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Industrial RFID printers expected to gather maximum attractiveness and hold the highest market share in the foreseen future
The major application of RFID labels/tags is in the retail industry as it enhances the supply chain management and inventory management of a retailer. But as the adoption of RFID tags has increased, it has paved its way in other industries such as manufacturing, transportation and logistics, healthcare, and warehouse management. Among the three key segments based on the product type, the industrial RFID printer is the most preferred owing to its high volume RFID tag generation ability.
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According to the research report, the industrial RFID is expected to lead with a market value of over US$ 2,200 Mn by the end of 2028, and growing at an exceptional rate of 8.4% during the forecast period. The advantages associated with RFID technology, is witnessed to help RFID tags being increasingly adopted in various industries, especially in healthcare, transportation and logistics, and manufacturing.
Easy availability of RFID printers due to improved supply chain triggers the growth of global market
RFID tags store detailed information (up to 2 KB) related to the product on which it is tagged. The prices and details of the products with RFID tags are automatically recorded when the customer approaches the counter, without scanning each product separately, which saves time. Moreover, it allows cost tally in one scan, which saves time of user as well as product retailer. These advantages have encouraged retail and manufacturing companies to adopt RFID technology for tagging their products. This has also resulted in easy availability and improved supply chain of RFID printers, giving rise to the global RFID printers market. The penetration of RFID technology has also given birth to free trade agreements between some countries in the Latin America and the U.S., Europe, and countries in APAC. Several companies in Mexico and South America are international suppliers of low-cost manufactured goods and fresh food products. Hence, these companies are focused on adopting low cost technologies to improve efficiency, traceability, and safety of such products.
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RFID printers market to face limitations due to high cost and intense competition from barcode market
Penetration of RFID technology is increasing in Latin America owing to free trade agreements between some countries in the region and the U.S., Europe, and countries in APAC. Several companies in Mexico and South America are international suppliers of low-cost manufactured goods and fresh food products. Hence, these companies are focused on adopting low cost technologies to improve efficiency, traceability, and safety of such products. Amid the concerns regarding high costs, there is also a rise in competition from barcode printers market. The barcode printing is also an established business. The low cost of barcode printers acts as a counter to the advantages associated with the RFID printers and, thereby witnesses an increased adoption, when compared to the latter. In addition to this, introduction of image barcode is creating a competitive scenario for the adoption of RFID printers.
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