North America UHF RFID Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Component and Application

The UHF RFID (RAIN) market in North America is expected to grow from US$ 838. 34 million in 2019 to US$ 2,435. 55 million by 2027; it is estimated to grow at a CAGR of 14. 4% from 2020 to 2027. Growing complexities in supply chains due to outsourcing, internationalization, and e-retailing are leading to the mitigation of control over various activities, which has led to vulnerabilities in these supply chains.

New York, May 25, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "North America UHF RFID Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Component and Application" - https://www.reportlinker.com/p06075758/?utm_source=GNW
Counterfeiting is a widespread issue that impacts various businesses. At present, the issue is limited to luxury products and goods such as beauty products and apparel. Furthermore, sports giants such as Reebok and Adidas are taking on the ever-growing number of counterfeits. They filed the trademark suit in federal court against ~50 online sellers for selling, promoting, and providing for sale and distributing quantities of footwear. This lawsuit comes during the attention to the rising counterfeit-centric posts on Facebook platforms, which also comprise sponsored content that sellers pay Instagram to post. Thus, Reebok and Adidas are seeking US$ 2 million from each of the defendants for every counterfeit trademark used. The cases of counterfeits are gradually decreasing with the introduction of UHF RFID technology, as it makes copying or faking the trademark difficult and delivers a multi-layered defense against attacks on supply chain. With this technology, one can identify an individual item, determine its location, and review its chain of custody. Gathering this data makes it easier to handle the supply chain and identify counterfeits. Additionally, rising usage of RFID technologies in retail sector is a major factor driving the North America UHF RFID (RAIN) market.
Based on component, the hardware segment led the North America UHF RFID (RAIN) market in 2019.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.

North America has the highest adoption and growth rate of new technologies owing to favorable government policies to boost innovation and strengthen the infrastructure capabilities.Hence, any impact on industries affects the economic growth of the region in a negative manner.

The US is one of the prominent markets for UHF RFID (RAIN) due to the growing retail and e-commerce, and healthcare sectors.The huge increase in the number of COVID-19 confirmed cases and rising reported deaths has affected these industries.

The factory and business shutdowns across the US, Canada, and Mexico impact the adoption of the UHF RFID (RAIN).The retail sector has faced considerable shifts, consumer spending on groceries continue to increase.

However, spending on apparel and other accessories decreased substantially in 2020. Moreover, in the mid-2020, the retail and e-commerce sales have increased gradually, which led to the slight growth in the market in North America. RFID technology is also highly used in the healthcare industry to track their assets. To combat the COVID-19 crisis, the region has started shipping vaccines and PPE kits within the region where RFID technology has made a comeback to track and authenticate test kits, PPE, and vaccines. Thus, this also leads to slight growth in the market. COVID-19 has had a severe impact on transportation and automotive, and trade activity. North America is a home to many manufacturing and technology companies. Thus, the impact of COVID-19 outbreak was quite severe in 2020, and it is likely to continue in 2021. The negative impact of the outbreak is short-term; it is likely to decrease in the coming years.
The overall North America 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 North America 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 North America UHF RFID (RAIN) market. CAEN RFID S.r.l; Convergence Systems Limited; Impinj, Inc.; Invengo Technology Pte. Ltd.; Jadak- A Novanta Company; Lowry Solutions Inc.; Murata Manufacturing Co., Ltd.; and NXP Semiconductors N.V. are among the key players operating in the market.
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