dubbed Industry 4.0 by Siemens and Internet of Things by General Electric. These tags are key components in an increasingly connected, digitized world. In the realm of smart infrastructure, items such as clothes, cash or pharmaceuticals can be identified and tracked in real time with the help of RFID tags. As a result, supply chains may become more efficient and product customization may be taken to the next level.
However, in light of sluggish RFID adoption, about 99 percent of the available market remains untapped today. The majority of businesses are likely reluctant to employ RFID tagging because the use of RFID tags is by no means risk-free. The RFID tags in combination with integrated manufacturing execution systems (MES) may open the door to hackers, threaten a company’s information security and spur cyber crime.