Wireless RFID Readers Market Rapid Technological Advancements During The Forecas

Posted by Sakshi Mishra on December 30th, 2019

According to a new market report published by Transparency Market Research), the global wireless RFID readers market was valued at US$ 3,319.4 Mn in 2016 and is projected to expand at a compound annual growth rate of 11.9% from 2018 to 2026, reaching US$ 10,127.4 Mn by the end of the forecast period. According to the study, North America was the largest contributor in terms of revenue and volume to the wireless RFID readers market in 2016. This is mainly due to robust technological advancement and considerable application of wireless RFID readers among different industries such as retail and healthcare across the region.

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Growth in retail industry driving the global wireless RFID readers market

RFID enables retail enterprises and consumers identify, engage, transact, locate, and authenticate assets and personnel. Radio Frequency Identification (RFID) tags are small chips which are fixed on items and uses electromagnetic fields for tracking the object. Continuous spending by enterprises of all sizes on technologically advanced RFID readers is the major factor which is anticipated to boost the growth of the wireless RFID readers market across the globe.

In the healthcare industry, safety of patient samples and patient records is of paramount importance. RFID reduces misidentification issues and manual errors of patient records and enhances patient tracking and safety in patient care. This in turn is increasing the adoption of RFID readers among end-users. Furthermore, various initiatives taken by government authorities are expected to further fuel the market growth over the forecast period. The Chinese government is planning to implement RFID tags on citizens’ vehicles in the country to reduce traffic congestions. Ministry of Public Security, China is expected to fix RFID reading devices on the side of roads to reduce traffic congestion and eventually pollution..