RFID market for industrial applications: Key market research findings
- Growing investments in research and development
- Increasing popularity of smart factories
Technavio’s market research analysts estimate the global RFID market for industrial applications to grow at a CAGR of over 19% between 2016 and 2020. Increased focus on investments in existing manufacturing units and the growing popularity of smart factories are some of the key factors spurring the growth of RFID market for industrial applications across the globe. At present, the Americas dominate the global RFID market for industrial applications by accounting for almost 72% of the overall market revenue. The presence of a large number of automotive companies such as Ford and Tesla; consumer electronics such as Apple; and aerospace and defense companies like United Technologies and Boeing is responsible greatly for the growth of the RFID market for industrial applications in this region.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Numerous vendors in the market from across the globe are increasing their expenditure on the R&D of RFID semiconductors. For instance, Datalogic spent $43.66 million in 2015 on research and development, an increase of 34.17% when compared to $34.54 million in 2014. Besides, vendors are partnering with software and hardware suppliers to develop technologically innovative products,” says Sunil Kumar Singh, Lead Analyst, Hardware & Semiconductor, Technavio Research.
RFID is being implemented in various fields such as transportation, aerospace, IT and logistics due to the advancements in technology. However, due to its high IT infrastructure requirements in addition to its already high deployment and implementation costs, the adoption of RFID is limited in small and medium-sized retail chains. The cloud-based RFID solutions offered by various RDIF solution providers such as Terso Solutions, Tellago, and Nedap creates an opportunity for small and medium-sized retailers to avail RFID system benefits, as it reduces the initial procurement cost of servers.
The key players in the global RFID market for industrial applications include Honeywell, Zebra Technologies, and Datalogic. The global RFID market for industrial applications is highly fragmented due to the presence of numerous large, well-established suppliers. The RFID market has tremendous growth opportunities which have encouraged providers to spend heavily on the research and development of RFID technology.
A more detailed analysis is available on the Technavio report, Global RFID Market for Industrial Applications 2016-2020.
We can customize reports by other regions and specific segments upon request.
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