Market Research Future (MRFR), in its latest “RFID Printer Market” report, states that the global market of RFID printer is poised to touch USD 4.82 billion by 2023 and expand at 4.90% CAGR across the study period of 2017 to 2023 (forecast period). MRFR identified that the surge in the use of RFID labels over other conventional methods for the identification of objects to be the primary cause for the rapid growth of the RFID printer market.
The growing utility of RFID tags in warehouse and inventory management is also expected to be responsible for the exponential demand for RFID printer, which is expected to spur their market growth. The rising adoption of RFID tags across verticals, such as logistics, manufacturing, healthcare, and transportation, can bolster the RFID printer market growth.
Unlike barcodes, RFID systems can collect required information for identification without the need for human assistance, which signifies the better performance of RFID. RFID requires no line of sight that denotes the feasibility of their use. The information delivered via RFID is accurate that leads to better decision making and develops product transparency, thereby fostering trust of customers. These factors are expected to surge the sales of RFID printers, thereby causing their market to grow. Advent of technologies, such as internet of things (IoT), cloud computing, and big data is expected to push the RFID printer market growth.
The rise in need for effective methods to protect hospital equipment, track patient movements, and monitor hygiene practices of hospital staffs are leading to the growing utility of RFID tags in the healthcare industry. This is expected to shape the future of the global RFID printers market. Smart homes are another big consumer of RFID tags. The growing inclination of people towards smart homes can augment the market growth. The high price of RFID printers and ease of availability of barcode printers can challenge the growth of the RFID printer market.
The global RFID printer market analysis is studied in segments that are based on printer type, printing technology, and applications.
By printer type, the market is segmented into desktop printers, industrial printers, and mobile printers. By printing technology, the market is segmented into direct thermal, thermal transfer, and inkjet. By application, the market is segmented into manufacturing, transportation and logistics, retail, entertainment, government, healthcare, and others. The manufacturing sector is anticipated to gain high traction for the market, as RFID solutions are used for streamlining the supply chain procedures.