Technavio's latest market research report on the global RFID tags market for agricultural applicationprovides an analysis on the most important trends expected to impact the market outlook from 2017-2021. Technaviodefines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
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Technavio has published a new report on the global RFID tags market for agricultural application from 2017-2021. (Graphic: Business Wire)
The global RFID tags market for agricultural application is expected to post a CAGR of more than 11% during the forecast period. This is owing to strong governmental support to farmers to adopt smart agriculture practices and boost the agricultural produce.
"Governments around the world are helping farmers by providing them with funds and subsidies to encourage the adoption of new technologies such as RFID tags to increase production. This support to farmers is helping the governments of developing countries to potentially increase their food security, create new jobs, and support a long-term economic growth," says Narendra Nandaigari, a lead analyst at Technavio for agricultural equipment research.
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The top three emerging market trends driving the global RFID tags market for agricultural application according to Technavio research analysts are:
- Adoption of advanced technology in agricultural applications
- Advent of cloud-based RFID solutions to overcome data corruption issues
- Emergence and popularization of strategic industry alliances
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Adoption of advanced technology in agricultural applications
The agricultural industry has been witnessing a technological revolution moving from hand tools to machines to computer science. Updated innovations have come a long way in saving time and labor, cutting costs, and improving yield. Over the past 5-6 years, the introduction of farming technology, which includes big data, Internet of Things (IoT), RFID tags, and others, has paved the way for smart agricultural practices. RFID devices can be integrated with other technological devices such as Wi-Fi and RTLS that assist farmers in tackling traceability issues. At present, technologically advanced RFID semiconductor devices are being developed to cater to the specific needs of customers. These devices help in automating the farming process, thereby ensuring the efficient operation of a farm by managing the time more effectively, controlling access to property, managing crop inventory, and offering better equipment maintenance.
"RFID tag is one of the revolutionary technologies that farmers and ranchers need to use to make their work easy. RFID tags are non-contact and secure access devices that have a high recognition rate and large storage memory. Also, these tags can be easily integrated into the user's existing systems, thus unleashing the possibility of numerous potential applications of RFID technology in agricultural practices," says Narendra.
Advent of cloud-based RFID solutions to overcome data corruption issues
Owing to the technological advances across the world, RFID technology has found a wide range of application in various sectors such as agriculture, transportation, aerospace, Information Technology (IT), logistics, and others. However, the requirement of high IT infrastructure adds to the high arrangement and deployment costs of RFID devices. Cloud-based RFID solutions offered by several providers such as Terso Solutions, Tellago, and Nedap have provided customers with an opportunity to avail RFID systems without incurring high initial procurement costs of servers.
Moreover, the risk of losing data and data corruption is reduced with the use of cloud-based RFID solutions as they offer redundancy at a much lower cost, in turn boosting the global RFID tags market for agricultural application during the forecast period.
Emergence and popularization of strategic industry alliances
The RAIN RFID alliance is an industry association and worldwide authority started by AIM Alliance on barcode technology, RFID technology, and RTLS. The alliance has currently 128 members as of January 2017, including vendors that specialize or deal in RFID tags, readers, and middleware. The founding members of this alliance are Impinj, Intel, and SMARTRAC.
The alliance was formed to create a synergy among UHF RFID solutions, cloud, and IoT as it comes with innumerable benefits for end-users and vendors in the market. The technology developed through this alliance is based on a UHF RFID protocol standard that was developed by GS1 and International Organization for Standardization (ISO). One of the main objectives of this alliance is to promote the use of UHF RFID solutions in a way that market competitors realize the economies of scale, thereby reducing the procurement costs.
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