According to a recent report published by Allied 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.
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.
Key Findings of the RFID Sensor Market:
The type segment is estimated to generate the highest revenue in the global RFID sensor market in 2017.
By type, the passive segment was the highest revenue contributor in 2017.
Asia Pacific is anticipated to exhibit the highest CAGR during the forecast period.
In 2017, North America contributed the highest market share, followed by Europe, Asia Pacific, and LAMEA.
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