LONDON--(BUSINESS WIRE)--According to the latest research study released by Technavio, the global radio frequency identification (RFID) market is expected to record a CAGR of 11% until 2020.
This research report titled ‘Global RFID Market 2016-2020’, provides an in-depth analysis of market growth in terms of revenue and emerging market trends. To calculate the market size, Technavio researchers have covered revenues generated from end-user segments such as industrial, financial services, logistics, retail, healthcare, and others (sports, airlines, consumer products, animals, and farming).
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“The RFID market in APAC will grow at a CAGR of 14.93% during the forecast period. Developing countries in APAC are driving a significant demand for RFID solutions. Over the last decade, China and India have emerged as key revenue contributors to the market. The region is home to a large number of untapped countries that are still following traditional means of product tracking, and it is expected to further boost the prospects for vendors over the next four years,” said Sunil Kumar Singh, one of Technavio’s lead research analysts for embedded systems.
Top four RFID market by end-users 2015
- Industrial 37.25%
- Financial services 29.15%
- Logistics 8.88%
- Retail 6.25%
Source: Technavio research
Global RFID market by industrial users
Manufacturing industries are focusing on increasing their investments in integrating advanced technologies in order to improve efficiency. Manufacturing processes often involve operations in harsh environmental conditions (high temperature, the presence of chemicals or other fluids, and humidity) in which traditional barcodes are not suitable. In such conditions, RFID systems are utilized at different phases of manufacturing to increase efficiency and reliability. Many countries such as India, the UK, and the US are encouraging start-ups, which has increased competition among vendors and this trend will likely persist over the next four years.
Global RFID market by financial services
Increasing adoption of electronic identity cards and RFID tags located in smart cards is the major driver for this segment. To increase the penetration of smart card technology in developing countries, governments of many countries have deployed smart card systems for driving licenses, metro cards, e-passports, public distribution systems, voter IDs, and other IDs. RFID, inscribed in smart cards, store customer details that can be easily retrieved at any point of time. Governments of countries such as China and the UK have mandated the use of smart cards for citizen identification purposes.
In addition, the use of RFID in banks provide an additional layer of security for bank and customer data, thereby reducing the chances of the information getting lost or stolen. An RFID embedded bank card can also be used for transactions without actually swiping the card or even without entering the PIN. Convenience offered by RFID systems is thus likely to drive its application in the financial services sector.
Global RFID market by logistics
Vehicle movement tracking and cargo tracking in planes and ships are some key applications of RFID systems in logistics. RFID tags are also preferred in the railroad industry for tagging locomotives. VR Group and VR Transit, the largest logistics providers in Finland, have adopted RFID for rail freight wagons and passenger cars. In the railway budget of 2015-2016, the government of India proposed using RFID technology in their locomotives, wagons, and coaches for tracking. RFID systems also help track and retrieve stolen cars. These developments are key to the growth of this segment and will likely encourage many new entrants to expand in this market over the forecast period.
Global RFID market by retail
The integration of cloud computing with RFID technology is the future of RFID applications in retail. It is immensely helpful in making informed decisions by providing a clear picture of inventory levels. Thus, RFID finds widespread application in organized retail for eliminating inefficiencies in the supply chains. The long read range capability of RFID tags are helping manufacturers and retailers add visibility to goods by tracking them during transit. With an increase in omni-channel retailing, supply chain complexities have also increased considerably, and this necessitates the use of RFID.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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