RFID Digital Inventory Management System Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast By 2025
Albany, NY -- (SBWIRE) -- 05/18/2018 -- Inventory management is the support system for every enterprise. It defines the growth, survival, and success of the business. Poor inventory management can lead to reduced sales which in turn can result in low profitability or even loss to a firm. Major challenges faced by organizations while managing inventory include product misplacement, counterfeit products, and insufficient stock.
At present, RFID technology is used for efficient inventory management around the globe. RFID technology enables the reading of products in real-time and helps to eliminate all the challenges faced while managing inventory. The products and items are equipped with RFID tags which stores data as well as information about the stock. Each product and item stored in the stock are monitored in real time and data regarding the same is displayed on the control center computer. The real time monitoring happens as a result of the transmitted signal to RFID tags from the RFID reader. Once the RFID tag detects the transmitted signal, data is sent to the RFID reader. The RFID tags are then scanned by the RFID reader and the control computer center then displays the information and status from each tag.
Growing need to efficiently manage complex inventory is the major factor which is accelerating demand for the RFID technology among enterprises globally. Big retail stores are deploying RFID technology in order to efficiently deal with complex inventory problems and effectively cater to customer requirements. Organizations such as Walmart and Zara, among many others have turned to RFID technology to manage their global operations. Apart from this, in warehouse management, RFID technology is used locate products quickly and with greater accuracy owing to the visibility of real-time inventory information. This is consequently fueling demand for RFID technology across the globe. Furthermore, growing adoption of RFID technology by retail stores for stock security, by placing tag-readers at every points of high risk, such as exits, and causing them to activate alarms.
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A rising number of end-use industries with the need for access management technologies and material identification management has greatly driven the adoption of RFID tags across the world. The RFID digital inventory management system has a number of advantages over barcode technology. First and foremost, with RFID technology in use, there is no need for an operator, unlike barcode where the scanning has to be done by a person with a scanner. Secondly, RFID tags cannot be counterfeited easily, hence providing a degree of security and product authentication. Moreover, RFID is 'read only' or 'read –write' and can be used in unreceptive environments. Therefore, these are the major elements which are expected to drive the demand for the RFID technology around the globe.
RFID technology has gained popularity across various industry verticals since RFID technology increase inventory accuracy and in turn help increase profit margin and customer satisfaction. Vendors are planning to further develop and innovate this technology in the order to remain competitive in the market. Moreover, various industries are willing to adopt RFID technology to improve inventory management, which is expected to make the market lucrative in the coming years.
Growing requirement for effective supply chain management is anticipated to support the growth of the RFID technology across the world, specifically in emerging economies such as Asia pacific and South America. Furthermore, the RFID technology can completely handle the whole process, right from sales and online cart discarding to pricing and in-store consumer service. Besides this, the blend of omnichannel technologies and capabilities with RFID technology has the potential to transform the whole retail business. These are the major elements which are expected to boost the demand for the RFID technology among consumers for inventory management across the world.
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