Complexities Associated with Supply Chain to supplement the Global RFID Readers Market Growth

Inkwood Research projects that the Global RFID Readers Market is set to grow with a CAGR of 8.78% in terms of revenue during the forecasting years of 2021-2028.

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RFID (Radio Frequency Identification) is defined as a wireless technology utilizing radio waves to connect individuals, things, or devices. The information can also be shared over the cloud (internet). The RFID system encompasses RFID readers, tags, and software with tags comprising the data written and read using RFID readers. RFID readers entail devices that operate as radio frequency transmitters as well as data receivers from RFID tags. The readers can be handheld or fixed devices.

Supply Chain Complexities to Fuel Market Growth
Supply chain leaders cite the growing complexity of the flow of the supply chain as the major challenge faced. A new report titled, 'Managing the Complexity Paradigm,' from APICS as well as Michigan State University discourses the balance between managing complexity that is capable of increasing costs, along with the potential to increase revenue. The research discovered that companies experience heightened intricacy on account of a constantly rising number of products, channels, customers, and geographies.
Optically based systems, including barcodes, fail to deliver unique solutions to the logistical tracking of equipment or inventory along with read/write capabilities. RFID helps manage the updating of stocks and enables convenient operations during the products' transportation and logistics for supply chain management in the retail business.
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Logistics and Transportation was the Dominating Industry in 2020
In terms of the logistics and transportation of goods, packages, and parcels, RFID is used to track as well as manage goods, reduce time, and gather real-time data. The logistics and transportation of goods is a comprehensive term encompassing containers, pallets, or groupings. RFID allows the capture of data and control movements without human interference and also helps share them within the organization automatically. Moreover, all processes in the supply chain, from the beginning to the end, have been energized by the advent of RFID technology implemented in the logistics and transportation industries.

North America to Garner the Highest Market Share
North America is expected to dominate the global market by 2028 due to the emerging retail division and the high adoption of automation. However, the region's market is likely to face restraints due to security challenges.
The increasing need for Ultra-High Frequency (UHF) RFID, as well as the growth of e-commerce, is anticipated to intensify the competition across the global RFID readers market. Some of the leading players operating in the global market include Zebra Technologies Corp, CAEN RFID, Invengo Technology Pte Ltd, Alien Technology, etc.

Related Reports:
GLOBAL UHF RFID (RAIN) MARKET
GLOBAL BAGGAGE HANDLING SYSTEM MARKET

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