According to the report, the global RFID readers market is predicted to grow at a 12.3% CAGR from 2017 to 2027. The market was valued at $5545.5 million in 2017 and is predicted to increase to $17,758.8 million by the end of the forecast period.
Future Market Insights (FMI) has released a new research report named “Radio Frequency Identification (RFID) Readers Market: Global Industry Analysis (2012-2016) and Opportunity Assessment (2017-2027).” According to the survey, the increasing penetration of advanced technology, as well as the increasing complexities of supply chains, are encouraging customers to adopt RFID technology. As a result, competitors in the RFID readers market are constantly improving their product portfolios in order to satisfy the demands of customers worldwide.
For example, in April 2016, Zebra released the RFD8500, a multi-operational system. This new solution was created to offer high-performance RFID and 1D/2D barcode scanning to mobile devices that are compatible with Android and iOS. This RFID reader is expected to aid in the enhancement of data-gathering capabilities as well as communication with other host devices to write and read data.
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In addition, Zebra released Zebra SmartSense RFID in January 2017 for use in the retail industry to identify and track the location of staff, inventory, and shoppers in a retail store in real-time. Invengo Information Technology Co. Ltd., GAO RFID Inc., Impinj, Alien Technology, Xerox Corporation, Honeywell, and Datalogic are some of the notable businesses participating in the worldwide RFID readers market.
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.
The pressing need for RFID technology in the healthcare sector is also adding to the growth of the RFID reader market. In the healthcare sector, the focus on RFID technology for tracking and cataloguing of medical equipment is surging and this is anticipated to drive the demand for RFID readers. This technology ensures patient safety, improves supply chain efficiency, and decreases human errors in healthcare procedures. Healthcare management and monitoring of critical care equipment is another leading area for the application of RFID technology.
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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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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