Report: Worldwide RFID Market to Grow 20%+ Annually 2014 – 2018
The analysts forecast the Global RFID market to grow at a compound annualized growth rate of 22.4% over the period 2013-2018. One of the key factors contributing to this market growth is the increasing demand for RFIDs in the Retail segment. The Global RFID market has also been witnessing the increased R&D spending by vendors. However, the high capital investment required could pose a challenge to the growth of this market.
The key vendors dominating this market space are Alien Technology Corp., Impinj Inc., Intermec Inc., and NXP Semiconductors N.V.
Other vendors mentioned in the report are Motorola Inc., RF Code, RFID4U, UPM raflatac, and Zebra Technologies Inc.
Commenting on the report, an analyst from the team said: In recent years, the vendors in the Global RFID market have been increasing their expenditure on the R&D of RFID semiconductors. Leading vendors such as Alien Technology, Honeywell, Impinj and NXP Semiconductors have all increased their investment in the R&D of RFID devices. Moreover, many vendors are partnering with software and hardware suppliers to develop technologically advanced products. This focus on R&D has helped vendors introduce RFIDs that are increasingly cost-effective as well as effective. Thus, the improved accuracy and reduced prices of RFID devices are leading to increased adoption among several major end-users in the market.
According to the report, one of the major drivers in this market is the high efficiency offered by RFID tags in terms of tracking assets. Asset tracking helps companies identify exactly how many assets they have, and it also helps them control inventory levels.
Further, the report states that one of the major challenges in this market is the high initial investment involved in the deployment of RFID tags. This prevents the adoption of RFIDs among SMBs.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
For more information visit http://www.researchandmarkets.com/research/58njd7/global_rfid