Radio Frequency Identification (RFID) is a form of wireless communication, which uses tags in order to track the details of the objects. The benefits offered by the RFID to organisation are eliminating the human error, securing the data from unauthorized access, and minimizing overhead expenses. Increasing adoption of advanced technologies such as Real Time Location Systems (RTLS), sensor networks, Internet of Things (IoT), radio frequency identification devices (RFID) help in increasing the security of the data from the cyber threat. This features help in controlling the data loss and securing the data from unauthorised access. Hence, this factor will positively help in fuelling the growth of the market.
Increasing adoption of IOT in the various verticals such as manufacturing, healthcare, retailers and many others is one of the major factors driving growth of the market. Increasing adoption of advanced technologies such as sensor, smart devices, robots and many more in the various verticals has positively uplifting the adoption of IOT in the various verticals, which in turn is driving the growth of the market.
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On the basis of regions, the global RFID market is segmented in to North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. North America held a dominant position in the global RFID market in 2017, and is expected to retain its dominance throughout the forecast period. North America accounted for the largest market share in global RFID market in 2017, owing to increasing number of cyber-threats across the various verticals such as healthcare, banking and financial, retail, manufacturing and many more, which is driving the growth of the market in this particular regions. For instance, according to the Internet Crime Complaint Center (IC3), in 2016, cybercrimes were valued at over US$ 1.33 billion worldwide, where California witnessed loss of over US$ 255 million. Moreover, in 2016, about 28% of web application attacks were recorded in the U.S., followed by the Netherlands and Germany. Therefore, organisation are implementing the RFID tags in the various department in order to increase security of the data from cyber-attacks, which in turn is expected to fuel growth of the market in this particular regions.
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The industry is marked by the presence of many global vendors, such as Alien Technologies, Honeywell International, Inc, NXP Semiconductors, Inc, Smartrac N.V, and Zebra Technologies. Some other prominent players include RFID4U, Tibco Software, Mojix, Inc, Impinj, Inc, and TIBCO Software, Inc. The key players of the market such as Alien Technologies, Honeywell International, Inc and among others adopted the new product development strategy in order to gain the competitive edge in the market.
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