During the period of COVID-19 pandemic, RFID sensors very utilized in the healthcare industry for patient and contact tracking for isolation and quarantine. Products in the global RFID sensor market are also used by healthcare professionals and organizations to track the hospital assets such as equipment and medical devices. Rising demand from healthcare sector owing to immense benefits in inventory and personnel management offered by RFID solutions is triggering growth within the global RFID sensor market.
Furthermore, increasing demand from logistics and supply chain industries is also boosting the development in the global RFID sensor market in coming years. Solutions in the global RFID sensor market are used in supply chain and logistics industry for various applications such as inventory management, manufacturing, warehouse management, and freight transportation. Advanced solutions in the global RFID sensor market can also help industry stakeholders in tracking location, shipment, and temperature of the product at any given time. This helps is assessing the status of the product and protects the inventory from theft. Benefits such as these are driving the adoption of the solutions in the global RFID sensor market across industry verticals.
Retail End Use Segment to Lead the RFID Sensor Market in Coming Years
Players and manufacturers operating within the global RFID sensor market provide two types of products, namely, passive RFID sensors and active RFID sensors. Passive RFID sensors receive high demand within the global RFID sensor market owing to their cost effective nature. These products in the global RFID sensor market operate on three distinct frequency ranges, i.e. low frequency, ultra-high frequency, and high frequency. Applications for the products and solutions offered by the vendors in the global RFID sensor market include access control, ticketing, inventory management, livestock tracking, and cashless payment, among others.
Some of the major end use industry verticals making use of the products and solutions in the global RFID sensor market include transportation, manufacturing, health care, agriculture, sports, logistics and supply chain, retail, aerospace and defense, and advertisement, among others. Based on the end use industry, the retail segment is anticipated to expand at a significant rate in the global RFID sensor market in coming years. This trend can be attributed to rising need for accurate and real time data about the inventory and specific products in the retail industry. The global RFID sensor market can be classified into five distinct geographical regions, i.e. Europe, Asia Pacific, North America, Middle East and Africa, and South America.
Players in RFID Sensor Market Focusing on Developing Cost Efficient Products
Few of the most prominent players and manufacturers operational within the global RFID sensor market include Applied Wireless Inc., CAEN RFID S. R. L., Checkpoint Systems, Inc., Invengo Information Technology Co. Ltd., NXP Semiconductors, Alien Technology, Avery Dennison Corporation, Honeywell International Inc., Impinj, Inc., Motorola Solutions, Inc., and Savi Technology, among others. Leading players in the global RFID sensor market such as Applied wireless Inc., Honeywell International Inc., Alien Technology, and Avery Dennison Corp. are engaged in developed of low cost RFID sensors that can attract more end users and consumers across industry verticals.
For example, A leading provider of RAIN RFID solutions, Impinj, Inc., launched integrated circuits or ICs called Impinj M750 and Impinj M730 on 4th December, 2019. These ICs offer fast inventory capability, advanced features aimed at next gen RAIN RFID tags, and high performance. These products in the global RFID sensor market can potentially be embedded in or attached to every item or product in the world. CAEN RFID S. R. L. announced the compatibility and support of all their CAEN RFID readers by Nebula Platform in May of 2021. The Nebula platform enables straightforward and fast paced implementation of track and trace solutions fueled by RFID technologies. This move can aid their customer in focusing on business relevant factors of the offered solution.