North America UHF RFID (RAIN) Market is expected to reach US$ 2,435.55 Mn by 2027

Hardware Segment to Dominate North America UHF RFID (RAIN) Market during 2019–2027

According to The Insight Partners market research study on “North America UHF RFID (RAIN) Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Component and Application” is expected to reach US$ 2,435.55 million by 2027 from US$ 838.34 million in 2019. The market is estimated to grow at a CAGR of 14.4% from 2020 to 2027. The report provides trends prevailing in the North America UHF RFID (RAIN) market along with the drivers and restraints pertaining to the market growth. Rising usage of RFID technologies in retail sector is among the major factor driving the growth of the North America UHF RFID (RAIN) market. However, security issues related to RAIN RFID technology hinders the growth of North America UHF RFID (RAIN) market.     

The North America UHF RFID (RAIN) market is segmented into component, and application. Based on component, the market is segmented into hardware and software and services. The hardware segment held the largest share of North America UHF RFID (RAIN) market in 2019. The UHF RFID (RAIN) market, based on application, is segmented into retail and consumer goods, logistics and transportation, healthcare, manufacturing, and other applications. The market for the retail and consumer goods segment held the largest share of North America UHF RFID (RAIN) market in 2019. 

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 is expected to affect 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 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, leads to 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 virus, 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 home to many manufacturing and technology companies. Thus, the coronavirus outbreak's impact was quite severe in 2020 and likely in 2021. The negative impact of COVID-19 is short-term; it is likely to decrease in the coming years.   

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.; NXP Semiconductors N.V. are among the leading companies in the North America UHF RFID (RAIN) market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, Lowry Solutions Inc. showcased a working demonstration of Alien Technology F800X, a UHF passive RFID ICs provider with Emissary, combined with the SensThys Hydra array in the US. The company is an adopter of Alien passive RFID readers, the Emissary Software, and the Hydra Platform.   

The report segments the North America UHF RFID (RAIN) Market follows:

 North America UHF RFID (RAIN) Market – By Component

• Hardware
  • Tags and Labels
  • Readers
  • Printers
  • Other Hardware
• Software
• Services

North America UHF RFID (RAIN) Market – By Application

• Retail and Consumer Goods
• Logistics and Transportation
• Healthcare
• Manufacturing
• Other Applications

North America UHF RFID (RAIN) Market – By Country

• US
• Canada
• Mexico