Future Market Insights (FMI) has published a new research report titled “Radio Frequency Identification (RFID) Readers Market: Global Industry Analysis (2012-2016) and Opportunity Assessment (2017-2027).” The report states that the growing penetration of advanced technology along with increasing supply chain complexities are encouraging consumers to adopt RFID technology. Owing to this, players operating in the RFID readers market are incessantly upgrading their product portfolios in order to meet the demands of consumers across the globe.
For example, Zebra released the RFD8500, a multi-operating system, in April 2016. This new gadget was created to give Android and iOS compatible mobile devices high-performance RFID and 1D/2D barcode scanning. This RFID reader is expected to aid in the addition of enhanced data collection capabilities as well as communication with other host devices for data writing and reading. Additionally, Zebra launched Zebra SmartSense RFID in January 2017 for use in the retail sector to identify and track the whereabouts of staff, inventory, and customers in real time. Invengo Information Technology Co. Ltd., GAO RFID Inc., Impinj, Alien Technology, Xerox Corporation, Honeywell, and Datalogic are some of the notable companies in the worldwide RFID reader market.
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According to the report, the global RFID readers market is expected to witness a significant CAGR of 12.3% from 2017 to 2027. The market was worth US$ 5545.5 Mn in 2017 and is expected to rise to a valuation of US$ 17,758.8 Mn by the end of the forecast period.
Retail Sector to Intensify its Deployment of RFID Technology
Growing demand for efficient supply chain operations in the retail sector is leading to a rising demand for RFID technology. RFID tags and readers are installed by companies as a part of their security issues to prevent risk of theft and loss. Companies are intensifying the adoption of automated item identification systems for supply chain management in order to improve inventory allocation efficiencies. The growing need for efficient supply chain management is expected to support revenue growth of the RFID readers market during the forecast period. RFIDs store detailed information up to 2 KB related to the product on which it is tagged. Prices and details of the product with RFID tags are spontaneously chronicled when the customer approaches the counter, without scanning each and every product, which saves time of the customer. Furthermore, it permits cost tally in one scan, which saves time of the user as well as the product retailer.
Breech and Data Insecurity to Hinder Market Growth in the Long Run
RFID readers and tags do not have a locking system or for that matter, a secure password. As a result, the risk of information breach increases. The dearth of security systems is a restraining factor in the growth of the RFID readers market. Several companies in the healthcare and other industries avoid using these systems for asset tracking as there is a chance of information breach related to the usage of medicine.
With this factor restraining the growth of the market, it is yet to be seen where the global RFID readers market will stand in the next 10 years.
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Market Taxonomy
Types
- Fixed RFID Readers
- Integrated RFID Readers
- Non-Integrated RFID Readers
- Handheld RFID Readers
Frequency
- Low Frequency (125 kHz, 134.2 kHz)
- High Frequency (13.56 MHz)
- Ultra High Frequency (865- 928 MHz)
Communication
- Wi-Fi
- Ethernet
- Others (Bluetooth)
Industry
- Logistics and
- Transportation
- Aerospace and
- Defense
- Automotive
- Retail
- Agriculture
- Healthcare
- Government
Region
- North America
- Latin America
- Western Europe
- Eastern Europe
- MEA
- Asia Pacific
- China
- Japan
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About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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