Historically, the adoption of radio frequency identification (RFID) technology in the retail industry has been slower than expected. Low awareness levels about return on investment (ROI), skepticism, and concerns regarding privacy were among the key challenges for RFID adoption.
The global RFID market in the retail industry offers considerable growth potential. Market revenue was $ million in 2013, at a growth rate of %.
During the past year, retailers slowly started to witness the benefits in particular business cases for RFID use. Hence, the future of RFID adoption looks bright.
Rising interests in omni-channel retailing lays greater emphasis on efficient inventory management, loss prevention, and shrinkage. Hence, omni-channel retailing is and will continue to be the key driver for RFID adoption.
Growing interest in item-level tagging is expected to drive demand for tags in the retail industry. Applications such as inventory management, loss prevention, and customer behavior understanding are expected to augur well for the growth of RFID.
Apparel constitutes the major share of the total RFID market in retail. Other growth areas include footwear, perishables, jewellery, and personal care.
North America and Europe are expected to contribute to the short-term growth prospects while Latin America and Asia contribute to long-term growth prospects.
The market for RFID in retail is estimated to reach $ million by 2020, growing at a compound annual growth rate (CAGR) of % between 2013 and 2020.
About this report
This study analyses the global radio frequency identification (RFID) market in the retail industry. As awareness of the technology has been growing among retailers, RFID is expected to have greater traction. The market for RFID in retail is expected to grow at a compound annual growth rate (CAGR) of 38.9% between 2013 and 2020. This study focuses on the market trends and challenges, along with the factors that drive the growth of the market. The three segments—tags, hardware, and middleware—are detailed with revenue forecast discussions. It also provides country-specific information along with a penetration analysis. The base year is 2013, and forecasts are provided till 2020.
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