March 15, 2016

RFID market forecast long-term growth

In 2006, the Chinese government has 15 ministries jointly issued a “China Radio Frequency Identification (RFID) technology policy White Paper”, officially opened the prelude to the development of RFID technology in China. Today, the successful completion of the training period to the growing transformation. Maturing maturing last two years, technology, chip and equipment prices continue to decline, solutions, and by the overall rise of the networking industry to promote the development of RFID industry entered a new milestone, whether it is technology, products, or application of innovation in all areas of production and life have been iconic large applications.

Currently RFID applications in the expanding, expanding applications, a single project apply RFID tag more than 100 million cases are constantly increasing and the areas of financial payments, retail supply chain and apparel supply chain, logistics, security, traceability, e.g. RFID Smart Mobile Library, RFID security ticket system, RFID Intelligent Storage Management and Wisdom Agriculture

RFID market forecast long-term growth

RFID market has formed a “leading application technology support” model of development. With the application of traction becomes increasingly obvious, significantly accelerate the development of the market. The past two years, the RFID market has always maintained a momentum of development over 30% growth rate expected by 2016 RFID market will reach 53 billion. In addition, according to Technavio Research2015-2019, global retail RFID applications market is expected to reach $ 3.91 billion, compared with 2014, an increase of $ 3 billion. Technavio expected in the forecast period such applications worldwide RFID market compound annual growth rate of 40%.

The report by the three main market areas are divided. 2014, the Americas accounted for 52%, Europe, Middle East and Africa accounted for 37% and Asia Pacific promising approximately 11%. In the forecast period, such as the driving economic growth in developing countries China and India, the Asia-Pacific region is the fastest growth rate is expected, according to Tech Navio 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 in all regions scale applications

Tech Navio report notes that last year the global retail industry’s total sales of more than $ 22 trillion, is expected by 2018 will exceed $ 28 trillion, which increased retailer demand for radio frequency identification technology. Another factor to promote the retail industry to adopt RFID technology, e-commerce market in the forecast period is the competition for services, such as price and delivery time. RFID technology allows retailers to reduce operational costs, shorten the delivery cycle time and reduce error rates.

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