Radio Frequency Identification (RFID) is a form of wireless communication, which uses tags in order to track the details of the objects. The benefits offered by the RFID to organisation are eliminating the human error, securing the data from unauthorized access, and minimizing overhead expenses. Increasing adoption of advanced technologies such as Real Time Location Systems (RTLS), sensor networks, Internet of Things (IoT), radio frequency identification devices (RFID) help in increasing the security of the data from the cyber threat. This features help in controlling the data loss and securing the data from unauthorised access. Hence, this factor will positively help in fuelling the growth of the market.
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Increasing adoption of Internet of Things (IoT) is one of the major factor driving growth of the market.
Increasing adoption of IOT in the various verticals such as manufacturing, healthcare, retailers and many others is one of the major factors driving growth of the market. Increasing adoption of advanced technologies such as sensor, smart devices, robots and many more in the various verticals has positively uplifting the adoption of IOT in the various verticals, which in turn is driving the growth of the market. For instance, according to the Coherent Market Insights, in 2016, number of IoT connected device were US$ 17.69 billion and it is grown up to US$ 20.38 billion in 2017, worldwide. Increasing focus of the various verticals towards increasing the profit by controlling the wastage of resources is increasing the adoption of IOT among verticals. As in the IOT environment the components are required in order to perform communication between the devices and objects.
Cloud-based RFID tags provide growth opportunity to the market
Increasing adoption of cloud services and solutions by the organization is expected to provide a growth opportunity to the market. Enterprises are adopting cloud-based applications at a large scale, which in turn increase the cloud traffic. For instance, according to Coherent Market Insights’ analysis, global cloud IP traffic is expected to reach 14 ZB by the end of 2020, up from 4 ZB per in 2015. Moreover, adoption of cloud based RFID software will help enterprises to reduce the cost of infrastructure and minimize complexity in managing access controls and compliance for users by preventing data breach issues. Since, the organisation managing their work over the cloud will positively increases the demand of cloud based solutions. Hence, this factor will positively help increasing the demand of the cloud based RFID tags which in turn providing a growth opportunity to the market.
Lack of awareness among the enterprises about the RFID technology is one of the major challenges for hampering the growth of the market.
Lack of awareness among the enterprises is one of the major challenges restraining growth of the market. Since, the benefit of RFID solutions are not known by the SMEs, it will negatively impact growth of the market. Moreover, implementation cost of the RFID is high, which in turn restrict the SMEs for adopting the RFID solutions in the Enterprises.
Global RFID Market: Regional Insights
On the basis of regions, the global RFID market is segmented in to North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. North America held a dominant position in the global RFID market in 2017, and is expected to retain its dominance throughout the forecast period. North America accounted for the largest market share in global RFID market in 2017, owing to increasing number of cyber-threats across the various verticals such as healthcare, banking and financial, retail, manufacturing and many more, which is driving the growth of the market in this particular regions.
Global RFID Market: Competitive Landscape
The industry is marked by the presence of many global vendors, such as Alien Technologies, Honeywell International, Inc, NXP Semiconductors, Inc, Smartrac N.V, and Zebra Technologies. Some other prominent players include RFID4U, Tibco Software, Mojix, Inc, Impinj, Inc, and TIBCO Software, Inc. The key players of the market such as Alien Technologies, Honeywell International, Inc and among others adopted the new product development strategy in order to gain the competitive edge in the market. For instance, in April 2014, Alien Technology, industry leader of the Radio Frequency Identification (RFID) Ultra High Frequency (UHF) products and services introduced the two UHF Passive RFID Tags for the Consumer Electronics applications. The major benefits offered by these tags are less power consumption and small size, which in turn helps in increasing the performance of the applications. Thus, introduction of new product is expected to provide growth opportunities to market players by increasing the offerings for the customer.
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