Frost & Sullivan, published a report, titled “Analysis of Growth & Security of the Global RFID Market in Retail, Forecast to 2022,” which delves into the realm of connected market space and deeply examines the competitive structure in the RFID markets. As per the report, the plethora of IoT devices that are rising at a much-accelerated pace, are causing a series of trends in the IoT field, changing customers’ buying patterns and retailers’ market strategies. With the e-commerce and m-commerce, virtually revolutionizing the commerce sector, and transforming the current distribution centers, the report illustrates the imperative need for retailers to adopt technologies such as RFID, video, cameras and data analytics to facilitate inventory tracking at various outlets and distribution centers, to up their game and also provide an enhanced and improved e & m-commerce experience to customers.
According to Ram Ravi, an industry analyst for industrials at Frost & Sullivan, retailers are increasingly moving towards e-commerce and m-commerce, to empower their mobile workforce to enrich the customers’ purchase experience on their hand-held platform. This transforming will augment investments in technologies such as handheld readers and smart point-of-sale (PoS) solutions. RFID sales will also increase from the intensifying focus on loss prevention, customer behavior analysis, and inventory management.
The report, which is basically dedicated to RFID tags, includes forecasts, market drivers and restraints, product analyses, industry challenges, and key growth opportunities for RFID tags, readers and middleware.
Adding further Ravi said that to boom in the highly competitive retail environment, system integrators need to up their game by developing partnerships with data analytics and cloud service vendors. The piquing interest in item-level tagging in the retail industry will further augment RFID demand.