Lewes, DE -- (SBWIRE) -- 05/16/2016 -- Report forecast the global RFID market for industrial applications to grow at a CAGR of 19.2% during the period 2016-2020.

An RFID system is a wireless technology that utilizes radio waves to receive data from a tag attached to an object. It is used for various purposes such as tracking objects and automatic identification. RFID tags are integrated with ICs to store information about the product in the form of a unique identification code.

The report covers the present scenario and the growth prospects of the global RFID market for industrial applications for 2016-2020. To calculate the market size, the report considers the revenue generated from RFID used for only manufacturing applications. The market size includes the revenue generated from both the licensing of software as well as the shipment of RFID hardware.

The market is divided into the following segments based on geography:
- Americas
- APAC
- EMEA

According to the report, a key driver of market growth is the use of RFID to reduce errors during the data entry process. Manual data entry is time consuming and there is a high possibility of introducing errors. With the introduction of RFID and barcode systems, firms can record and recognize data entries automatically and more accurately. These systems help detect warehouse errors such as collecting the wrong goods.

Further, the report states that one challenge that could impact market growth is the lack of awareness about RFID technology among potential end-users.

Global RFID Market for Industrial Applications 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.

key players in the Global RFID Market for Industrial Applications: Honeywell, Zebra Technologies, and Datalogic.

Other Prominent Vendors in the market are: Acreo Swedish ICT, Alien Technology, Avery Dennison, Checkpoint Systems, Cipher Lab, Core RFID, Fieg Electronics, Global Ranger, GAO RFID, Impinj, InSync Software, Mojix, Nedap, RFID4U, RF Ideas, Skyetek, Smartrac, Software AG, SATO Vicinity, TAGSYS RFID, Terso Solutions, Tellago, TIBCO Software, Tyco Retail Solutions, Thinfilm, ThingMagic, and Xterprise.

Market driver
- Use of RFID system for error reduction in data entry
- For a full, detailed list, view our report

Market challenge
- Low awareness among potential users
- For a full, detailed list, view our report

Market trend
- Increased R&D spending by vendors
- For a full, detailed list, view our report

Key questions answered in this report
- What will the market size be in 2020 and what will the growth rate be?
- What are the key market trends?
- What is driving this market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the key vendors?
- What are the strengths and weaknesses of the key vendors?

Spanning over 56 pages and 31 Exhibit "Global RFID Market for Industrial Applications 2016 - 2020" report covers Executive summary, Scope of the report, Market research methodology, Introduction, Market landscape, Technology landscape, Industry overview, RFID value chain, Geographical segmentation, Market drivers, Impact of drivers, Market challenges, Impact of drivers and challenges, Market trends, Vendor landscape, Appendix.

For more information Visit at: http://www.marketresearchreports.com/technavio/global-rfid-market-industrial-applications-2016-2020

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