The global radio frequency identification (RFID) market for industrial applications will increase at a compound annual growth rate (CAGR) of 19% between 2016 and 2020, according to a report from Technavio Research.

The market will surpass $440 million by 2020, the firm says. Increased focus on investments in existing manufacturing units and the growing popularity of smart factories are among the key factors spurring the growth of RFID market for industrial applications around the world.

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