Global RFID Market for Industrial Applications 2016-2020 - Increased Adoption of RFID Systems for Inventory Management Drives the Market - Research and Markets

DUBLIN, May 23, 2016 /PRNewswire/ --

Research and Markets has announced the addition of the "Global RFID Market for Industrial Applications 2016-2020" report to their offering.

The global RFID market for industrial applications to grow at a CAGR of 19.2% during the period 2016-2020.

Global RFID Market for Industrial Applications 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the present scenario and the growth prospects of the global RFID market for industrial applications for 2016-2020. To calculate the market size, the report considers the revenue generated from RFID used for only manufacturing applications. The market size includes the revenue generated from both the licensing of software as well as the shipment of RFID hardware. The report also includes a discussion of the key vendors operating in this market.

A recent trend in the RFID market is the increased R&D spending by vendors. Leading vendors such as Honeywell and Datalogic have increased their investment in the R&D of RFID devices. 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 provides 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 recognize data entries automatically and more accurately. These systems help detect warehouse errors such as collecting the wrong goods.

Further, the report states that one challenge that could impact market growth is the lack of awareness about RFID technology among potential end-users.

Key vendors

- Honeywell

- Zebra Technologies

- Datalogic

Other prominent vendors

- Acreo Swedish ICT

- Alien Technology

- Avery Dennison

- Checkpoint Systems

- Cipher Lab

- CoreRFID

- Fieg Electronics

- Global Ranger