The RFID printers market is predicted to be worth US$ 1,871.07 million in 2023 and rise to US$ 3,750.05 million by 2033. The global industry is expanding at a CAGR of 7.2% from 2023 to 2033.
The use of RFID tags has increased as a result of the expansion of retail trade. As a result, there is a significant demand for mobile and industrial RFID printers across a variety of asset-intensive industries. The wholesale packets’ RFID chips include information about their contents, and can also trigger an alert if a shoplifter tries to elude detection at the exit.
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RFID printers can be used in retail stores and warehouses to enhance the inventory management process. Another element anticipated to encourage expansion in the global market is rising demand from the healthcare sector for proper administration of patient data and papers.
Another factor anticipated to promote the expansion of the global demand for RFID printers is the transport sector’s growing usage of the technology to track shipping orders. However, the high cost of RFID solutions is likely to hamper the market growth.
Profitable Market Opportunity:
Offering lower-priced products and improving them with the help of RFID printers is a key function that provides maximum profits to manufacturers. Also, it is anticipated that the steadily accelerating printing rates can highly contribute to the global market’s expansion.
Recent Developments:
April 2017: Target and Avery Dennison have started working together. With the help of this collaboration, the company introduced RFID technology to more than 1,600 stores, maximizing inventory availability and improving the consumer experience.
February 2018: Honeywell unveiled new cloud-based safety suite software and specialized electronic tags. To keep track of usage, maintenance, and training, the Honeywell Safety Suite software scans the RFID tags. It helps the company increase the number of RFID printers it offers.
