Middle East and Africa UHF RFID (RAIN) Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Component (Hardware, Software, and Services) and Application (Retail and Consumer Goods, Logistics and Transportation, Healthcare, Manufacturing, and Other Applications)
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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.
France, Germany, Italy, Russia, and UK are major economies in MEA. Automotive manufacturers witnessing production increment is the major factor driving the MEA UHF RFID (RAIN) market. The demand for commercial vehicles and passenger cars, primarily in developing nations, is surging exponentially. The growing production of commercial and passenger vehicles generates huge demand for the UHF RFID technology as it is used at every level of the automotive manufacturing industry to identify the parts through manufacturing and to track products via the supply chain. The automotive sector is continuously looking to automate and enhance its manufacturing and logistics operations. This compels them to collaborate with suppliers and service providers. The UHF RFID technology enables automakers and component suppliers to increase their automotive production efficiency by providing them with the necessary control of manufacturing processes and allowing them to take anti-counterfeiting measures. The technology can also help track new vehicles in the finishing and shipping processes. Thus, the growing vehicle production, is propelling the demand for UHF RFID technologies.
Among the MEA countries, South Africa has faced the highest number of COVID-19 cases. Other major countries facing the economic impact of COVID-19 include Iran, Iraq, Israel, Morocco, Saudi Arabia, and UAE. The region comprises many growing economies such as 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. The global COVID-19 pandemic would have significant effects on global economies, but the region has negatively impacted as there is already pressure on the economy of various oil-based countries due to falling oil prices. In addition to this, 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 MEA’s economic condition and impact of COVID-19 on the growth of various industries in the region is expected to negatively impact the growth of the market till mid-2021.
With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the MEA UHF RFID (RAIN) market. The MEA UHF RFID (RAIN) market is expected to grow at a good CAGR during the forecast period.
MEA UHF RFID (RAIN) Market Segmentation
MEA UHF RFID (RAIN) Market – By Component
- Hardware
- Tags and Labels
- Readers
- Printers
- Other Hardware
- Software
- Services
MEA UHF RFID (RAIN) Market – By Application
- Retail and Consumer Goods
- Logistics and Transportation
- Healthcare
- Manufacturing
- Other Applications
MEA UHF RFID (RAIN) Market, by Country
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
MEA UHF RFID (RAIN) Market - Companies Mentioned
- CAEN RFID S.r.l
- Impinj, Inc.
- Invengo Technology Pte. Ltd.
- Jadak- A Novanta Company
- Murata Manufacturing Co., Ltd.
- NXP Semiconductors N.V.
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the MEA UHF RFID (RAIN) market
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- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth MEA market trends and outlook coupled with the factors driving the UHF RFID (RAIN) market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution