Rising application of radiofrequency identification (RFID) technology in retail, government, logistics, and supply chain industries is fueling growth in the global radiofrequency identification (RFID) market. Gradually, use of this technology is also growing in the healthcare sector that helps in people tracking and identification, equipment tracking, medical tracking, and medical report and blood transfer monitoring. Moreover, pharmaceutical companies, hospitals, and distribution channels are the key customers that largely use RFID technology. Additionally, barcode technology might deter developments in the RFID market. But with the benefits of RFID technology that provide automation and accuracy, it is less preferred due to high cost of RFID technology as compared to barcode technology.
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Technological advancements have reduced the cost of implementing RF components and solutions. Globalization has also played a significant role in spreading awareness about of the benefits of radiofrequency identification. It is now widely accepted by small and medium enterprises, as digitalization and automation are growing at a rapid rate. Adding further to benefits of radiofrequency identification is that it helps in improving shelf-life, reduce shrinkage, enhance inventory accuracy, and provide effective store execution. Prominent players in the market are also making deliberate efforts to enhance the services provided by radiofrequency identification technology.
Emerging Markets to Strive Growth of Radiofrequency Identification as Compared to Mature Markets
Currently, North America and Europe stands at the leading position in the global radiofrequency identification market. Use of RF tags in the healthcare and retail sectors is high in these regions. Moreover, high volume of shipments has also led dominance of North America in the global radiofrequency identification market.
On the other hand, Asia Pacific is also expected to surge growth in this market. China is among the leading markets that are fueling debarmand for radiofrequency identification technology. China has been a consistent supplier of RFID components and has OEM services provides offering low cost RFID components. All these factors have made Asia Pacific a lucrative region in the global radiofrequency identification market.
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