A new report entitled, Global RFID Market for Industrial Applications 2016-2020, has just been published by Research and Markets of Dublin. The report covers the present scenario and the growth prospects of the global RFID market for industrial applications for 2016-2020.
An analyst from the research team stated: "A recent trend in the RFID market is the increased R&D spending by vendors. Leading vendors have increased their investment in the R&D of RFID devices. For example Datalogic spent $43.66 million in 2015 on R&D, an increase of 34.17% when compared to $34.54 million in 2014. Also, many vendors are partnering with software and hardware suppliers to develop technologically advanced products. This focus on R&D has helped vendors introduce RFIDs that are increasingly cost-effective as well as provide data security. Thus, the improved accuracy and reduced prices of RFID devices are leading to increased adoption among several major end-users in the market."
According to the report, a key driver of market growth is the use of RFID to reduce errors during the data entry process. Manual data entry is time consuming and there is a high possibility of introducing errors. With the introduction of RFID and barcode systems, firms can record and recognise data entries automatically and more accurately. These systems help detect warehouse errors such as collecting the wrong goods. On the negative side, the report states that one challenge that could impact market growth is the lack of awareness about RFID technology among potential end-users.