RFID Market Future Forecast Assessed On The Basis Of How The Market Is Predicted To Grow

Future Market Insights’ recent report on the global RFID Market reveals that the region of Asia Pacific excluding Japan (APEJ) will witness a robust growth of its RFID market over the next couple of years. The FMI report evaluates the global RFID market at US$ 13.7 Bn and estimates it to increase to US$ 47.5 Bn by 2027. Sales revenue from RFID products is expected to increase at a CAGR of 13.2% during the forecast period (2017–2027). The rapid adoption of the RFID technology in various sectors is encouraging tech companies to lay higher emphases on further product development.

The report titled “RFID Market: Global Industry Analysis 2012 - 2016 and Opportunity Assessment 2017-2027” also projects that application of RFID in retail and consumer goods sector is expected to remain relatively higher than other sectors throughout the assessment period. RFID technology provides innovative solutions that will cater the growing consumer demand in the near future. Also, the report is anticipating that the soaring demand for retail and consumers goods across the globe will further boost the demand for advanced tracking solutions during the forecast period. RFID readers make tracking and stock maintenance less complicated. On the basis of components, RFID readers are estimated to account for more than 42% revenue share of the market by 2017-end. Nonetheless, the popularity of RFID software & middleware is also expected grow significantly in the near future.

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According to the report, the rapid digitalisation and industrialisation are paving the way for adoption of new technologies in the Asia Pacific region, which is expected to emerge as one of the key markets for RFID during the forecast period. Countries such as China, Japan and India are expected to exhibit significant growth potential and attract leading market players towards the region. In terms of revenue, Asia Pacific excluding Japan (APEJ) and North America collectively had a greater market share as compared to other regions in 2016. Rising need for efficient supply chain management is supporting the growth of the RFID market in both the regions. In the near future, emerging countries in Asia Pacific are expected to play a key role in sustaining revenue generation from RFID readers, tags and RFID software and middleware.

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Increasing need for RFID tags across the globe is driven by robust opportunities in the healthcare sector. In the healthcare sector, an increasing focus on RFID technology for tracking and classification of medical instruments has been driving the demand for RFID tags worldwide. This technology holds immense potential for improving supply chain efficiency and ensuring patient safety while at the same time reducing human errors in healthcare processes. Healthcare management and monitoring of critical care equipment represent other interesting areas of application for the RFID market.

The adoption of RFID solutions has increased from larger customers such as Airbus, Boeing and the U.S. Department of Defense. Aerospace companies are increasingly leveraging RFID technology to garner benefits such as improved supply chain visibility, asset management and utilisation, work-in-process (WIP) tracking, improved maintenance tracking and efficient logistics and manufacturing operations. An increasing use of RFID solutions is the main driving force behind revenue growth in the global market.

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Rising need for efficient supply chain management is expected to support the growth of the North America RFID market during the forecast period. RFID stores detailed information related to the product on which it is tagged. The prices and details of the products with RFID tags are automatically recorded when the customer approaches the counter, without the need to scan each and every product, which saves the time of the customer. Moreover, it allows cost tally in one scan, which saves the time of the user as well as the product retailer. These advantages have encouraged retail and manufacturing companies to adopt RFID for tagging their products.

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