The UHF RFID (RAIN) market in Europe is expected to grow from US$ 568. 39 million in 2019 to US$ 1,549. 64 million by 2027; it is estimated to grow at a CAGR of 13. 5% from 2020 to 2027. Continuous developments in inventory tracking technologies are driving the growth of the retail sector at an unprecedented rate.
New York, May 31, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Europe UHF RFID Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Component and Application" - https://www.reportlinker.com/p06075685/?utm_source=GNW
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. 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, such partnerships help UHF RFID market players launch advanced chips for readers, thereby allowing them to meet the dynamic requirements of retailers, and such progressive initiatives by market players have been fueling the market growth. Additionally, surge in counterfeiting activities in retail sector is a major factor driving the Europe UHF RFID (RAIN) market.
Based on application, the retail and consumer goods segment led the Europe UHF RFID (RAIN) market in 2019.Inventory visibility and return processing are more critical for omni-channel retailing.
The best inventory management is given by RAIN technology to maximize revenue, minimize out-of-stock and overstock, and boost employee and customer satisfaction.The integration of rain RFID across the retail and consumer goods enables enterprises to increase inventory accuracy results and boost sales, as well as it also improves labor productivity.
For instance, Haier is one of the world’s leading suppliers of washing machines, producing a variety of different sub-brands under the broad umbrella.The long-distance transportation of bulky and heavy machines was creating problems for the company.
It made mis-shipments very costly to manage. To tag their entire inventory through 200 separate warehouses, they used RAIN RFID. Similarly, Inditex also implemented UHF RFID tags to tag all items in its inventory to provide insight into the stock they have, from the factory floor to the fulfillment center, wherever it is located. Thus, the above-mentioned benefits are influencing the adoption of UHF RFID solutions across the industry.
Due to the COVID-19 outbreak, Russia, the UK, France, Spain, Italy, and Germany are among the worst affected member states in Europe.Businesses in the region face severe economic difficulties as they had to suspend their operations or substantially reduce their activities.
Due to business lockdowns, travel bans, and supply chain disruptions, the region experienced an economic slowdown in 2020, and it is most likely to continue in 2021.The member states of Europe such as Italy, Spain, and Germany have implemented drastic measures and travel restrictions to limit the spread of novel coronavirus among its citizens.
European countries represent a major market for UHF RFID (RAIN) adoption due to the rising e-commerce and automotive industries.Since several European countries are in the phase of lockdowns, warehouses have been closed.
In Germany, several fashion retailers, shoe and sports shops, and electronics stores are adversely affected. Additionally, major automotive plants were temporarily closed, which led to a decrease in the shipments of car spare parts, where UHF RFID plays an important role to efficiently track the products. All these factors hinder the growth of the Europe UHF RFID (RAIN) market. Russia, Italy, Spain, Germany, the UK, and France UHF RFID (RAIN) markets are anticipated to see a decrease till mid-2021.
The overall Europe UHF RFID (RAIN) market size 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 Europe UHF RFID (RAIN) market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators 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 consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the Europe UHF RFID (RAIN) market. CAEN RFID S.r.l; Convergence Systems Limited; Impinj, Inc.; Invengo Technology Pte. Ltd.; Jadak- A Novanta Company; Murata Manufacturing Co., Ltd.; NXP Semiconductors N.V.; Walki Group Oy are among the key players operating in the market.
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