(I-BusinessNews.Com, July 25, 2021 ) The global RFID Sensor Market size is estimated to surpass $10.7 billion mark by 2026 growing at an estimated CAGR of more than 8.1% during the forecast period 2021 to 2026. RFID is a technology that identifies the present location of targets like vehicles, items in a manufacturing plant, equipment, or a person. RFID tags are attached to objects and in most RFID, fixed reference points receive wireless signals from tags to determine their location using Automatic identification and data capture. Driven by lower prices of radio-frequency identification (RFID) tags, proliferation of IoT and increasing penetration of RFID technology in various industries, the RFID Sensor Market is likely to witness high growth in coming years. RFID is growing rapidly in the APAC region due to increased penetration in this region and growing number of applications in sports, retail, and livestock management.
RFID Sensor Market Segment Analysis – By End Use Industry
Vehicle tracking is an application in which the location of a vehicle is tracked using various tracking technologies in particular RFID based RTLS solutions which offer real time intelligence through Automatic identification and data capture. In fleet tracking, the data of each individual vehicle is collected to track complete fleet location data. With the real time data about vehicles which carry assets, functions such as routing, monitoring the schedule adherence, on-board information & security, triggering pre-recorded announcement for passengers, and dispatching can be carried out efficiently.
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RFID Sensor Market Segment Analysis – By Technology
Active RFID is set to dominate the market for RFID. Active RFID systems are used to continuously transmit the location information of the asset. Active RFID devices consist of an active tag and a reader. An active tag includes a battery that generates power required to transmit the information continuously. Active RFID devices are primarily used in asset and personnel tracking. These devices are also used in conjunction with Wi-Fi and UWB Technology. Active RFID devices function over large distances of up to 300 feet, and thus, can be used in large hospitals and warehouses for tracking the assets. These devices are battery powered, and thus, can function without additional infrastructure that is required for the other RTLS technologies.
RFID Sensor Market Segment Analysis – By Geography
Based on geography, the report has been segmented into North America, Europe, APAC, and RoW. Developed countries in North America and Europe account for a major share of the total market with 34.8% and 29.7% in 2020, followed by the APAC region. The U.S. is the largest market for RFID, not just in the Americas but worldwide. The U.S. market is expected to maintain its dominance in the RFID Sensor Market through 2020. The growing utilization of RFID in the healthcare industry is projected to be the major driver for the growth of this market.
RFID Sensor Market Drivers
Growing Applications in Manufacturing Sector
The manufacturing segment is projected to offer major growth opportunities for companies in the RFID segment. The growing applications and increased adoption in this segment is set to boost the RFID Sensor Market. The growing demand for operational efficiency is leading to an increased adoption of RFID systems. RFID systems have found increased adoption mainly in process, automotive, and aerospace industries. The industrial segment of the APAC and Latin American RFID Sensor Markets is projected to witness significant growth due to rise of IoT and need for real time intelligence.
Rising Awareness in APAC market
APAC has a lot of potential for RFID, but it still remains untapped due to low level of technology adoption and automation. The growing awareness about RFID in this region can lead to increased adoption in the years to come. Accuracy and precision in tracking and locating assets appeal to firms, and thus, leads to adoption of RFID solutions. Companies that look for cost reduction realize that it can only be achieved by efficiently managing the assets and processes in place. To manage the assets and process in real time, firms seek the help of Real Time Location Systems. The industries that can drive the adoption of RFID in this region are Defense, Logistics, healthcare and manufacturing. The countries that could be major customers for RFID from APAC region are Japan, China, Singapore, South Korea, and Australia.
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RFID Sensor Market Challenges
Security and Privacy Concerns
Privacy and security are the major issues faced by the RFID Sensor Market. Concerns have already been raised about these issues in the consumer market, especially in the application of patient tracking. Customers are apprehensive about RFID possibly being used for remote monitoring and other reprehensible utilizations. The major privacy concerns are with regard to the collection and sharing of data with third party corporations. Unless privacy concerns are allayed, a significant portion of the potential customers will be unattainable.
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the RFID Sensor Market. Impinj, NXP Semiconductors, Alien Technology, Avery Dennison, Smatrac, Invengo, Checkpoint Systems, Mojix, GAO RFID, Nedap, Zebra Technologies and HID Global are considered to be the key players of the RFID Sensor Market
RFID prices have exhibited decline in the recent years and are expected to drop in the next few years. Drop in prices has resulted in increased adoption of RFID systems as customers overcome their price sensitivity. Markets are hindered by price sensitivity, and thus, the declining prices is an excellent prospect for the RFID Sensor Market.
The APAC market had exhibited low adoption due to the high price sensitivity and lack of awareness regarding the RFID products. The growing applications of IoT and efficiency of RFID have resulted in increased awareness. RFID systems, particularly in the healthcare industry, have offered quick return on investments, and are thus, driving the adoption in the APAC region.
RFID has evolved over the years and now caters to new applications in fields such as sports, retail, and livestock management. In retail, RFID is used to capture the customer data so as to understand their shopping pattern. Customers are either given tags when they enter stores or tags are attached to the shopping carts which transmit data to the receivers placed at different locations, thereby tracking interests of the customers.
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