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Connected Devices and Growth of Global RFID Market : RFID-based Connected Devices Expected to Witness High Demand Across Industries
This market insight discusses the growth of Internet of Things and its impact on the global RFID market. The MI talks about the growth opportunities due to the rise of connected devices across verticals and what opportunities are offered for the RFID market. The vertical markets discussed include retail, healthcare, automotive and transportation, and banking and financial services. In addition, the MI also highlights the growth of urbanization and smart cities and what opportunities are ahead for RFID participants.
Internet of Things will lead to the rise of connected devices globally. By 2020, there will be over billion Internet users while billion connected devices worldwide.
- Because of rising urbanization and economic development, smart cities will create huge business opportunities of more than a trillion dollars by 2020.
- The retail industry will eventually transform into a model supporting physical, digital, and virtual retailing experiences.
- Healthcare will transform into smart healthcare, which will focus on personalized medical care and wellness.
- The banks and financial services industry will increasingly depend upon secure connected devices for personalized and easy banking services and investment planning.
- Radio frequency identification (RFID) will allow the users to have a smooth and hassle-free retail, healthcare, and banking experience using secure connected devices. RFID-enabled devices will grant access of critical information in real time.
- Cloud-based RFID solutions will play a pivotal role in creating high growth opportunities for RFID software participants. In addition, combining Big Data with RFID middleware and software will be a key trend.
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