Market Share, Demand Analysis, Growth, Trends, and Forecast for RFID Readers through 2027

Radio Frequency Identification (RFID) Readers Market: Global Industry Analysis (2012-2016) and Opportunity Assessment (2017-2027) is the title of a recent research report from Future Market Insights (FMI). According to the survey, supply chain complexity and the spread of advanced technology are driving use of RFID technology among customers. As a result, companies selling RFID readers are constantly updating their product lines to satisfy the wants of customers all over the world.

For instance, in April 2016, Zebra unveiled the RFD8500, a multi-operating system. This new device was developed to provide high-performance RFID and 1D/2D barcode scanning for mobile smartphones running Android and iOS. The addition of improved data gathering capabilities, as well as communication with other host devices for data recording and reading, is anticipated to benefit from the use of this RFID reader. In addition, Zebra introduced Zebra SmartSense RFID in January 2017 for use in the retail industry to recognise and track the whereabouts of personnel, inventory, and clients in real-time. Some of the well-known firms in the global RFID reader market include Invengo Information Technology Co. Ltd., GAO RFID Inc., Impinj, Alien Technology, Xerox Corporation, Honeywell, and Datalogic.

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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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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.

This release was published on openPR.