Global Retail RFID Security Tags Market 2017-2021
About Retail RFID Security Tags
RFID tags are electronic tags, which function on the principle of radio waves. They use electromagnetic fields to automatically identify and track tags that are attached to objects. They are primarily used for monitoring and tracking objects through an RFID reader. The information recorded by RFID tags can be later read by scanning devices using RFID technology. RFID tags in retail operations help reduce delivery cycle time, provide transparency, streamline supply chain operations, and help retailers capture data, and use data management software to identify the buying pattern of customers.
Technavio’s analysts forecast the global retail RFID security tags market to grow at a CAGR of 38.26% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global retail RFID security tags market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Retail RFID Security Tags Market 2017-2021
Technavio recognizes the following companies as the key players in the global retail RFID security tags market: Alien Technology, Avery Dennison, SMARTRAC, SML Group, and ZIH.
Other Prominent Vendors in the market are: CoreRFID, GlobeRanger, GAO RFID, Honeywell International, Impinj, Invengo Technology, Mojix, Omni-ID, ORBCOMM, and Tyco Retail Solutions.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is growing omnichannel retailing. Omnichannel retailing is a new trend that is focused on providing a seamless shopping experience for customers of both traditional and digital shopping platforms. Omnichannel shoppers spend anywhere between 30% and 60% more than single-channel shoppers.”
According to the report, one driver in the market is shrinking of the supply chain. Loss of physical inventory from employees, customer theft, and bad inventory information leads to shrink (loss of inventory) in the retail industry. These losses can be prevented by using RFID tags that hold a unique number, which is imposed on the products. When these products cross checkouts or store exits without getting billed, alarms in the store alert employees, thereby reducing the possibilities of shoplifting. In case of a unnoticeable employee theft, retailers can restock or reorder stolen items to prevent out-of-stock conditions. They can explore the data to identify trends and change their theft prevention processes to prevent or mitigate future incidents.
Further, the report states that one challenge in the market is high maintenance cost and risk of mechanical vulnerability. Although the cost of RFIDs has declined over the years, the cost of maintenance associated with the deployment of RFID has emerged to be one of the biggest obstacles for retailers using RFID technology. The cost incurred on upgrading machines, equipment, and other facilities to use RFID is one such drawback. To derive the best results from RFID tags and achieve maximum visibility, retailers must ensure that all facilities are able to read the tags and report back data to the host system, which requires a significant investment. RFID deployment requires an efficient middleware to manage and transfer data to the destination with high accuracy and no redundancy.
Alien Technology, Avery Dennison, SMARTRAC, SML Group, ZIH, CoreRFID, GlobeRanger, GAO RFID, Honeywell International, Impinj, Invengo Technology, Mojix, Omni-ID, ORBCOMM, and Tyco Retail Solutions.
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