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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.
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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 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.
KEY MARKET SEGMENTS
By Frequency Band