Radio-frequency identification is a technology that uses electromagnetic fields to identify and track tags attached to objects. RFID tags are commonly used on cars to get through tolls, animal tracking, and inventory management. The technology can offer a wealth of benefits, including higher productivity, quality data capture, and enhanced security.
It’s these benefits that are prompting growth in the market. BCC Research estimates the market for RFID technology will reach $49.7 billion by 2027, growing at a CAGR of 8.2% from 2022-2027.
With the market set to grow, it’s vital for industry participants to keep a sharp eye on the competitive landscape. BCC Research has profiled the leading market players, analyzing their depth of product offerings, applications served, the popularity of RFID applications, and more. Today, we’re ranking the top five players in the RFID market.
Honeywell International tops the list as the number one player in the RFID technology market. The company is an engineering and technology-based organization that develops advanced technologies to address challenges in multiple sectors like security, energy, safety, productivity, and global urbanization. The company offers energy efficient products and solutions, process technologies, specialty chemicals, electronic and advanced materials, and productivity, safety and security technologies, sensing, spare parts, management and technical services, and repair and maintenance services. The company also serves customers in refining and petrochemicals, and aerospace buildings and industries in North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.