This market research report presents a comprehensive analysis of the global radio frequency identification (RFID) market by end users (industrial, financial services, logistics, retail, healthcare, and others) and by geography (Americas, APAC, and EMEA). Leading vendors in the market are Datalogic, Honeywell International, and Zebra Technologies.
Technavio’s market research analysts estimate the global RFID market to grow at a CAGR of around 11% between 2016 and 2020. The integration of RFID systems with inventory management is the primary driver for the market. RFID systems help to feed the information into the database faster than the manual data feeding and prevent thefts by keeping track of the inventory. The need for error reduction and increased demand for data security are some of the factors that are expected to influence the growth of the market during the forecast period. Currently, the Americas dominate the global RFID market by accounting for more than 50% of the overall market share. The expansion of domestic industries and the rise in the number of third-party logistics companies in Brazil are expected to fuel growth of the RFID market in this region during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the RFID segments by end-user.
“The increasing popularity of smart factories is the latest ongoing trend in the global RFID market. The decreased cycle time, reduced cost and errors, and improved quality are some of the factors driving this trend. Besides, the emergence of cloud-based RFID solutions provided by vendors such as Terso Solutions, Tellago, and Nedap are also projected to positively influence the market in the coming years,” Sunil Kumar Singh, Lead Analyst, Hardware & Semiconductor, Technavio Research.
The industrial segment dominated the global RFID market in 2015 by holding more than 37% of the overall market share. RFID tags help maintain the optimum amount of inventory and allow manufacturers to focus on total quality management. RFID also enables the seamless tracking of inventory and cost reduction by means of efficient inventory management.
The key vendors in the global RFID market include Datalogic, Honeywell International, and Zebra Technologies. The global RFID market is highly fragmented due to the presence of several well-established vendors. The intense competition among vendors has led to industry consolidation, wherein small companies are being taken over by or are being merged with major players. The market competition is expected to intensify with evolving standards, changing smart technologies, and frequent development of new products along with the changing customer requirements.
A more detailed analysis is available in the Technavio report, Global RFID Markey 2016-2020.
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