March 29, 2020
RFID Sensors

RFID Sensors Market | Government sector is expected to grow significantly during the forecast period

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. 

Market Insights

The global market for RFID sensors is driven by the increasing need of the organization to reduce inventory shrinkage in the supply chain. Organizations are incurring heavy losses in the supply chain due to lack of efficient inventory tracking technology. According to the U.S. National Retail Federation Report, retailers lost more than $40 billion in 2016 due to inventory shrinkage. Losses are mainly due to thefts, supplier fraud and paperwork errors. Retailers are therefore leveraging RFID sensors to address this challenge to keep track of their inventories and assets. Furthermore, the increasing adoption of RFID sensors between public transport and security applications is accelerating market growth. In addition, the emergence of IoT presents a myriad of opportunities for market growth.

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The Government sector is expected to grow significantly during the forecast period. Governments around the globe are leveraging RFID sensors to keep track of their assets. Governments have mandated the use of RFID sensors in vehicles to pay toll taxes. In addition, government organizations also use RFID tags to keep track of the sensitive document. The RFID sensors are used for law enforcement and security purposes. The law enforcement agencies use RFID tags to track prisoners on probation and probation. Government organizations also use RFID sensors for access control and short-range communication.

Asia Pacific is estimated to grow at the highest CAGR in the forecast period. The market is driven by an increasing e-commerce and retail sector in the region. Asia has emerged as one of the fastest-growing regions in e-commerce. The region is dominated by the global B2C e-commerce landscape with a majority share. In addition, the government’s supporting regulations on mandating the use of RFID sensors between the automotive and public transport sectors for asset management and the collection of toll taxes also drive 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.
• Vitaran Electronics
• VisuaScan Inc.
• Zebra Technologies Corp.

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