LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global student RFID tracking market to grow to USD 892.34 million by 2021, at a CAGR of more than 8% over the forecast period, according to their latest report.
The research study by Technavio on the global student RFID tracking market for 2017-2021 provides a detailed industry analysis based on the product type (tags, readers, and middleware), end-users (K-12 segment and higher education), and geography (North America, Europe, APAC, and ROW).
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Technavio education analysts highlight the following three factors that are contributing to the growth of the global student RFID tracking market:
- Process efficiency
- Increasing awareness of RFID tracking technology
- Availability of safety features in a RFID tracking device
The adoption of the RFID technology in the education system helps the authorities of educational institutions save time and resources in the long run, by avoiding traditional student management activities. Teachers do not have to waste 10 minutes of their lecture time in marking the students' attendance manually.
“The automated tracking system of marking attendance has helped teachers not only in solving attendance-related issues but also assisted them in rectifying student behavior of missing lessons,” says Jhansi Mary, a lead analyst at Technavio for education technology research.
Increasing awareness of RFID tracking technology
The growing advancements in institutional infrastructure across the globe have created awareness among the stakeholders regarding the advantages of the RFID technology. Educational institutions are adopting these advanced technologies to ensure the safety and education of the students. In addition, the software automatically updates and maintains the student information in the institution's database. It also allows teachers to allocate course work and manage students’ progress.
Availability of safety features in a RFID tracking device
“The RFID technology is quickly gaining prevalence in the K-12 and higher education segments since it gives parents an option to track their wards' whereabouts when they are either going to school or anywhere else,” says Jhansi.
The safety features in these devices are the key factors driving their popularity, boosting the investments from education institutions. As a result, vendors are constantly focusing on improving the safety features of the device to establish a stronger position to command a premium selling price over their competitors in the market.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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