North American RFID Market to See 13.4% Annual Growth Through 2023

Industry Expansion Comes Amid Growth of the Internet of Things

WELLESLEY, Mass., Nov. 12, 2018 (GLOBE NEWSWIRE) -- Growth of the Internet of Things and increasing concerns about digital thefts are factors helping to boost growth of the RFID market in North America, according to a new report by BCC Research.

The industry expects to see a compound annual growth rate (CAGR) of 13.4% through 2023, when it could be worth $13.4 billion, according to the report RFID: Technologies, Applications and North American Markets.

Major players in the market include Alien Technology, Biomark, CenTrak, Datalogic (DAL), Exavera Technologies, Globeranger, Honeywell Scanning & Mobility, Libramation, NXP Semiconductors (NXPI), Oatsystems, Quake Global, Sony (SNE), Texas Instruments (TXN) and Zebra Technologies (ZBRA).

Research Highlights

  • The United States dominates the market by size, with a 2017 value of $4.7 billion, followed by Canada at $1.1 billion and Mexico at $588 million.
  • Canada will lead the market by growth, with a CAGR through 2023 of 16.1%, followed by Mexico at 13.3% and the United States at 12.7%.
  • Tags, readers and other hardware will lead the market by size, with a 2023 estimated value of $9.7 billion, although software and integration services will lead the market by growth, with a CAGR through the period of 14.7%.

“The market for RFID technologies in North America has continued to develop rapidly in recent years,” the report notes. “Rising demand for advanced technologies with modernization of infrastructure, increasing adoption of RFID in healthcare industry, security and reliability, and various initiatives taken by the government to improve the regulations regarding safety and security concerns has led to growth in the RFID technologies market. Countries such as the U.S. and Canada are constantly focusing on improving their infrastructures and technologies.”

Popularity of Barcodes Seen as a Chief Market Restraint

Bar codes are currently widely used for tagging products and components for identification and information storage, the report notes, and bar codes are easy and affordable to install on everything from coffee cups to pharmaceutical products. The popularity of bar codes is holding up implementation of RFID systems, and to install RFID technologies in place of bar codes, entire systems would need to be changed to include RFID tags, tag readers, software and other related components.

About BCC Research

BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit Follow BCC Research on Twitter at @BCCResearch.


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