The analysts forecast global radio frequency identification (RFID) market to grow at a CAGR of 11% during the period 2016-2020. The report covers the present scenario and the growth prospects of the global radio frequency identification (RFID) market for 2016-2020. To calculate the market size, the report covers the revenue generated from end-user segments: industrial, financial services, logistics, retail, healthcare, and others (sports, airlines, consumer products, animals, and farming).
The following companies are the key players in the Global radio frequency identification (RFID) market: Datalogic, Honeywell International, and Zebra Technologies. Other prominent vendors in the market are: Acreo Swedish ICT, Alien Technology, Avery Dennison, Checkpoint Systems, CipherLab, CoreRFID, Fieg Electronics, GAO RFID, Global Ranger, Impinj, InSync Software, LogiTag, Mobile Aspects, Mojix, Nedap, RFID4U, RF Ideas, SATO VICINITY, Skyetek, Skytron, Software AG, Solstice Medical, SMARTRAC, Stanley InnerSpace, TAGSYS RFID, Tellago, Terso Solutions, Thinfilm, ThingMagic, TIBCO Software, Tyco Retail Solutions, WaveMark, and Xterprise.
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According to the radio frequency identification market a key growth driver is the need for inventory management. Inventory management is the process of keeping track of products, items, or assets of a company; assessing the storage requirements of components; and overseeing the number of finished products. Inventory is an important asset for a company and represents the investment that is involved from manufacturing to the sale of the product. Mismanagement of inventory can lead to significant financial problems and result in either inventory glut or inventory shortage.
The global radio frequency identification market a key trend that will boost market growth is the growing popularity of smart factories. Smart factories help the manufacturing units in tackling complex manufacturing processes. Smart factories gather the location data with the help of RTLS, which includes tags and sensors to pinpoint an exact location and the identity of assets. This location and identity data is fed into the existing plant systems and devices and helps determine the current state of the factory. This information is delivered to the relevant people and tools to help them gain insights and strategize accordingly.
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Global Radio Frequency Identification (RFID) Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
An RFID system is based on wireless technology, which utilizes radio waves for gathering data from a tag attached to an object. It is used for different purposes such as for tracking objects and automatic identification. Components of RFID systems are mentioned below:
- Tag (used for the distinct identification of an object)
- Antenna (used to detect the tag; generates a magnetic field)
- Reader (used to receive tag information)
- Communication infrastructure (allows reader/RFID to work through IT infrastructure)
Further, the report states that one challenge that could hamper market growth is the need for high initial investment. This can make it hard for SMEs to adopt RFID technology, even though they are aware of the advantages.
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