2015 Analysis of the Global RFID Market in Retail
The market for RFID in retail is expected to grow at a compound annual growth rate (CAGR) of 38.9% between 2013 and 2020. Historically, the adoption of radio frequency identification (RFID) technology in the retail industry has been slower than expected. Low awareness levels about return on investment (ROI), skepticism, and concerns regarding privacy were among the key challenges for RFID adoption. During the past year, retailers slowly started to witness the benefits in particular business cases for RFID use. Hence, the future of RFID adoption looks bright. Rising interests in omni-channel retailing lays greater emphasis on efficient inventory management, loss prevention, and shrinkage. Hence, omni-channel retailing is and will continue to be the key driver for RFID adoption.