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The global RFID sensors market is driven by their rising need amount the organization to reduce the inventory shrinkage in the supply chain. The organizations are incurring heavy losses in the supply chain due to lack of effective inventory tracking technology. As per the U.S.’s National Retail Federation Report, the retailers have lost more than $40 Bn in 2016 due to inventory shrinkage. The losses are mainly credited to the thefts, supplier fraud, and paperwork errors. Therefore, to address this challenge, retailers are leveraging on the RFID sensors to keep track of their inventories and assets. Further, the increasing adoption of RFID sensors among public transportation and security applications are accelerating market growth. Additionally, the emergence of the IoT is presenting myriad opportunities for the growth of the market.
Government sector is projected to grow significantly during the forecast period. The governments across the globe are leveraging on the RFID sensors to keep track of their assets. The governments have mandated the use of RFID sensors in the vehicles for the payment of the toll taxes. Moreover, government organizations are also using RFID tags to keep track of the sensitive document. The RFID sensors are used for the law enforcement and security application. The law enforcement agencies are using the RFID tags to keep track of the prisoners on parole and probation. Additionally, government organizations are also using RFID sensors for access control and short-range communication.
Asia Pacific is estimated to grow at the highest CAGR during the forecast period. The market is driven by the growing e-commerce and retail sector in the region. Asia has emerged as one of the fastest-growing regions in the e-commerce space. The region dominates the global B2C e-commerce landscape with the majority share. Furthermore, the supportive government regulations related to mandating the use of RFID sensors among automotive and public transportation for the asset management and toll tax collection is also driving the market.
The key players in the RFID sensors market space are AbeTech Corporate Inc., Balluff Inc., AB&R (American Barcode and RFID), Coridian Technologies, Honeywell Internationals PLC, ELA Innovation, Imprint Enterprises, Murata Manufacturing Co. Ltd., Invengo Technology Pte Ltd., NXP Semiconductors Inc., Tibco Software Inc., SMARTRAC, Vitaran Electronics, VisuaScan Inc., and Zebra Technologies Corp.
According to a new market research report published by Credence Research “Global RFID Sensor Market(Product (RIFD Tags, RFID Readers, Middleware); Application (Government, Healthcare & Lifescience, Industrial, Retail, Transportation & Logistics, Others); Frequency (Low Frequency, High Frequency, Ultra-High Frequency)) – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the RFID Sensor market was valued at US$ 12.5 Bn in 2018 and is set to grow with a CAGR of 9.2% during the forecast period.
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