Market Trends of RFID Investment Opportunities in APAC
Application in Automotive to Account for a Significant Share in APAC
- The innovative things are happening regularly in the automotive industry during the closing decade. Also, we are witnessing the products that are being developed have already been blended on by new smart new digital and engineering technology.
- The RFID tag provides a building or parking lot an intensified level of security. These systems are programmed accordingly when in parking, it keeps the counting of all vehicles that have entered and tell if there is space available in the parking or not. Furthermore, for the new entrants in the house, it already shows if the vehicles are authorised or not, then they give access to homes.
- Smartrac industry transponders are designed to accommodate the specific requirements of the automotive industry. These RFID sensors can measure moisture, liquid or temperature in their environment and pass the information to a reader.
- The government support and initiatives for the use of Radio Frequency Identification (RFID) technology across various industrial verticals such as automation, besides the increase in passenger cars in the APAC, will in increase the demand of RFID technology by private players, has also added strong potential to RFID market.
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Application in Healthcare & Medical Share to Drive the Market Growth
- Asia-Pacific is expected to witness a significant growth rate over the forecast period owing to the investments in improving patient care. Owing to these initiatives, India’s healthcare industry is one of the fastest growing sectors and it is expected to reach USD 280 billion by 2020. The country has also become one of the leading destinations for high-end diagnostic solutions with tremendous capital investment for advanced diagnostic facilities, thus catering to a greater proportion of the population.
- Moreover, the prevalence of hypertension (HTN) continues to increase in developing countries particularly in India and China. According to the Indian Council of Medical Research, hypertension is attributable to 10.8% of all deaths in India. This has resulted in increased investments in RFID to monitor heart rate and blood pressure.
- Besides, India and China are expected to be the countries with the most number of diabetics in the future, reported the International Diabetes Federation which has bolstered the demand for clinically validated tracking devices in the region.
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