LONDON--(BUSINESS WIRE)--The global retail RFID security tags market is expected to grow at a CAGR of more than 38% during the period 2017-2021, according to a new market research study by Technavio.
The report categorizes the global retail RFID security tags market by frequency (HF tags, UHF tags, and LF tags) and by product (passive tags and active tags). The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing
Buy 1 Technavio report and get the second for 50% off. Buy 2 Technavio reports and get the third for free.
Market driver: ensuring better inventory management practices
The use of retail RFID security tags in the retail industry has increased focus on improving shelf availability of products, thereby reducing the chances of items being out of stock. It also helps to track hidden items that cause problems for store stockers. RFID applications are designed to keep track of the entry of items in inventory backrooms and their exit to store floor. It can also visualize when a case is returned from the floor to the backroom.
According to Narendra Nandaigari, a lead analyst at Technavio for retail systems research, “The use of RFID technology at the item level in stores allows retailers to ensure better inventory management with high levels of accuracy and precision. This is because it collects all sorts of data as the items progress through the supply chain of the retailer. Keeping track of such information allows retailers to track the exact phase of the products.”
Looking for more information on this market? Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.
Market trend: growing omnichannel retailing
Omnichannel retailing is a new trend that is focused on providing a seamless shopping experience for customers of both traditional and digital shopping platforms. Omnichannel shoppers spend anywhere between 30% and 60% more than single-channel shoppers. The automatic identification technology such as RFID feeds sale information into the supply chain software so when an item is sold, the inventory data is updated on all the channels. RFID security tags offer an inventory accuracy rate of 95% which is compelling retailers to equip themselves with this technology to provide customers a holistic shopping experience.
Market challenge: growth in online sales
The rapidly flourishing e-commerce industry has revolutionized the conventional way of shopping and is posing serious challenges to the survival of brick-and-mortar stores. The major drawback that physical retailers face is the inability to compete with the low prices offered by online players. E-commerce companies are strategically increasing their market shares by giving out a host of features and benefits.
Is your business on track for a successful future? Learn how Technavio can help
Technavio helps businesses anticipate changes in their marketplace, make proactive adjustments, and develop effective strategies to optimize their market positions.
Key vendors in the market
- Alien Technology
- Avery Dennison
- SMARTRAC
- SML Group
- ZIH
The global RFID retail security tags market is highly fragmented with the presence of several large and small vendors operating in the regional and global level. Product innovation is expected to be a key trend in the market, and the prices of RFID tags are expected to decrease during the forecast period significantly. The global RFID retail security tags market is growing steadily due to rise in the organized retail sector.
Get a sample copy of the global retail RFID security tags market free of cost
Access Technavio’s continuously growing retail systems research library and find expert analysis on hundreds of markets.
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at media@technavio.com.
