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Global RFID market for Industrial Applications is poised to expand at a remarkable 19.20% CAGR between 2016-2020

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Published on : Jun 02, 2016

ALBANY, New York, June 02, 2016: ResearchMoz.us has announced the addition of the “Global RFID Market for Industrial Applications 2016-2020” report to its offering. This report presents a thorough analysis of the market and incorporates an in-depth review of the chief trends influencing the development of the market. The current, historic, and projected size of the market on the basis of both value and volume has been presented. 

The chief factors impacting the dominant regions and the major opportunities and trends experienced by the vendors operating in the market have also been highlighted in this report. The size of the market has been calculated by considering the revenue generated from the software shipments of RFID hardware and the licensing of software. As per the report, the global RFID market for industrial applications is poised to expand at a remarkable 19.20% CAGR between 2016 and 2020.

Part one of the report starts by presenting the introduction section, highlighting the technology landscape and components of RFID systems. This section also encapsulates the differences between RFID/EPC tag, NFC, and traditional bar code. Radio-frequency identification (RFID) is a small electronic device comprising an antenna and a small chip and is utilized for tracking and identifying tags attached to objects. It is primarily utilized for providing a unique identification to objects and comprises a wireless technology that uses radio waves for receiving data. Owing to it being a practical and inexpensive technology, it is being employed in numerous industrial applications such as in the automation and transportation industries. In these industries, the integration of RFID tags with ICs takes place in order to store product information as unique identification codes.

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Moving further, the report entails the geographical segmentation of the RFID market and segments the market into Asia Pacific; Europe, the Middle East, and Africa; the Americas. The major drivers, challenges, and trends in the market coupled with their respective impact analysis also form a key part of this section of the study.

As per the report, the growing adoption of RFID systems in inventory management and the rising requirement for RFID middleware are amongst the top factors propelling the growth of the market. In addition, the increasing adoption of RFID systems in data entry for the reduction of errors is another factor that will augment the development of the RFID market. Furthermore, the increasing proliferation of cloud-based RFID solutions, the rising spending on research and development by vendors, and the increasing popularity of smart factories are amongst the chief trends prevalent in the RFID market. On the other hand, the soaring cost of initial investments and the increasing threats to the security of data are amongst the major factors that may pose a negative impact on the development of the market. 

According to the report, the prominent vendors dominant in the market are Zebra Technologies, Honeywell, Datalogic, Alien Technology, Acreo Swedish ICT, Avery Dennison, Cipher Lab, CoreRFID, Fieg Electronics, Checkpoint Systems, and Global Ranger, among others.

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