"Growing demand for the inventory management solution among the retail & e-commerce sector is driving the RFID sensor market"

Globally, the RFID sensor market is expected to grow with a CAGR of 9.2% during the forecast period from 2021 to 2029, starting from US$ 12.5 Bn in 2020. The growth of the market is attributed to the increasing adoption of inventory management solutions among the retail and e-commerce sector. Over the past decade, the retail industry is going through a phase of digital disruption. The emergence of the e-commerce industry along with the globalization across the retail industry, the need to manage the supply chain and reduce the inefficiencies is encouraging the adoption of the RFID sensors. The retailers are leveraging on the RFID sensors to keep track of their inventories and for the asset management applications.

Moreover, the supportive government initiatives to mandate the adoption of RFID tags for the asset management application in public transportation are also accelerating the market growth. Additionally, the widespread use of RFID sensors for the security application is also driving the market. 

"RFID tags are dominating the RFID sensors market due to large scale adoption across the several industry verticals"

RFID tags account for majority share in the RFID sensor market due to its wide adoption for the asset management application across several industry verticals. The organizations are using the RFID tags to keep track of their assets. The tags are widely used across the healthcare and retail industry to restrict the counterfeiting of the products. The tags are also used in the consumer electronics and automotive sector for establishing the wireless communication between the devices.

The smartphone manufacturers are using the RFID tags and readers to transmit data from one device to another. The companies are also utilizing the capabilities of the RFID tags for facilitating the non-contact payment via smartphones. Automakers are also utilizing the tags to provide non-contact access to the vehicle door and engine via smartphones.

"North America is leading the RFID sensors market"

North America is leading the RFID sensors market with over 35% share in the revenue in 2020. The market is driven by the rapidly growing e-commerce industry in the region. The retail e-commerce sales in the US is estimated to account for more than USD 500 bn across all product categories in 2020, the number is further estimated to cross USD 700 bn by 2023. This indicates the huge potential of the e-commerce industry in the region. As the e-commerce industry in the region grows, the need for an effective system for inventory management also arises. This augments the demand for the RFID sensors market. Moreover, the government regulations to mandate the use of RFID sensors for asset management in the healthcare and public transportation sector are supporting the market.

The major players in the RFID sensors market 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., SMARTRAC, Vitaran Electronics, VisuaScan Inc., and Zebra Technologies Corp.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of RFID Sensor market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the RFID Sensor market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of RFID Sensor market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the RFID Sensor market?
• Which is the largest regional market for RFID Sensor market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving RFID Sensor market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the RFID Sensor market worldwide?