Inkwood Research projects that the Global RFID Readers Market is set to grow with a CAGR of 8.78% in terms of revenue during the forecasting years of 2021-2028.
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RFID (Radio Frequency Identification) is defined as a
wireless technology utilizing radio waves to connect individuals, things, or
devices. The information can also be shared over the cloud (internet). The RFID
system encompasses RFID readers, tags, and software with tags comprising the data
written and read using RFID readers. RFID readers entail devices that operate
as radio frequency transmitters as well as data receivers from RFID tags. The
readers can be handheld or fixed devices.
Supply
Chain Complexities to Fuel Market Growth
Supply chain leaders cite the growing complexity of the flow
of the supply chain as the major challenge faced. A new report titled, ‘Managing
the Complexity Paradigm,’ from APICS as well as Michigan State University
discourses the balance between managing complexity that is capable of
increasing costs, along with the potential to increase revenue. The research discovered
that companies experience heightened intricacy on account of a constantly rising
number of products, channels, customers, and geographies.
Optically based systems, including barcodes, fail to deliver
unique solutions to the logistical tracking of equipment or inventory along
with read/write capabilities. RFID helps manage the updating of stocks and
enables convenient operations during the products’ transportation and logistics
for supply chain management in the retail business.
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Logistics
and Transportation was the Dominating Industry in 2020
In terms of the logistics and transportation of goods,
packages, and parcels, RFID is used to track as well as manage goods, reduce
time, and gather real-time data. The logistics and transportation of goods is a
comprehensive term encompassing containers, pallets, or groupings. RFID allows
the capture of data and control movements without human interference and also
helps share them within the organization automatically. Moreover, all processes
in the supply chain, from the beginning to the end, have been energized by the
advent of RFID technology implemented in the logistics and transportation
industries.
North
America to Garner the Highest Market Share
North America is expected to dominate the global market by
2028 due to the emerging retail division and the high adoption of automation.
However, the region’s market is likely to face restraints due to security
challenges.
The increasing need for Ultra-High Frequency (UHF) RFID, as
well as the growth of e-commerce, is anticipated to intensify the competition
across the global RFID readers market. Some of the leading players operating in
the global market include Zebra Technologies Corp, CAEN RFID, Invengo
Technology Pte Ltd, Alien Technology, etc.
About Inkwood
Research
Inkwood Research specializes in syndicated & customized
research reports and consulting services. Market intelligence studies with
relevant fact-based research are customized across industry verticals such as
technology, automotive, chemicals, materials, healthcare, and energy, with an
objective comprehension that acknowledges the business environments. Our
geographical analysis comprises North & South America, CEE, CIS, Middle
East, Europe, Asia, and Africa.
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