Global RFID Market Gains Traction as Industries Realize its Benefits

Published Date : Apr 24, 2017

Albany, New York, April 24, 2017: announced the addition of a new research report that offers a comprehensive evaluation of the global radio frequency identification (RFID) market. The research report, titled “Global RFID Market 2017-2021,” provides a clear understanding of the various factors impacting the trajectory of the overall market. The publication has been compiled using primary and secondary research methodologies create an accurate documentation of the ever-changing dynamics of the global RFID market. Additionally, the research report also includes an assessment of the historical events pertaining to the market and the current market situation to help the readers understand the key patterns that are likely to influence investments and revenue. 

According to the research report, the global RFID market is likely to progress at a CAGR of 8.99% between 2017 and 2021. The market is likely to be driven by the growing need for data security and efficiency in data entry. Adoption of RFID technology and systems such as barcode have been pivotal in automation of data entries, thereby reducing time taken by manual entries. These systems have also drastically reduced the errors made during warehousing. Thus, RFID systems are extensively being used in industries such as logistics, manufacturing, inventory, and warehousing among others. The digital collection of information through serial codes, numbers, prices, or count is expected to ubiquitous in a wide range of industries in the near future. 

The industrial segment holds a major share in the global market as it predominantly used for tracking assets and managing inventory. RFID tags have become synonymous with managing and sorting of inventory. End users are showing a keen interest in adoption of this technology as it is expected to reduce the cost of operation and manual labor in the long run. 

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From a geographic point of view, the global RFID market is divided into the Americas, Europe, the Middle East and Africa, and Asia Pacific. Presently, the Americas hold a dominant stance in the global market. The region is projected to continue its stance as the transportation and logistics industries in the region again momentum. The resurgence of the automotive industry in the Americas is also likely to fuel the growth of the global RFID market during the forecast period. 

Some of the leading players operating in the global RFID market are Skytron, Fujitsu, Datalogic, Honeywell International, RF IDeas, Zebra Technologies, Alien Technology, Acreo Swedish ICT, Avery Dennison, Checkpoint Systems, Mojix, CipherLab, CoreRFID, GAO RFID, ORBCOMM, Impinj, FEIG ELECTRONIC, Quantum Resources, Mobile Aspects, Nedap, and RFID4U. The research report describes and explains the competitive landscape present in the global market along with assesses the threat to from the new entrants. The analysts have used Porter’s five forces reports to determine the impact of various factors on the evolving competition in the overall market. 

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