The UHF RFID (RAIN) market was valued at US$ 2,011. 70 million in 2019 and is projected to reach US$ 5,588. 33 million by 2027; it is expected to grow at a CAGR of 13. 8% during 2020–2027. With the continuously evolving technology landscape, companies are continuously striving to find solutions that could help them enhance overall business productivity, operational efficiency, and consumer experience, alongside reducing the overall cost.
New York, Feb. 23, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "UHF RFID Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Component and Application" - https://www.reportlinker.com/p06027570/?utm_source=GNW
Therefore, the demand for advanced application monitoring solutions such as UHF RFID solutions is growing exponentially across various industries such as retail and consumer goods, logistics and transportation, healthcare, and manufacturing.
Moreover, the advancements in IoT offer growth opportunities to the UHF RFID (RAIN) market players.The adoption of smart devices and mounting government investments—especially in countries such as Japan, Singapore, China, and Australia—focused on the R&D and installations of Internet of Things (IoT) in the manufacturing, utilities, retail, and other sectors is fueling the growth of IoT.
It confers various objects with the ability to interconnect and share data.IoT applications necessitate a data connection between the physical and digital world, and UHF RFID is the finest technology to bridge these spaces.
With the boom in IoT in various countries, the majority of networked objects would be connected wirelessly through the passive UHF RFID technology that seamlessly allows passive objects to communicate crucial data, which can be used to identify these objects with exact place and time details. The technology adds intelligence to the IoT ecosystem and simplifies new applications for connected resources.
According to the latest COVID-19 pandemic situation report from World Health Organization (WHO), the US, India, Brazil, Russia, UK, France, Spain, and Italy are among the worst-affected countries.As of January 2021, 97,464,094 confirmed COVID-19 cases have been reported globally, with 410,667 total deaths, and the number is growing at varying rates in different countries.
The COVID-19 crisis adversely affected the global economy in 2020, and the impact is likely to continue in 2021 as well.The pandemic has disturbed the operations of UHF RFID (RAIN) businesses and suppliers in the world; the consequences are likely to continue till mid-2021.
The factory shutdowns, travel bans, trade bans, and border lockdowns have restricted the UHF RFID (RAIN) industry growth.
The UHF RFID (RAIN) market is segmented on the basis of component, application, and geography.Based on component, the market is segmented into hardware, software, and services.
In 2019, the hardware segment held the largest share of the market.On the basis of application, the UHF RFID (RAIN) market is segmented into retail and consumer goods, logistics and transportation, healthcare, manufacturing, and other applications.
The retail and consumer goods segment accounted for the largest market share in 2019.The UHF RFID (RAIN) market, by geography, is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America (SAM).
In 2019, North America held the largest share of the market, followed by Europe and APAC. Further, the market in APAC is projected to grow at the fastest CAGR during 2020–2027.
Overall size of the UHF RFID (RAIN) market has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the UHF RFID (RAIN) market with respect to all the segments.Also, multiple primary interviews have been conducted with industry participants to validate the data, as well as to gain more analytical insights into the topic.
The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultant such as valuation experts, research analysts, and key opinion leaders—specializing in the UHF RFID (RAIN) market. Caen RFID S.R.L; Convergence Systems Limited; Impinj, Inc.; Invengo Technology PTE. LTD.; Jadak; Lowry Solutions Inc.; Murata Manufacturing Co., Ltd.; NXP Semiconductors; SAG; and Walki Group OY are among the players profiled during this market study.
Read the full report: https://www.reportlinker.com/p06027570/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
CONTACT: Clare: email@example.com US: (339)-368-6001 Intl: +1 339-368-6001