The RFID market will be driven by the growing demand from the healthcare sector for accurate management of items such as patient samples, consumables, and medicines. It helps in the reduction of manual errors and enable high visibility. According to the RAIN RFID organization, medical research institutes using this technology have been able to reduce the shrinkage of expired products by almost 70%. Hospitals have less than 1% error rate for tracking implanted products with a growth of workflow efficiency by 52%. These benefits will significantly fuel the market growth in healthcare applications.
The logistics & supply chain has become a crucial area for businesses as there is a growing need for efficient management of inventories. The capabilities of long-distance object recognition are increasing the adoption in inventory management in warehouses. The effective supply chain management is highly important to keep up the costs in line. The RFID market will significantly grow with the implementation of these sensors for tracking and managing goods and equipment. The sensors provide increased security compared to barcodes
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The retail sector will be one of the major application areas of the RFID market. Retail organizations particularly organized retailers are adopting new technologies to manage store items. The tags provide a high level of inventory accuracy, thereby eliminating problems such as wrong items, exchanges, and others. With the implementation of this technology, retailers can considerably improve their revenue without increasing the stock levels due to effective management of items and increase in labor productivity. Anti-counterfeiting and anti-theft benefits are driving the growth of the RFID market in the retail sector. Some of the well-established retailers including Adidas, Sears, Pepe Jeans, Levis, Tommy Hilfiger, Decathlon, and L’Oreal have adopted the technology for goods management contributing toward the market growth.
The key players in the RFID market are CAEN RFID S.r.l, Zebra, Avery Dennison, Impinj, NXP Semiconductors, Alien Technology, and Applied Wireless Identifications Group, Inc.. Companies are entering into collaborations and strategic partnerships to enhance their product offerings and expand their businesses. For instance, in May 2019, Sensys Network announced its merger with TagMaster to provide advanced solution in the field of transportation. The companies will work together to commercialize solutions for traffic detection, tolling, parking, and vehicle handling across the entire smart city solution spectrum. Such mergers and acquisitions will expand the use of this technology in various industries, leading to the growth of the market.
The RFID market will grow with the rising need for goods security. Places, such as jewelry shops, require high-level security for tracking unauthorized attempts to move items and prevent incidences such as theft and robbery. This technology offers an effective way to manage and track a large number of jewelry items at considerably lower costs with improved security. In August 2018, On Cheong, one of the major jewelry brands in Singapore implemented the technology in its stores to improve inventory tracking and boost productivity.
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North America is expected to be one of the key regions in the RFID market. The U.S. in particular has been at the forefront in implementing novel technologies for improving operational efficiency. The country holds a large presence of organized and leading retail players including Amazon, Sears, and Walmart, which will augment the growth of the RFID market. The U.S. retail sector is highly inclined toward effective & efficient supply chain management with the implementation of advanced technologies. Moreover, the country has a large number of players in the market including Avery Dennison Corporation and Alien Technology. North America will have significant growth potential for the market.
RFID market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2015 to 2025 for the following segments:
By Form Factor
- By Working
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