RFID market to reach $5409.0m by 2020
According to a recent study from Frost & Sullivan, titled Analysis of the Global RFID Market in Retail, the RFID market will grow from $737.8m in 2014 to $5409.0m in 2020. The study covers middleware, hardware and tags. The proliferation of omni-channel retailing is increasing the demand for RFID technology.
The company found that with the rising prominence of item-level tagging in the retail industry, RFID demand will continue to grow. Mandates from large retailers to implement item-level tagging in their outlets will particularly boost the tags and hardware segments.
While improvements in RFID technology drives the likelihood of adoption among retailers, the lack of knowledge on these products and fear of compromising customer-related information pose a challenge to market progress.
“RFID’s ability to increase transparency across the whole supply chain has been one of the key reasons behind its strong adoption among retailers globally,” said Ram Ravi, Electronics & Security Industry Analyst, Frost & Sullivan. “By using this technology, retailers can track and trace goods as well as identify any bottleneck in the supply chain and address it immediately.”
“As the market for RFID in retail is still nascent, participants need to showcase the benefits of their products to customers through training and tradeshows,” added Ravi. “Additionally, emphasis on offering a wide range of RFID products and strategic services to gain a competitive edge in the market is important.”
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