The UHF RFID (RAIN) market in MEA is expected to grow from US$ 73. 27 million in 2019 to US$ 167. 84 million by 2027; it is estimated to grow at a CAGR of 11. 1% from 2020 to 2027. The adoption of smart devices and increasing government investments 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.
New York, May 27, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Middle East & Africa UHF RFID Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Component and Application" - https://www.reportlinker.com/p06075718/?utm_source=GNW
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, most 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. As per RAIN RFID, in 2015, the technology connected~20 billion things, tracking the identity and authenticity of items. In addition, the implementation of UHF RFID increased by ~29% CAGR in healthcare, retail apparel, pharmaceutical, supply chain, and logistics industries. Further, as per IWEC Foundation, there will be ~64 billion IoT devices by 2025, which is up from ~10 billion in 2018. Thus, being a crucial building block of the IoT, the UHF RFID technology will allow several new applications and business models, along with making them affordable and practical for users. Additionally, increasing production in the automotive manufacturering is among the other major factor driving the growth of the MEA UHF RFID (RAIN) market.
Based on component, the MEA UHF RFID (RAIN) market for the hardware segment is expected to grow at the fastest pace during the forecast period.The hardware in the UHF RFID (RAIN) market provides a considerable benefit to the organizations by enabling it to simplify all their business processes and current internal systems, such as inventory management and the technology being used. In addition, enterprises can implement their data security standards that control an entire process housed within the hardware of the enterprise. The hardware segment of the market includes tags and labels, readers, printers, and antennas.
Among the MEA countries, South Africa has recorded the highest number of COVID-19 confirmed cases.Other major countries such as Iran, Iraq, Israel, Morocco, Saudi Arabia, and the UAE are facing the economic impact of COVID-19 outbreak.
The region comprises many growing economies such as the UAE and Saudi Arabia, which are prospective markets for UHF RFID (RAIN) providers due to the huge presence of a diverse customer base for the retail and e-commerce industry.Other than the impact of COVID-19 pandemic, there is already a pressure on the economies of various oil-based countries in the region due to falling oil prices.
In addition, the factory lockdowns, business shutdowns, and travel bans are further aggravating the economic problems of the countries in the region. Hence, the estimated decline in the economic condition of MEA countries, and impact of COVID-19 pandemic on the growth of various industries in the region are expected to hinder the growth of the MEA UHF RFID (RAIN) market till mid-2021.
The overall MEA 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 MEA 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 MEA UHF RFID (RAIN) market. CAEN RFID S.r.l; Impinj, Inc.; Invengo Technology Pte. Ltd.; Jadak- A Novanta Company; Murata Manufacturing Co., Ltd.; and NXP Semiconductors N.V. are among the key players operating in the market.
Read the full report: https://www.reportlinker.com/p06075718/?utm_source=GNW
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