Global Radio Frequency Identification Market 2018-2022| Rising Popularity of Smart Factories to Drive Growth| Technavio
LONDON--(BUSINESS WIRE)--Dec 5, 2018--Technavio’s global radio frequency identification (RFID) market research report forecasts the market to grow at a CAGR of over 9% during the forecast period.
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Technavio has released a new market research report on the global radio frequency identification (RFID) market for the period 2018-2022. (Graphic: Business Wire)
The growing popularity of smart factories will be one of the major trends in the during 2018-2022. Many manufacturing facilities in EMEA have been integrating automation technologies into different production processes as they help in the faster completion of work and provide low error rates because of minimum human input. Several governments have been providing huge administrative support for the development of smart factories.
According to Technavio analysts, one of the key drivers for the global radio frequency identification market is the adoption of inventory management systems:
Global radio frequency identification market: Adoption of inventory management systems
The data entry and database of the equipment or product were managed manually in end-user segments such as industrial and retail. This led to an increase in errors and was an inaccurate and time-consuming process. The end-users will be able to record and recognize the database of the product with better precision with the help of RFID tags.
According to a senior analyst at Technavio for research on embedded systems, “Industries such as manufacturing, logistics, and warehousing need an accurate database of products. This will help in better decision making for these end-user industries. The end-users will be able to rectify the errors in entering the data with the help of RFID tags. Vendors, manufacturers, and other end-users have found major improvements in the overall data entry due to the introduction of RFID tags, which is boosting the demand for RFID products.”
Global radio frequency identification market: Segmentation analysis
This global radio frequency identification market analysis report provides market segmentation by product type (RFID tags, middleware, passive RFID systems, and active RFID systems), by end-user (industrial, BFSI, retail, logistics, and healthcare), and by region (the Americas, APAC, and EMEA). This report provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the four major product types, the RFID tags segment held the largest radio frequency identification market share in 2017, contributing to over 40% of the market. This product type segment will dominate the global market throughout the forecast period.
The Americas held the largest share of the market in 2017, accounting for more than 48% share. It was followed by APAC and EMEA respectively. The Americas is expected to dominate the market throughout the period 2018-2022.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
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INDUSTRY KEYWORD: TECHNOLOGY HARDWARE INTERNET SOFTWARE NANOTECHNOLOGY SEMICONDUCTOR
SOURCE: Technavio Research
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PUB: 12/05/2018 09:23 AM/DISC: 12/05/2018 09:23 AM