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Enhancing Operational Efficiency and Catering to Changing Customer Demands are Expected to Drive RFID Adoption
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This research study analyzes the trends in the global RFID market across industries such as retail, manufacturing, healthcare, industrial, transportation and others. The growing need for real-time inventory tracking is stimulating an increased demand for RFID technology. Trends such as IIoT and omni-channel retailing are driving demand for RFID in their respective industries. UHF tags are much sought out as they are less expensive than other frequencies and active technology tags. The growing prominence of IoT is changing the buying patterns of customers who now prefer buying products online. Also, IIoT has begun to digitize manufacturing plants.Manufacturers worldwide face business challenges such as loss or theft of assets, misplaced tools and items in the warehouses and supply chain, waiting time due to stock replenishments, and so on. Such issues cause delay in production, loss of revenue, and waste of man hours. Customers are leveraging technology to enhance customer experience management and are expected to invest in areas such as sensors (RFID), videos and cameras, and data analytics. The technologies involved include: • Passive RFID • Active RFID The RFID market is segmented by product as • Tags • Readers • MiddlewareRegions: • North America • Latin America • EMEA • Asia-PacificThe study provides the overall market size of each segment for 2018 and a revenue breakdown by geography, product, and vertical markets. It focuses on the various market dynamics, challenges, Mega Trends, market trends, product analysis, and other factors that are likely to drive market growth. The base year of the study is 2018, with forecasts up to 2023. It offers a thorough analysis of the competitive landscape with a SWOT analysis of top companies. The research also provides information on unit shipments of tags at a global level. Additionally, forecasts by individual countries and forecasts by individual frequencies for the tags market have also been provided. The research will answer the following questions: • Is the market growing, how long will it continue to grow, and at what rate? • Are the existing competitors structured to meet customer needs? • What are the key trends and how does it impact this market? • How will the structure of the market change with time?• Is the market ripe for acquisitions? • Are the products/services offered today meeting customer needs or is additional development needed? This research will present key market participants with business intelligence to help them understand the future of the RFID market in the industry verticals covered.
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