Wireless RFID Readers Market – Projected to Expand at Compound Annual Growth Rate of 11.9% from 2018 to 2026
According to a new market report published by Transparency Market Research), the global wireless RFID readers market was valued at US$ 3,319.4 Mn in 2016 and is projected to expand at a compound annual growth rate of 11.9% from 2018 to 2026, reaching US$ 10,127.4 Mn by the end of the forecast period. According to the study, North America was the largest contributor in terms of revenue and volume to the wireless RFID readers market in 2016. This is mainly due to robust technological advancement and considerable application of wireless RFID readers among different industries such as retail and healthcare across the region.
Growth in retail industry driving the global wireless RFID readers market
RFID enables retail enterprises and consumers identify, engage, transact, locate, and authenticate assets and personnel. Radio Frequency Identification (RFID) tags are small chips which are fixed on items and uses electromagnetic fields for tracking the object. Continuous spending by enterprises of all sizes on technologically advanced RFID readers is the major factor which is anticipated to boost the growth of the wireless RFID readers market across the globe.
In the healthcare industry, safety of patient samples and patient records is of paramount importance. RFID reduces misidentification issues and manual errors of patient records and enhances patient tracking and safety in patient care. This in turn is increasing the adoption of RFID readers among end-users. Furthermore, various initiatives taken by government authorities are expected to further fuel the market growth over the forecast period. The Chinese government is planning to implement RFID tags on citizens’ vehicles in the country to reduce traffic congestions. Ministry of Public Security, China is expected to fix RFID reading devices on the side of roads to reduce traffic congestion and eventually pollution..
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Furthermore, integration of IoT and artificial intelligence is expected to offer significant opportunities to vendors in the wireless RFID readers market.
Wireless RFID Readers Market: Scope of the Report
The global market for wireless RFID readers has been segmented on the basis of operating system, type, applications, and geographic regions. The market on the basis of operating system is segmented into Windows, Android, Mac OS, and others. Android is expected to hold the prominent share in the market.On the basis of type, the market is segmented into fixed /wall mounted and portable. Portable RFID readers are expected to grow significantly due to the rising adoption of IoT. On the basis of applications, the market has been segmented into asset tracking, inventory management, personnel tracking, and access control. Asset tracking is expected to hold major share due to the rising demand from end-users to have end to end visibility.
Based on geography, the global wireless RFID readers market has been segmented into North America, Asia Pacific, Europe, South America, and Middle East & Africa. Among these regions, the market for wireless RFID readersin North America is anticipated to hold dominant position throughout the forecast period. Asia Pacific and Europe are expected to contribute significant market share during the forecast period. Furthermore, the wireless RFID readers market in Asia Pacific is anticipated to expand at a substantial growth rate during the forecast period. Increasing emphasis of enterprises to improve business operations is expected to boost the market growth during the forecast period.
Global Wireless RFID Readers Market: Competitive Dynamics
Providers of wireless RFID readersare expanding their product portfolio through product innovationin order to attract a larger customer base. The global wireless RFID readers market includes different players such as Alien Technology, Honeywell International Inc., Bright Alliance Technology Limited, CipherLab Co., Ltd., Daily RFID Co. Limited, Feig Electronics GmbH, Impinj, Inc., Invengo Technology Pte. Ltd, Nedap N.V., Datalogic S.p.A, JADAK, a Novanta Company, and Technology Solutions (UK) Ltd.