Integrated circuits in RFID assembly contain a tiny antenna for transferring information, which further contribute towards the market growth.
PUNE, MAHARASHTRA, INDIA, October 22, 2020 /EINPresswire.com/ — Rise in need for tracking inventory & equipment in businesses; robust security in wide applications such as in inventory management, tracking the production process, and others; and long distance object reading feature of RFID tags are the key factors that impact the growth of the market. In addition, development in the automotive sector, surge in demand for RFID sensors, high RFID cost, tags collision affect the growth of the global RFID sensor market. These factors are anticipated to either drive or hamper the market growth.
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. 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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Helping the supply chain management system by tracking & monitoring their inventories and providing robust security drive the market growth. Moreover, long distance tag readability fuel the growth of the global RFID sensors market. Integrated circuits in RFID assembly contain a tiny antenna for transferring information, which further contribute towards the market growth. However, high RFID cost and inability to read signals from multiple outputs hamper the market growth.
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.
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-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 foothold.
-The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
-The current market is quantitatively analyzed from 2017 to 2024 to benchmark the financial competency.
-Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
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.
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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.
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Source: EIN Presswire