Report : 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)
Hardware Segment is Expected to be Fastest Growing for the MEA Region During the Forecast Period
According to a new market research study on “MEA UHF RFID (RAIN) Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Component and Application” is expected to reach US$ 167.84 million by 2027 from US$ 73.27 million in 2019. The market is estimated to grow at a CAGR of 11.1% from 2020 to 2027. The report provides trends prevailing in the MEA UHF RFID (RAIN) market along with the drivers and restraints pertaining to the market growth. Automotive manufacturers witnessing production increment is among the major factor driving the growth of the MEA UHF RFID (RAIN) market. However, various privacy concerns security problems of RAIN RFID technology creating new opportunities hinders the growth of MEA UHF RFID (RAIN) market.
The MEA 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 MEA 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 MEA UHF RFID (RAIN) market in 2019.
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.
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 leading companies in the MEA 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, CAEN RFID announced the availability of Hadronmini, a RAIN RFID reader module for embedded applications. The product is suitable for kiosks, mobile terminals, and wearable devices. It is available in versions for the US and European regulatory environments.
The report segments the MEA UHF RFID (RAIN) Market follows:
MEA UHF RFID (RAIN) Market – By Component
- Tags and Labels
- Other Hardware
MEA UHF RFID (RAIN) Market – By Application
- Retail and Consumer Goods
- Logistics and Transportation
- Other Applications
MEA UHF RFID (RAIN) Market – By Country
- South Africa
- Saudi Arabia
- Rest of MEA
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