Technavio: 2019 Global RFID retail applications market size of nearly $ 4 billion
By 2019, global retail RFID applications market is expected to reach $ 3.91 billion, compared with 2014, an increase of $ 3 billion, according to a study recently released data show Technavio Research. Technavio expected in the forecast period such applications worldwide RFID market compound annual growth rate of 40%.
The entitled – Report “2015 2019 global RFID retail applications market”, according to the market divided into three main areas. 2014, the Americas accounted for 52%, Europe, Middle East and Africa (EMEA) market accounted for 37%, Asia-Pacific (APAC) about promising 11 percent.
In the forecast period, with growth in developing countries such as China and India drives, the Asia-Pacific region is the fastest growth rate is expected, according to TechNavio study said. Research indicates that long-term growth drivers will be the Latin American market. By 2019, the Americas region is about 50% of the total size of the market, followed by Europe and Asia-Pacific region accounts for about 33% and 15%
RFID 2014-2019 the retail market size for each application area
TechNavio report notes that last year the global retail industry’s total sales of more than $ 22 trillion, is expected in 2018 will exceed $ 28 trillion, which enhances the retailer demand for radio frequency identification technology. Another factor in the retail industry to promote the use of RFID technology in the forecast period is the e-commerce market competition for services, such as price and delivery time. RFID technology can enable retailers to reduce operational costs, shorten lead times and reduce the error rate cycle.
Source: RFID World Network