India RFID Market Set To Grow at 25% CAGR Till 2018
Increasing demand for supply chain management, growing organized retail market and increasing government projects are driving the growth of RFID Industry in India.
Radio Frequency Identification (RFID) is an automatic identification process that provides a unique identification to objects. The rapidly increasing industrialization and commercialization is invigorating the companies to invest in RFID to enhance their supply chain processes as it enables scanning of multiple items at once and line of sight advantages. The major factors driving the market for RFID include increased usage in the large scale government projects such as “Aadhaar” – unique identification program, metro rail and retail industry in India.
According to a recently published report by TechSci Research ‘India RFID Market Forecast and Opportunities, 2018’, the RFID market in India is expected to grow at the CAGR of around 25% during 2013-2018. The usage of RFID technology is rapidly increasing across the country and it is growing extensively in the regions where industrial and manufacturing development are more prominent. Maharashtra and Gujarat in western region, Andhra Pradesh, Karnataka and Tamil Nadu in Southern region are the markets accounting for high usage of RFID in India. The main companies operating in the Indian RFID market include InfoTech Software and Systems, Gyaan Tech, Motorola Solutions and NEC Corporation.
“The growth of organized retail, automotive, health care and public transit are expected to contribute significantly to the demand for RFID in India. In addition, the RFID technology is also expected to be deployed in new emerging applications such as animal tracking, libraries, and precious ornaments etc. The growth of companies operating in these sectors along with the foray of multinational companies in the market would add to the growth of RFID in India”, said Mr Karan Chechi, Research Director with TechSci Research a research based global management consulting firm.
“India RFID Market Forecast and Opportunities, 2018” has evaluated the future growth potential of India’s RFID market and provides statistics and information on market structure and trends. The report includes RFIDs projections and demand forecasting. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities available in RFID market in India.