LONDON--(EON: Enhanced Online News)--Technavio analysts forecast the global intelligent RFID platform market to grow at a CAGR of over 26% during the forecast period, according to their latest report.
“Inventory management involves tracking products, items, and assets of a company. With the advent of technology, inventory tracking can now be carried out through automatic data capture through RFID system. Most important end-users for this technology are big stores, supermarkets, hypermarkets, and apparel stores”
The research study covers the present scenario and growth prospects of the global intelligent RFID platform market for 2017-2021. To determine the market size, the study considers revenue generated from the sale of intelligent RFID platform solutions (includes both software and hardware) during the forecast period.
The Americas is expected to generate maximum revenue and highest incremental growth in the global intelligent RFID platform market through the forecast period. The healthy demand from the transportation and logistics industry in the region will drive market growth.
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Technavio analysts highlight the following four factors that are contributing to the growth of the global intelligent RFID platform market:
- Inventory management
- Error reduction in data entry
- Rise of omnichannel retailing
- Supply chain inefficiencies
“Inventory management involves tracking products, items, and assets of a company. With the advent of technology, inventory tracking can now be carried out through automatic data capture through RFID system. Most important end-users for this technology are big stores, supermarkets, hypermarkets, and apparel stores,” says Sunil Kumar Singh, one of the lead analysts at Technavio for embedded systems research.
Intelligent RFID systems are used to track depletion of inventories, assess the rate of replenishment for certain stocks and decide on the economic order quantity for the inventory. These systems can collect and analyze large amounts of data, and feed the information to a database at quick rates. Managers use this data to analyze consumer preferences and design loyalty programs.
Error reduction in data entry
The implementation of RFID barcode systems for inventory tracking has automated the process and brought the error rate close to zero. It also helps stores keep track of warehouse errors such as incorrect quantity or specifications of a product. The increased precision provided by platform has led to its wide adoption in manufacturing, logistics, and warehousing industries.
Rise of omnichannel retailing
There is a rise in a number of omnichannel retailers or retailers who sell their products on multiple retail channels because of increased internet penetration and improvements in network infrastructure. These retailers need real-time and accurate inventory visibility to handle sales on all the different channels like e-commerce, m-commerce, brick-and-mortar retail, etc. RFID technology helps retailers get accurate information about the movement of goods through the supply chain, increasing inventory visibility to over 90%, thereby driving increased adoption.
Supply chain inefficiencies
“Retailers should keep track of their products as they move through the various distribution stages. Accurate demand planning is another key task that manufacturers and retailers need to undertake. The adoption of RFID platforms can streamline both these processes, drastically increasing the efficiency of retailers,” says Sunil.
Adoption of intelligent RFID technology can help manage excess inventory, stock-outs, and long lead times, incorrect data entries, the asymmetrical flow of data across the supply chain, and inability to trace products downstream.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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