The global intelligent RFID platform market to grow at a CAGR of 26.25% during the period 2017-2021.
Global Intelligent RFID Platform Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the Key vendors operating in this market.
One trend in market is cloud-based RFID solutions. Technological advances have bolstered the integration of RFID technology in industries like transportation, aerospace, IT, and logistics. However, the adoption of intelligent RFID platform solutions is limited in small and medium-sized retail chains or stores. This is due to the technology's high IT infrastructure requirements for database, servers, and inter-/intra-network. These requirements also add to the high deployment and implementation costs. The cloud-based RFID solutions offered by different RFID solution providers, such as Terso Solutions, Tellago, and Nedap, have helped small and medium-sized retailers to avail RFID system benefits, as they eliminate the initial procurement cost of servers.
According to the report, one driver in market is error reduction in data entry and increase in need for security. Data entry was initially a manual process. It was time consuming and had a high error rate. The introduction of RFID technology and barcode systems helps firms record and recognize data entries automatically and with more precision. It also corrects warehouse errors such as picking up a wrong quantity or item for a different order. In industries, such as manufacturing, logistics, and warehousing, keeping track of the inventory produced, stock in or stock out, or even keeping track of where the asset has moved in the department (during the production stage) is very important. A simple error in data entry can lead to a big loss. Time is also consumed in the rectification of the error. The implementation of RFID technology and barcode system in data management has eliminated such errors and improved the overall process. Information can be collected digitally in the form of a serial number, price, or count.