Rising adoption of Industry 4.0 technologies to accelerate growth of the RFID Market

RFID Market


Market Overview:

RFID technology involves use of tags for automatic identification and data capture. RFID tags contain microchips that can be active, passive, or battery-assisted passive and transmit electromagnetic signals to uniquely identify objects. The various advantages of RFID technology include operational efficiency, inventory management, asset tracking, supply chain management, security and access control. RFID tags can be placed on products, assets or packaging and remotely scanned without physical contact or line-of-sight. This helps in improving operational workflows and reducing manual errors.

Market key trends:
One of the key trends in the RFID market is the growing adoption of Industry 4.0 technologies across various industries such as manufacturing, logistics and healthcare. Industry 4.0 involves use of advanced technologies such as Internet of Things (IoT), augmented reality, cloud computing and analytics to digitalize operations and drive productivity and efficiency. Integration of RFID technology with Industry 4.0 enables real-time tracking of assets and inventory, predictive maintenance, transparent production processes and optimization of supply chains. For example, RFID tags can track raw material movement in manufacturing plants in real-time and help detect bottlenecks. This is expected to significantly drive the demand for RFID technology in the coming years. Also, increasing deployment of RFID technology in applications such as e-passports, event tickets and contactless cards is further fueling the market growth.
Porter's Analysis
Threat of new entrants: The RFID Market Share requires large capital investments for infrastructure and R&D, limiting the threat of new entrants.
Bargaining power of buyers: The presence of several RFID technology providers gives buyers sufficient bargaining power to negotiate on price and quality.
Bargaining power of suppliers: RFID component manufacturers face intense competition, limiting their bargaining power over technology integrators and system integrators.
Threat of new substitutes: Over time, new identification technologies like computer vision and artificial intelligence may emerge as substitutes to RFID systems.
Competitive rivalry: The RFID market is dominated by global players resulting in high competitive rivalry for market share.

Key Takeaways
The global RFID market is expected to witness high growth, exhibiting CAGR of 11% over the forecast period, due to increasing demand for inventory tracking and supply chain management solutions across industries. North America dominated the RFID market in 2022 owing to rapid adoption of advanced technologies and presence of key players in the region. The Asia Pacific region is expected to grow at the fastest rate during the forecast period due to rising adoption of RFID technologies in retail and transportation industries in countries like China and India.

Key players operating in the RFID market are Alien Technology, LLC, Avery Dennison Corporation, Bar Code India Limited, Bartech Data Systems PVT. LTD., Bartronics India Limited, Honeywell International. Inc., IDENTIV, Inc., Infotek Software & Systems Ltd. (I-TEK), NXP Semiconductor N.V., and Zebra Technologies Corporation. RFID tags manufacturers are focused on developing ultra-low cost tags along with adopting technological innovations to offer value-added services to customers. RFID system integrators are also collaborating with logistics companies to develop standardized inventory and asset management solutions.

Read More:

https://www.dailyprbulletin.com/growing-segment-fueling-the-growth-of-rfid-market/

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