LONDON--(BUSINESS WIRE)--The radio frequency identification (RFID) market is expected to grow by USD 11.26 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio. Request a free sample report
The adoption of inventory management systems is a crucial factor driving the global RFID market. End-user segments such as industrial and retail, relied on manual systems for data entry and management of equipment or products. However, this led to errors and inaccuracies, in addition to being a time-consuming process. The use of RFID tags allows users to record and recognize the database of products with enhanced precision that further enables them to make better decisions. The technology also helps various industries identify the accurate location of equipment, and avoid counterfeit and fraud. With the introduction of RFID tags, vendors, manufacturers, and other end-users have been able to implement major improvements in overall data entry. Thus, accuracy in database management will drive the demand for RFID products.
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As per Technavio, the growing demand for smart stores will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Radio Frequency Identification (RFID) Market: Growing Demand for Smart Stores
Smart stores have been gaining immense popularity in the retail industry, over the last few years. Smart stores use smart technologies such as smart cards, facial recognition technology, AI technology, and others. RFID technology is used in smart stores for the delivery of products and check-out services. For instance, in May 2019, L Brands announced its plan to use RFID in its stores to improve inventory accuracy and inventory visibility. The company stated that 1,100 of the company’s stores are slated to begin using RFID by summer 2020. Thus, the growing popularity of smart stores is expected to drive the growth of the market during the forecast period.
“Factors such as the growing popularity of smart factories, and the growing use of data center management will have a positive impact on the growth of the RFID market value during the forecast period,” says a senior analyst at Technavio.
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Radio Frequency Identification (RFID) Market: Segmentation Analysis
This market research report segments the radio frequency identification (RFID) market by product (RFID tags, middleware, passive RFID systems, and active RFID systems), end-user (industrial, BFSI, retail, logistics, and others), and geography (North America, APAC, Europe, South America, and MEA).
The North America region led the radio frequency identification (RFID) market in 2019, followed by APAC, Europe, South America, and MEA respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the growth of the industrial manufacturing landscape and growth of the retail sector and e-commerce market.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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