RFID is an acronym for Radio Frequency Identification. The readers can detect an RFID tag on a product from various distances, depending on the power of the one installed. Logistics have been given a major boost by the introduction of this technology. Functions that required massive human investment are done without any wastage of resources or time. With the world becoming increasingly automated, technologies like RFID are set to find increased demand in the future, notes TMR for the period 2022 to 2030.
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Global RFID Equipment Market: Competitive Landscape
The global RFID equipment market is fragmented owing to the presence of a number of manufactures. Some of the top manufactures in the market are:
- Savi Technology, Inc.
- Intermec Inc.
- Zebra Technologies Corporation
- NXP Semiconductors
- Avery Dennison
- Checkpoint Systems Inc.
- Gemalto NV
- Alien Technology
These manufactures are looking to expand production by acquisition of component factories that make various sub parts of this assembled product. Increasing market outreach by advertisements is also being noted.
Global RFID Equipment Market: Key Trends and Drivers
- E-commerce is a growing industry that needs innovative logistical solutions given the sheer volume it witnesses. It is pertinent to note here that 1.4 billion smart phones were sold in 2016 alone, making each individual a potential customer to reach out to for e-retailers. This calls for efficient and automated processes like RFID.
- Another driver for this technology is its demand in automating industries. The industrial automation market is due to hit a valuation of 286 billion USD by 2026. This is because automation saves on human employment for repetitive jobs and increases efficiency by up to 26%, according to a recent study. RFID technology is a crucial part of this drive.
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Global RFID Equipment Market: Regional Analysis
Being forerunners in technology, North America and Europe are currently global leaders in the RFID Equipment market. They capitalize on a robust industrial infrastructure and keen focus on innovation.
Asia Pacific region is expected to register the fastest growth in the RFID market given the rapid ascent to technological innovation and a booming industrial sector. An existing broad manufacturing base for electronics makes this region lucrative.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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