Growing Demand for Real-time Inventory Tracking Spurs Market Expansion for Retail RFID Solutions

DUBLIN, July 31, 2023 /PRNewswire/ -- The "Retail RFID Market - Forecasts from 2023 to 2028" report has been added to  ResearchAndMarkets.com's offering.

In 2021, the RFID market was valued at US$7.48 billion. RFID (Radio Frequency Identification) is used in asset tracking systems to read data from RFID tags using a reader and store it in a tracking database. The retail industry benefits from RFID technology by improving the customer shopping experience, automating inventory tracking, reducing the risk of loss and theft, and streamlining processes such as logistics, inventory, and fulfillment.

The report highlights the growing government initiatives to adopt Automatic Identification and Data Capture (AIDC) technology and the advancements in RFID technology, which offer significant growth opportunities for the retail RFID market. Government organizations are implementing laws to increase the adoption of AIDC technology in various industries, aiming to improve information visibility, operational effectiveness, and customer satisfaction. The retail sector is one of the industries that extensively employs RFID tags for tracking goods and stock.

Key Market Developments:

• The American retailer Lowe's presented a new solution in December 2022 that was created in its Innovation Labs division and intended to fight retail theft in a way that is hidden from customers by utilizing RFID chips and the blockchain. The brand-new Project Unlock technology combines inexpensive RFID chips and IoT sensors to turn on power tools at the point of sale while also building a safe, transparent, and anonymous blockchain record of authorized purchases.
• H&M revealed in November 2022 opened a distinctive store in Williamsburg, Brooklyn, using the most recent retail technology. The 7,000-square-foot retail space will continue to operate through January 2024 and has experimental design, progressive programming, and a community-focused area where customers may experiment with their personal style. The store uses RFID technology, which gives complete real-time visibility of the store's inventory and sizing options. According to H&M, the smart mirrors only collect data about the products; they also employ RFID technology to track things a buyer has brought into the fitting room.
• In November 2022, Checkpoint Systems, a leader in retail technology, announced that it would present its RF and RFID solutions at Euroshop 2023 in Dusseldorf, Germany. SFERO is a fully customized modular RFID solution for the textile industry that enhances shop security and reduces losses in ways that were never before conceivable. RFreshIDT is a platform that uses RFID technology to assist stores in properly managing and rotating the stock by enhancing inventory visibility and precisely identifying produce with approaching or past sell-by dates.

In the retail RFID industry's component segmentation, RFID tags hold a sizable market segment.

As the core elements of the RFID system, the growth of the market for RFID tags is directly correlated with the growth of the worldwide RFID market for retail applications. RFID tags have benefits such as increased data storage capacity, efficiency in tough environmental conditions, and durability. As a result, in recent years, many retailers have switched from using barcodes to RFID tags.

The RFID market in retail has a substantial presence in the Asia Pacific region, where growth is anticipated to be the fastest. Due to its development, North America's retail RFID market currently maintains a sizable proportion.

A sizeable portion of the global RFID market for retail outlets was controlled by Asia-Pacific. This is primarily attributable to expanding government security infrastructure investments, particularly for the retail industry, as well as the rising demand for RFID solutions in the region. The fastest growth of the region in the RFID market is also attributed to digital transformation, as well as the requirement for improved supply chain monitoring for tracking assets in real-time. The RFID market in North America is predicted to grow even more as a result of the enhanced implementation of RFID in manufacturing facilities for productivity improvements.

The market segmentation in the report includes components such as RFID tags, reader hardware, support, services, testing, and certification. It also covers different types of RFID readers, including fixed readers and mobile readers. The applications of retail RFID discussed in the report include inventory tracking, store operations, and customer experience. The geographical analysis covers regions such as North America, South America, Europe, the Middle East and Africa, and Asia Pacific, including specific countries within each region.

Company Profiles:

• GAO Group
• Avery Dennison Corporation
• Zebra Technologies Corp
• CCL Industries Inc.
• Tageos
• Denso ADC
• GS1
• Riot Insight Inc.
• AtlasRFIDstore

For more information about this report visit https://www.researchandmarkets.com/r/l3qw1z

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]
 
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
 
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

SOURCE Research and Markets