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New Identec Solutions tag combines RFID, GPS, satellite communications ••• Beaconinside launches second-gen beacon hardware and software ••• Thinfilm receives $350K through FlexTech Alliance to extend sensor platform ••• Global RFID market for retail to near $4 billion in 2019, Technavio finds ••• Schreiner LogiData unveils new NFC label for Android smartphones.
Global RFID Market for Retail to Near $4 billion in 2019, Technavio Finds
The global RFID market for retail applications is expected to be valued at $3.91 billion in 2019, an increase of more than $3 billion from 2014, according to a new study released by Technavio Research. Technavio expects the global RFID market for such applications to grow at a compound annual growth rate of 40 percent during the forecast period.
The report, titled "Global RFID Market For Retail Applications 2015-2019," divides this market into three major geographical segments. In 2014, the Americas accounted for 52 percent, while the European, Middle East and African (EMEA) market made up about 37 percent and the Asia Pacific (APAC) region had about 11 percent. APAC is expected to grow at the fastest rate during the forecast period, with developing countries like China and India driving the growth, according to Technavio Research. Driving the market in the Americas is the long-term growth prospects in Latin America, the research firm notes. The Americas region is expected to account for approximately 50 percent of the total market in 2019, followed by EMEA with about 33 percent and APAC with about 15 percent.
Technavio reports that the global retail sector realized total sales of more than $22 trillion last year, and is expected to surpass $28 trillion in sales by 2018. These dynamics are influencing retailers' demand for RFID technology, the report indicates. Another factor driving the retail sector's adoption of RFID is growth in sales in the e-commerce market during the forecast period, and leading e-commerce companies are competing on the basis of services such as prices and delivery time. RFID enables retailers to reduce operation costs, according to Technavio Research, by decreasing delivery cycle times and the number of errors—delivering the wrong product, for instance.
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