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Radio Frequency Identification (RFID) is a form of wireless communication, which uses tags in order to track the details of the objects. The benefits offered by the RFID to organisation are eliminating the human error, securing the data from unauthorized access, and minimizing overhead expenses. Increasing adoption of advanced technologies such as Real Time Location Systems (RTLS), sensor networks, Internet of Things (IoT), radio frequency identification devices (RFID) help in increasing the security of the data from the cyber threat. This features help in controlling the data loss and securing the data from unauthorised access. Hence, this factor will positively help in fuelling the growth of the market.

Increasing adoption of Internet of Things (IoT) is one of the major factor driving growth of the market.

Increasing adoption of IOT in the various verticals such as manufacturing, healthcare, retailers and many others is one of the major factors driving growth of the market. Increasing adoption of advanced technologies such as sensor, smart devices, robots and many more in the various verticals has positively uplifting the adoption of IOT in the various verticals, which in turn is driving the growth of the market. For instance, according to the Coherent Market Insights, in 2016, the market size of IoT connected device were US$ 17.69 billion and it is grown up to US$ 20.38 billion in 2017, worldwide. Increasing focus of the various verticals towards increasing the profit by controlling the wastage of resources is increasing the adoption of IOT among verticals. As in the IOT environment the components are required in order to perform communication between the devices and objects. Thus, objects are augmented with the RFID tags in order to allow the object to communicate information such that organisation will able to utilize those information in the decision making for increasing the performance of the organisation. RFID helps organizations to increase profit by controlling cost, resources and time by providing the real time traceability, identification, communication, and locations about the resources and people. Therefore, these factors are expected to propel growth of the RFID market size.

Cloud-based RFID tags provide growth opportunity to the market

Increasing adoption of cloud services and solutions by the organization is expected to provide a growth opportunity to the market. Enterprises are adopting cloud-based applications at a large scale, which in turn increase the cloud traffic. For instance, according to Coherent Market Insights’ analysis, global cloud IP traffic is expected to reach 14 ZB by the end of 2020, up from 4 ZB per in 2015. Moreover, adoption of cloud based RFID software will help enterprises to reduce the cost of infrastructure and minimize complexity in managing access controls and compliance for users by preventing data breach issues. Since, the organisation managing their work over the cloud will positively increases the demand of cloud based solutions. Hence, this factor will positively help increasing the demand of the cloud based RFID tags which in turn providing a growth opportunity to the market.

Lack of awareness among the enterprises about the RFID technology is one of the major challenges for hampering the growth of the market.

Lack of awareness among the enterprises is one of the major challenges restraining growth of the market. Since, the benefit of RFID solutions are not known by the SMEs, it will negatively impact growth of the market. Moreover, implementation cost of the RFID is high, which in turn restrict the SMEs for adopting the RFID solutions in the Enterprises.

Global Radio Frequency Identification (RFID) Market Taxonomy

On the basis of PDU Types, the global Radio Frequency Identification (RFID) Market is segmented into:

  • Basic PDU
  • Metered PDU
  • Smart PDU
  • Switched PDU
  • Others

On the basis of application, the global Radio Frequency Identification (RFID) Market is segmented into:

  • Banking
  • Financial Services and Insurance
  • Energy
  • Government
  • Healthcare
  • Telecom & IT
  • Others

On the basis of regions, the global Radio Frequency Identification (RFID) Market is classified into:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East
  • Africa

Global Radio Frequency Identification (RFID) Market: Regional Insights

On the basis of regions, the global RFID market is segmented in to North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. North America held a dominant position in the global RFID market in 2017, and is expected to retain its dominance throughout the forecast period. North America accounted for the largest market share in global RFID market in 2017, owing to increasing number of cyber-threats across the various verticals such as healthcare, banking and financial, retail, manufacturing and many more, which is driving the growth of the market in this particular regions. For instance, according to the Internet Crime Complaint Center (IC3), in 2016, cybercrimes were valued at over US$ 1.33 billion worldwide, where California witnessed loss of over US$ 255 million. Moreover, in 2016, about 28% of web application attacks were recorded in the U.S., followed by the Netherlands and Germany. Therefore, organisation are implementing the RFID tags in the various department in order to increase security of the data from cyber-attacks, which in turn is expected to fuel growth of the market in this particular regions.

Global Radio Frequency Identification (RFID) Market: Key Players

The industry is marked by the presence of many global vendors, such as Alien Technologies, Honeywell International, Inc, NXP Semiconductors, Inc, Smartrac N.V, and Zebra Technologies. Some other prominent players include RFID4U, Tibco Software, Mojix, Inc, Impinj, Inc, and TIBCO Software, Inc. The key players of the market such as Alien Technologies, Honeywell International, Inc and among others adopted the new product development strategy in order to gain the competitive edge in the market. For instance, in April 2014, Alien Technology, industry leader of the Radio Frequency Identification (RFID) Ultra High Frequency (UHF) products and services introduced the two UHF Passive RFID Tags for the Consumer Electronics applications. The major benefits offered by these tags are less power consumption and small size, which in turn helps in increasing the performance of the applications. Thus, introduction of new product is expected to provide growth opportunities to market players by increasing the offerings for the customer.

Global Radio Frequency Identification (RFID) Market: Key Developments

  • In July 2018, Zebra Technologies, a global leader in providing solutions and services to enterprises, announced the launch of its new mobile printer "ZQ300" series and radio-frequency identification (RFID) solution, "FX9600" fixed UHF RFID reader, in India.
  • In August 2018, Marchi Engenharia, one of the Brazilian electronics manufacturer, announced the launch of its new brand of radio frequency identification equipment, "M-ID40" module and antennas. The M-ID40 is a UHF RFID reader that operates in the frequency bands established by Anatel, from 902 to 907 MHz and from 915.1 to 928 MHz.
  • In November 2018, PervasID, an award-winning RFID (Radio Frequency Identification) technology provider, announced the launch of its new product, “Multi-Ranger”, the first 99% accurate multifunctional RFID reader to address retailers’ challenges concerning inventory.

Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.

Data Triangulation Methodology | Coherent Market Insights

Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
  • Trade association, National and international media and trade press.
  • Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
  • Scientific journals, and other technical magazines and whitepapers.

Market Analysis | Coherent Market Insights

Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users

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