Driven by various opportunities for application in the retail, healthcare, logistics, industrial, and financial services sector, the global radio frequency identification (RFID) technology market is slated to reach new highs in the coming years. As its name suggests, it is the use of radio waves to extract information contained in the tag, which maybe up to several feet away. RFIDs usually are electronic devices powered by a small chip, capable of carrying up to 2000 bytes of data, and an antenna.
The RFID technology has been around for about fifty years, but it was not until recently that its commercial prospects were being exploited to the fullest, especially in the area of data entry. In retail, for example, RFID devices, unlike barcodes, need not be positioned accurately for reading. This has made the checkout clerks’ job much smoother and faster. In fact, the contents of the shopping bag need not be taken out at all for the RFID device can read their tags from outside to calculate the total amount.
Using RFID systems not only aids in automatic data entries but also helps prevent warehouse errors, such as collecting the incorrect item or order. In 2015, the industrial segment dominated the RFID market, where RFID systems find application mainly for tracking assets and managing inventory, along with other disruptive technologies such as Internet of Things (IoT). The RFID tags help to maintain the requisite amount of inventory, and thereby overall inventory management. This is predicted to augment the segment’s growth till 2020.
Two of the drawbacks of RFID technologies are reader collision and tag collision. A reader collision is brought about by signals from two or more readers overlapping and a tag collision occurs when many tags are concentrated in a small area and the read time is very fast. Both render the RFID helpless.
On account of the solid presence of numerous well-entrenched players, the global RFID market is highly fragmented and is characterized by stiff competition. The trend, however, is towards industry consolidation, with big ticket companies gobbling up smaller ones through mergers. Competition will further heat up in the near future due to evolving standards and smart technologies, and rapid unveiling of new products.
The Americas so far have led the RFID market, with over half the market share. In the coming years too, the region is predicted to maintain its leading share on account of it being an early adopter of automatic data capture devices in transport, logistics and automotive industries.
QYResearchReports.com has a repository of various publications under the RFID category, covering the regional and global scenarios of various segments of the market. They also provide a comprehensive overview of the dynamics that are likely to affect the growth of the different segments of the market and highlight the competitive landscape and the strategies and products of various companies operating in the market. The regions covered in the reports include Europe, China, the U.S., South America, Africa, and Japan.