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According to our latest market study on “UHF RFID (RAIN) Market Forecast to 2027 – COVID-19 Impact and Global Analysis By Component (Hardware, Software, and Services) and Application (Retail and Consumer Goods, Logistics and Transportation, Healthcare, Manufacturing, and Other Applications),” the 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% from 2020 to 2027. The report highlights key factors driving the market growth and prominent players with their developments in the market.
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Radio frequency identification (RFID) systems that operate in the UHF frequency spectrum are termed UHF RFID systems. The term RAIN originates from RAdio frequency IdentificatioN, which acts as a nod to the link between UHF RFID and the cloud. Several hardware components such as tags and readers are integrated within this technology. The RFID tags are used to track all types of objects in the retail, healthcare, and manufacturing industries, among others, and it also allows them to manage assets and inventory. The UHF RFID tags/readers functions at 433 MHz and 860–960 MHz. The tags operate with the help of the far-field radiative coupling principle or backscatter coupling principle. It has a larger read range than low-frequency (LF) and high-frequency (HF) tags. The UHF RFID tags consist of antenna and integrated circuits (ICs); the antenna is used to receive RF waves, and the IC includes processing information, four memory banks, send and receive information, and anti-collision protocols.
Key Recent Developments: UHF RFID (RAIN) Market
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Growing Adoption of RFID Technologies in Retail Sector Fueling Market Growth
Continuous developments in inventory tracking technologies are driving the growth of the retail sector at an unprecedented rate. The sector boosts the reach of numerous businesses to customers, thereby providing them necessary exposure. The growing emphasis on online marketing tools, such as Facebook and Google ads, has been contributing to the boom in the retail sector. It is one of the mature industries in the US, where consumers are highly inclined toward online shopping. As per the facts stated by the Census Bureau of the Department of Commerce, the retail e-commerce sales in the US were US$ 160.3 billion in the first quarter of 2020, with an increase of 2.4% from the fourth quarter of 2019.
In the retail sector, the Radio Frequency Identification (RFID) is hugely adopted for apparel tagging. The apparel vendors are progressively leveraging digitalization and Big Data analytics with the help of RFID applications. RFID is a mature technology that uses radio waves to transmit data from RFID tags to a reader, which helps identify objects based on the caught data or track the location of the same. Several retail sector giants, such as H&M, Lululemon, Zara, and Nike, use UHF RFID technology for inventory management, which helps them generate a more effective supply chain, combat counterfeit items, and prevent out-of-stock situations. Lululemon, a sports retail giant, surged its e-commerce sales by implementing RFID to track product movement in its stores. The company uses the 1128 Bluetooth UHF RFID Reader, offered by Technology Solutions (UK) Ltd., to streamline goods receipt and weekly inventory tracking. Thus, the above-mentioned factors are influencing the market growth.
UHF RFID (RAIN) Market: Competitive Landscape
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Expert Opinions on UHF RFID (RAIN) Market:
During the course of the research study, various leading industry experts, global sales managers, key opinion leaders, and industry veterans shared their valuable and critical insights about global and regional trends related to the UHF RFID (RAIN) market. As a result, the figure below summarizes a few expert opinions collected during the primary research for the global UHF RFID (RAIN) market.
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