Key Insights on How the Global RFID Market will Evolve during 2017 – 2027

RFID Market

Radio frequency identification technology has been widely used in tracking of shipping components, while a latest news put forward that RFID are further widening their applications in automobile industry as well. Automobile components can be detected with the use of RFIDs. RFID tags deliver more accurate and efficient way to read product’s serial numbers and information. The growth of the global RFID market is estimated to witness 13.2% CAGR during 2017-2027, according to Future Market Insights. The global RFID market is projected to reach market valuation of nearly US$ 47.5 Bn by the end of 2027.

Following key points have been excerpted from an exclusive interview between a market researcher and industry analysts.

Do you think RFIDs will find applications in retail and consumer sector?

Yes! RFIDs have wide range of applications in the retail and consumer goods sector and the demand from this sector is expected to remain comparatively higher than other sectors through the year 2027. Further, the increasing demand from retain and consumer goods sector will further boost demand for improved tracking solutions.

What according to you will be the role of RFID readers?

Well, the RFID readers will help ease out the tracking and stock maintenance activities and it had procured market share of more than two-fifth by 2017-end and further will remain popular in the market.

Do you think will APAC region lead the market and why?

Yes, increasing industrialization and digitalization are paving a way for acceptance of new technologies in APAC region. Also, the demand from this region is likely to remain so high that the market in this region will be the leading in foreseeable future. Further, India, China and Japan have high growth potentials and ability to attract prominent market players towards the region for investments.

What other regions do you think will contribute to the growth of the market?

As compared to other region across the globe, North America and Asia Pacific excluding Japan collectively had procured largest share of the global RFID market in the year 2016. And yes, both these regions will contribute more to the expansion of the global market for RFID due to increasing requirement for efficient supply chain management. In fact, several economies in the APAC region are anticipated to play a key role in nourishing revenue generation from RFID readers, RFID software, middleware and tags.

What players do you think are leading in the market?

I think Invengo Information Technology Co., Ltd., Zebra Technologies Corporation, Thin Film Electronics ASA, and HID Global Corporation are among the top players in the market. Further, Molex Inc., GAO RFID Inc., Xerox Corporation, Alien Technology Omni-ID, Ltd., and Impinj, Inc. have also consolidated their footprints in the RFID market in recent past.

What will you suggest companies to gain pace in the market? 

Well, companies need to focus on improving their products to meet consumer requirements as well as the products need to be developed so as to increase its range of applications. Bigger players in the market need to consolidate small scale companies in order to increase their market share as well as geographical presence across the globe. Some need to invest more in R&D activities.

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About Abhishek Budholiya 58 Articles
Abhishek Budholiya is a tech blogger, digital marketing pro, and has contributed to numerous tech magazines. Currently, as a technology and digital branding consultant with Future Market Insights, he offers his analysis on the tech market research landscape. His forte is analysing the commercial viability of a new breakthrough, a trait you can see in his writing. When he is not ruminating about the tech world, he can be found playing table tennis or hanging out with his friends.