Press release
RFID Sensor Market to Expand at a CAGR of 8% | 2021-2031
According to Transparency Market Research's latest research report on the global RFID sensor market for the historical period of 2017-2019 and the forecast period of 2021-2031, an increasing need for tracking inventory and equipment, robust security provided by the RFID sensor, need for tracking the production process, and a wide range of applications are major factors that are expected to boost the global RFID sensor market during the forecast periodView Our Report @ https://www.transparencymarketresearch.com/rfid-sensor-market.html
The RFID sensor market has been segmented based on type, frequency range, application, and end-use industry. Based on type, the passive RFID sensor segment held a prominent market share, and it is estimated to expand at CAGR of 9.26% during the forecast period, as passive RFID sensor is cost-effective and hence, it is utilized in a wide range of applications such as access control and file tracking.
In terms of end-use industry, the retail segment is estimated to expand at a CAGR of 7.90% from 2017 to 2031 due to a need for real-time and accurate data. RFID sensors are widely used in the logistics and supply chain sector and hence, the logistics and supply chain segment is projected to expand at a notable CAGR of 8.62% for the period 2021 to 2031. Adoption of RFID sensor in the logistics and supply chain sector is due to the rise in the usage of RFID tags.
Based on revenue, the global RFID sensor market is estimated to exceed the valuation of US$ 18.52 Bn by 2031, expanding at a CAGR of 8% during the forecast period
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RFID sensors are used for various applications in the supply chain industry such as warehouse management, inventory management, freight transportation, and manufacturing. An RFID sensor increases the performance in these applications. Furthermore, it plays an essential role in visibility from point of manufacturing to the floor and exit door. It tracks the temperature, location, and shipment of a product. Hence, it helps determine the status and protects from theft.
Moreover, the real-time data provided by RFID sensors increases efficiency and reduces the operational cost. These factors are fueling the demand for RFID sensors in the logistics and supply chain industry and subsequently, propelling the RFID sensor market.
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In the healthcare industry, RFID sensors are employed for various objectives such as tracking patients. For instance, during the COVID-19 pandemic, they helped track patients and their contacts for isolation. Additionally, RFID tags are used to track the assets of the hospital.
When it comes to mission critical assets, the RFID technology provides great help. For instance, in operation theaters it is mandatory to inspect assets regularly in order to avoid unplanned breakdowns. These factors are propelling the market.
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Detailed profiles of providers of RFID sensors have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
Key players operating in the global RFID sensor market are
Alien Technology
Applied Wireless Inc.
Avery Dennison Corporation
CAEN RFID S.R.L.
Honeywell International Inc.
Checkpoint Systems, Inc.
Impinj, Inc.
Invengo Information Technology Co. Ltd
Motorola Solutions, Inc.
NXP Semiconductors
Savi Technology
About Transparency Market Research:
Transparency Market Research is a Global Market Research Report company providing business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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Transparency Market Research Inc.
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