The retail industry is expected to be the largest revenue contributor to the global passive radio frequency identification (RFID) industry, according to a new analysis by US-based market research and consulting firm Frost & Sullivan. The ‘Global Pass ive RFID Market’ study finds that the market earned revenues of more than $2.98 billion in 2012 and estimates this to reach $11.58 billion in 2018.
“The retail industry is expected to be the largest revenue contributor, especially in Europe and North America, while Latin America and India offer huge potential for RFID growth across industries. The presence of several international brands in Asia-Pacific, particularly in Singapore, Hong Kong and Australia, will expand the market in the region,” says Ram Ravi, senior research analyst, Frost & Sullivan Measurement and Instrumentation.
The report emphasises that RFID vendors are investing in research and development to create innovative, robust, error-free, multi-functional and efficient solutions. These innovations, along with growing end-user awareness on the technology’s returns, will drive the global RFID market.
“The implementation of item-level RFID, which will provide complete automation, ensure visibility of various supply chain processes, and enable the identification of counterfeit products, will encourage pilot projects, and thereby increase sales. Item-level tagging will also heighten demand for tags and hardware and add to market revenues,” adds Ravi.
However, one of the biggest challenges facing the RFID industry is that customers in industries that are still in the early stages of adoption are hesitant to bear the high costs associated with the commissioning and installation of an RFID system. The perception that the returns do not match RFID investments hinders market growth. Nevertheless, mandates issued by large retailers and governments will continue to aid market development and result in a fall in RFID product prices.
Words by Farimah Moeini, Snapchat Head of Industry – Retail and Travel TheJuly 5, 2021 | By RetailME Bureau
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