According to a recent report published by Big Market Research, titled, Global RFID Sensor Market by Product, Frequency Band, Type, Application, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2018-2024, The global RFID sensors market was valued at $11.81 billion in 2017, and is projected to reach $26.67 billion by 2024, registering a CAGR of 12.2% from 2018 to 2024.
RFID sensor is an automatic identification technology, which uses radio frequency electromagnetic field to identify the objects carrying tags. At present, North America dominates the market, followed by Europe. In 2017, the U.S. is expected to remain dominant in the North America market, while the UK is projected to lead the overall market in Europe.
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Radio Frequency identification (RFID) is the use of radio waves to read and capture information stored on a tag attached to an object. A tag can be read from up to several feet away and does not need to be within direct line-of-sight of the reader to be tracked.
Factors such as rise in need for tracking inventory & equipment in businesses, robust security provided by RFID sensors, and ability of RFID to read the signal from long distance fuel the growth of the market. However, high RFID cost and lack of ability to perform in uncertain situations hamper the market growth. On the contrary, development of the automobile industry and use of RFID in various applications are expected to present numerous opportunities for market expansion.
The key players profiled in the report are Murata Manufacturing Co., Ltd, Vitaran Electronics, SMARTRAC, ELA Innovation, Balluff Inc., AB&R (American Barcode and RFID), VisuaScan Inc., Imprint Enterprises, Coridian Technologies, Inc., AbeTech Corporate, and Invengo Technology Pte. Ltd.
The global RFID market is segmented into product, frequency band, type, application, industry vertical, and region. Based on product, the market is categorized into tags, reader, and software. On the basis of frequency band, it is classified into low frequency, high frequency, and ultrahigh frequency. By type, it is divided into active and passive. Depending on application, it is fragmented into access control, livestock tracking, ticketing, cashless payment, and inventory management. The industry verticals segment is divided into transportation & logistics, healthcare, hospitality, food & beverages, retail, manufacturing, and government. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
KEY BENEFITS FOR STAKEHOLDERS
- This study comprises analytical depiction of the global RFID sensor market with current trends and future estimations to depict the imminent investment pockets.
- The overall market potential is determined to understand the profitable trends to gain a stronger coverage in the market.
- The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
- The current market is quantitatively analyzed from 2018 to 2024 to highlight the financial competency of the market.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers.
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Rise in Need to Track Inventory & Equipment in Businesses
Optically based system such as barcode fails to provide unique solutions to logistical tracking of inventory or equipment along with read/write capabilities. RFID helps to manage updating of stocks, and to make operation convenient for supply chain management in retail business during transportation & logistics of products.
Robust Security Provided by RFID Sensors
The information imprinted on a barcode is fixed and cannot be changed. In contrast, RFID tags have electronic memory similar to the computer to store information about the item. This information is used for various applications such as retail, transport, business security, and also in large-scale commercials. Moreover, RFID tags installed in the jewelry stores help to determine unauthorized attempt made to move the jewelry items away from the premises by activating alarm. This mechanism provides robust security as compared to barcode scanners.
RFID Tags Reading Collision due to Presence of Multiple Signal Outputs
Tag collision occurs when a RFID reader is unable to reads signals from multiple tags at the same time. For instance, interference has been observed in RFID systems, when devices such as forklifts and walkie-talkies are around. In addition, the presence of mobile phone towers interferes with these radio waves. The problem of tag collision is reported by the retail sector giant Walmart, when they installed RFID sensor tags in their systems. Therefore, the growth of the global market is restrained, owing to the incapability of RFID sensors to operate properly in multiple tag reading conditions.
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