Global RFID Technology Market to Reach $57.2 Billion by 2026
Radio frequency identification (RFID) is an advanced technology that involves the use of compact radio tags, which are capable of establishing communication with a networked device referred to as a reader. Radio tags are equipped with a transponder and a digital memory chip, and usually vary in terms of price, size and functionality. Demand for RFID technology, including tags, readers and software, is set to be driven by expanding applications of the technology in various industries. Retail has emerged as one of the major end-use sectors over the years, with applications in merchandize and apparel leading demand with apparel and specialty merchandize being tagged with RFID tags. Retail applications will continue to dominate the global RFID tag market with major retailers announcing large-scale RFID tag projects for their merchandize.