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The Global RFID Market is Showing a Steep Track of Growth

Chuangxinjia www.nfctagfactory.com 2017-02-21 16:16:13
With the rapid development of the Internet of Things (IoT), the global radio frequency identification system (RFID) market is growing rapidly, with a market size of more than $10 billion in 2015. According to RnR MarketResearch's latest market intelligence, this figure is expected to grow by more than $ 17 billion in 2020.

Currently, the global RFID industry is mainly focus on Europe and the United States market, and also their RFID technology applications are more mature, accounting for about 70% of the whole of global market in 2015.

In contrast, China is in the RFID exploration phase, has not yet developed a mature standard and technology, resulting in a gradual decline in market penetration. In the future, as RFID standards progress, technological breakthroughs, lower label costs, and advances in the smart networking industry. China's RFID market is expected to grow at an annual growth rate of 20% from the year of 2016 to 2020.

In terms of RFID tags, China has become the world's largest production base, accounting for more than 70% of the global total. In 2015, China's RFID market size is about 30 billion RMB, 90% from passive RFID.

From an application point of view, China's RFID technology has been used in a wide range of areas ranging from rail vehicle identification, identity cards and ticket management, animal identification, library management to public transport and production process management.