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Overview of the global RFID market

       Technavio’s market research analyst predicts the global RFID market to grow steadily at a CAGR of around 9% by 2021. One of the primary drivers for this market is the rise in the number of software solution vendors entering the RFID market. The emergence of cloud-based supply chain management systems has provided a huge opportunity for various software solution companies to offer services that include tracking, data analytics, and inventory management. This helps end-users to know when a shipped product goes missing. It also helps in strengthening the supply chain by eliminating the future loss of finished or semi-finished goods. Such market behavior is highly favorable for the RFID market as mid-sized retailers can make use of such solutions. Several vendors are increasing their market presence in the RFID market.
       In terms of geography, the Americas accounted for the maximum market share during 2016 and will continue to dominate the market for the next few years. This growth of the Americas in the RFID market can be attributed to the increased popularity of smart industries that incorporate RFID solutions in their supply chain management. considered to be the first adopter of the technology in the field of automatic data capture devices. Also, the expansion of domestic industries and the rise in the number of third-party logistics companies in South America is expected to augment growth in the global RFID market in the coming years.

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