RFID Sensor Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2026
Albany, NY -- (SBWIRE) -- 10/23/2018 -- The RFID Sensor is an automatic identification technology, which uses radio frequency electromagnetic fields to identify objects carrying tags. RFID is a technology analogous to barcodes. However, the RFID tag isn't required to be checked directly nor does it require line-of-sight to a peruser. The RFID tags must be inside the scope of an RFID peruser, which ranges from 3 to 300 feet, to be perused.
The global RFID sensor market has witnessed significant growth since last few years and anticipated to grow at a decent rate in the coming future. The RFID sensors are employed to serve various equipment of multiple industry applications including retail, transportation, security & surveillance, and aerospace & defense among others. Due to wide applications for numerous industry verticals has resulted in increasing demand among manufacturers which is propelling the growth of the global RFID sensor market during the forecast period.
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The primary factors driving the global RFID sensor market include augmented awareness regarding the significance, technological advancements, rising need for efficiency in supply chain, vigorous security in the wide application area such as in tracking and production process, in inventory management, rise in the demand for tracking inventory & equipment in businesses.
RFID helps to manage to update of stocks, and it makes operation convenient for supply chain management in retail business during transportation & logistics of products. These factors are creating opportunities for the growth of global RFID sensor market during the research study. Also, increasing technological development in the automotive sector is anticipated to fuel the growth of the global RFID sensor market.
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However, some of the restraining factors such as high cost of RFID sensor, tags collision is hampering the growth of the global RFID sensor during the research study.
The global RFID sensor can be segmented on the basis of type, product, frequency band, application, end use industry, and geography. Based on type the global RFID sensor market has been segmented into active RFID sensor and passive RFID sensor. On the basis of the product, the global market can be segmented into tags, reader, and software. Furthermore, based on frequency band the global market can be segmented into low frequency, high frequency, and ultrahigh frequency. The application segment can be segmented into access control, livestock tracking, cashless payment, inventory management, and ticketing.
Based on the end-use industry the global RFID sensor market can be segmented into transportation and logistics, healthcare, hospitality, food and beverages, retail, manufacturing, government, and others. Based on geography, the global market has been segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and South America.
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Among all the regions, North America is anticipated to dominate the global RFID sensor market followed by Europe during the research study. This is mainly due to high investment in research and development activities, constant technological innovations, the presence of leading companies, and colossal adoption rate by the sectors across the region.