The global UHF RFID (RAIN) market is set to register a CAGR of 11.59% during the forecast period, 2021-2028. The factors fueling the market growth are supply chain complexities, the thriving retail sector, the use of RFID technology in the healthcare sector, and the benefits of UHF RFID.
UHF RFID (Ultra High Frequency Radio Frequency Identification) (RAIN) is a wireless communication technology used for connecting devices over the cloud. It consists of readers, software, and RFID tags that contain written data, which is read using readers.
The complexities involved in the supply chain promote the global UHF RFID market growth. According to a new report, ’Managing the Complexity Paradigm,’ from Michigan State University and APICS entails balancing managing complexities that increase the cost and the potential. Also, complexities are rising due to the steadily growing number of customers, geographies, channels, and products. The primary sources of supply chain evaluated are customer accommodation, operations globalization, and supplier complexity. The first includes the consumer expectation of increasing speed and visibility of process and customization of products. The second includes the expansion of supply chains into several global consumer markets. The third includes developing and maintaining strategies to overcome the complex issues related to local sourcing. Such factors have raised the adoption of UHF RFID (RAIN). However, the market growth is hampered by security challenges.
The global UHF RFID (RAIN) market growth analysis includes the assessment of Europe, North America, Asia-Pacific, and Rest of World. North America is projected to be the dominating region by 2028 with regard to revenue share. The market prospects of the region are attributed to the surging adoption of automation and the flourishing retail sector.
The rising demand for UHF RFID fuels the competitive rivalry in the market. Some prominent companies in the market include CAEN RFID srl, Lowry Solutions Inc, NXP Semiconductors, Invengo Technology PTE Ltd, Impinj Inc, etc.
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