RFID MARKET ANALYSIS

Rfid MarketSize and Trends

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.