“Radio Frequency Identification (RFID) Readers Market: Global Industry Analysis (2012-2016) and Opportunity Assessment (2017-2027)” is the title of a recent research study released by Future Market Insights (FMI). According to the survey, customers are being encouraged to use RFID technology by the rising ubiquity of modern technology and the complexity of supply chains. As a result, companies in the RFID reader industry are constantly expanding their product lines to satisfy the needs of customers everywhere.
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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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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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