The global RFID market is stimulated by the growing need for inventory control. These products reduce process cycle time and increase distribution efficiency. Products such as tags, readers, and scanning devices, are used in different application areas such as retail, healthcare, financial services, government, industrial, and transport.
The increasing penetration of the internet, further encourages the adoption of RF-devices and products as these systems can now be deployed through cloud platform. These products are used across several retail applications that reduce counterfeit products. The products also aid in enhancing a customer’s experience by enabling faster checkout. They also contribute to effective store execution, enhancing shelf-availability, improving inventory accuracy, and reducing shrinkage. The aforementioned factors enable the adoption of these products in developing economies due to low cost of implementation and easy availability
Technological advancements have reduced the implementation costs of RF components and solutions. The demand for such products is increasing with the increasing globalization, as they provide visibility across the supply chains, improve product tracking capabilities, and aid in preventing fraudulent activities. RFID solutions are increasingly being adopted by small and medium enterprises, owing to the growing trend of digitalization and automation.
RFID systems comprise of three major segments: tags, readers, and middleware
RFID Tags comprise embedded microchips and built-in antennas and are made up of plastic, metal, and waterproof materials that prevent them from getting tampered or damaged. The embedded chips enable information storage and detection capabilities for secure identification of a product.
RFID readersuse microwaves for detecting the tags when passed through these readers. The different types of readers include handheld readers, fixed readers, laser readers, and image readers. They are used in merchandise tracking, warehouse monitoring, and logistics movement tracking.
Middleware comprises of software and data management solutions. They enable control of an entire inventory management system. Middleware can be deployed on-premise or can be hosted; depending on a customer’s requirements. It also provides data storage and data analysis capabilities.
In-depth report on global RFID (radio frequency identification) technology market by Grand View Research:
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