Insights Success The 10 Most Valuable Outsourcing Companies 2016

CXO Standpoint
EAS which makes it difficult for
medium and small scale organizations
to adopt and migrate to RFID
technology. However RFID will
continue to grow in its established
niche where barcode and other optical
technologies are not effective. It is
expected that within a time spam of
next 3-5 years the cost of RFID
Readers and tags will fall enough to
allow the market to adapt it at a
massive level and thus give a boost to
the existing and new vendors in the
market.
Government of various countries suck
US, UK and China have mandate use
of RFID for projects related to citizen
identification and counterfeiting. Such
policies have fuelled the growth of
RFID market globally.
There has been a 30-35% increase in
government initiatives towards
adaption of RFID Technology in
e - governance, security enhancements
and industrial automation during the
last 2 years. Domains like education,
power and energy, oil and gas,
Defense, mining and natural resources,
transportation and logistics have
received major adaptions and funding
for automation throughout its value
chain.
Mr. Somya Jayaswal
Co-founder and CEO
24
The RFID market size in 2015 was $
10 billion is expected to cross $ 25
billion by 2020. Of this total market
size, the RFID Tags are expected to
contribute to a little more than half of
the value of the total RFID market. The
tag market will grow at a CAGR of
23% followed by the reader segment
growing at 20.9%.
While US still leads and contributes to
more than half of the RFID Market
size, Asia Pacific and Middle East will
be the next hot spot for the industry on
account of rapid growth and
development initiatives by the private
and the government. With 100 smart
cities project announced by
government of India, the scope for
expansion and growth becomes huge in
this domain for Indian players. RFID
shall continue to be a niche market for
its vendors and each will thrive to
make smarter industries with focus on
manufacturing, education, retail,
transport and healthcare.
JULY 2016 |