New report shows global RFID market in retail sector to grow by 40% CAGR between 2015-19
Published:
Content Copyright © 2016 Bloor. All Rights Reserved.
Also posted on: The Holloway Angle
Research and Markets have just announced the release of a new report on RFID in the retail industry, entitled Global RFID Market for Retail Applications 2015-2019. This report presents a study of the present scenario and growth prospects of the global RFID market for retail applications for the period 2015-2019.
RFID systems comprise tags, middleware, and interrogators. The RFID market is comprised of the following segments:
- System Interrogators
- Middleware
- Application management
- Data management
- Device management
- Tags – both Active, Passive and Combined
Retail businesses use RFID to streamline their supply chain as well as helping them to achieve higher ROI by providing transparency and real-time data of inventory levels across supply chains. RFID systems for retail application reduce the delivery cycle time of goods and number of defects. With the help of RFID systems, retailers are also able to capture data, which, in conjunction with data management software and “Big Data analysis” helps them identify buying patterns of customers and formulate promotional schemes to promote their businesses and increase sales. RFID systems can be implemented at different stages of the supply chain depending on the nature of the business.
The report covers an overview of the technological landscape, cost structure, supply chain, value chain, regulations and policies, and regulatory agencies and compliance requirements of the RFID industry. In terms of regional perspective, the report covers the Americas, APAC, and EMEA. The detail covered includes the key market driver for RFID of reducing/alleviating inefficiencies in supply chains, as well as the key market challenge of the high hidden cost of RFID middleware systems. It looks at the market trend of cloud-based RFID solutions. In conclusion, the report forecasts the global RFID market for retail applications to grow at a CAGR of 40% over the period 2014-2019.
A very detailed coverage of one of the main markets for RFID can be found. Although the price of $3000 maybe high, for any organisation looking to develop solutions in this space, it is a worthwhile starting point.