Global Sourcing of RFID Tags Market Forecasted to Grow 22.4% Annually for Next 3 Years
Between the years of 2013 and 2018, analysts in a report by ReportsnReports.com predict that the global sourcing of RFID tags market will grow at a CAGR of approximately 22.4 percent. An increase in the number of Radio-frequency identification (RFID) applications which has emerged in the last couple of years in several end-user segments such as industrial, healthcare, retail and transportation has led to the growth of the global sourcing RFID tags market. Devices that store information electronically are called radio-frequency identification (RFID) tags. Such tags are typically used for identifying or tracking objects. The information/data which are gathered through these tags is transferred via radio waves to a host computer.
Honeywell International, NXP Semiconductors, Alien Technology and Impinj are listed in the report as key players in the global sourcing of RFID Tags market between 2014-2018.
Key trends in the global sourcing of the RFID tag market are adopting of GDS by manufacturers and retailers and global adoption of EPCglobal by RFID suppliers. A pricing trend in the market is RFID procurement. According to product, the global sourcing of the RFID tag market can be segmented into RFID tags, software and services and RFID readers. Major suppliers of radio-frequency identification tags are continually pushing for adoption of the EPCglobal as their regulatory framework during the manufacturing of the devices. Adoption of GDS by manufacturers and retailers is an emerging trend in the market. However, technology considerations are a major challenge to the growth of the market.
Results stated in the report cover the period between 2014-2018. The report is structured based on the current scenario as well as the growth prospects of the global sourcing of RFID tags market. The structure of prices including input costs, market segmentation based on geography and product, as well as the global demand for RFID tags are considered in generating data for the report. Leading suppliers of RFID tags are ranked to calculate the market size of vendors to determine revenue.
Industry experts input has been considered to generate information about the growth of the market size by 2018. A strategic analysis has been proposed by determining the key factors that influence the way the procurement market works in accordance with the value chain of the supply-demand network. Key players in the market, strengths and weaknesses of major companies, driving forces, challenges and opportunities and threats faced by vendors are also considered in generating report analyses.