The global RFID smart label market is estimated to grow from $2.2 billion in 2014 to $4.9 billion by 2019, at a CAGR of 17% from 2014 to 2019.
Browse through the TOC of global radio frequency identification (RFID) smart label market for an in-depth analysis of the industry trends and segments, with help of various tables and figures.
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Radio frequency identification is the wireless application of electromagnetic fields to transfer data, for the purposes of automatically identifying and tracking tags attached to objects. The tags contain electronically stored information. Special tags are fixed to merchandise or books. The reasons for the high usage of RFID labels in retail inventory and pallet tracking are inventory shrinkage reduction, monitor unattended inventory, automatic item identification on mixed pallets, real-time notification of out-of-stock items, improvement of product replenishment, and efficiency in error reduction which helps reduce manual labor cost.
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Radio frequency identification systems are designed to help retailers boost their sales and protect their profits by increasing open merchandising opportunities while reducing shoplifting and internal theft. Globally, retail inventory tracking and pallet tracking were the leading market for radio frequency identification with a market share of 52% together in the year 2014. Retail, logistics, supply chain management, and apparel industries are expected to grow in the near future which has led to the growth of these tracking applications.
In this report, the market has been segmented and forecast on the basis of geography, such as North America, Europe, Asia-Pacific & rest of the World. The report also includes market share and value chain analyses, along with market metrics such as drivers & restraints. In addition, it presents a competitive landscape and company profiles of the key players in the market.
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