According to the latest report published by Acute Market Reports “Rain RFID Solutions market” – Growth, Future Prospects and Competitive Analysis, 2019-2029,” theRain RFID Solutions market is expected to expand at a CAGR of 14% from 2021 to 2029
Technological development has shown a significant growth in past few years ensuring the ecommerce and growth of business. Mario W. Cardullo claims to have received the first U.S. patent for an active RFID tag with rewritable memory on January 23, 1973. The RFID tags market has a significant growth as it ensures easy access and low cost. Rain RFID is a wireless technology that connects billions of everyday items to the internet, enabling businesses and consumers to identify, locate, authenticate and engage each item.The rain RFID technology is widely used for apparel tagging in the apparel industry across the globe. There are many applications as retail, logistics, asset management, medical, air baggage, cargo, electronic vehicle identification and so on. However, the market lags in technical aspects of error and software issues. The technology innovation is quite active is through focus on research.
The software plays a vital role in ensuring the use or application in various industries. The software ensures the real time locations to manage the supply chain. The cost of each software use is $ 150 approximately. In past few years the cost of RFID tags was lowered as a result application of these tags were widely used in the various sectors. Active tags cost about $10 per tag and passive tags cost about $0.10 to $ 1.5. The cost of tags, installation cost, software cost overall played in vital role in influencing the consumers, market revenues and growth. As the cost efficient technique was used for marketing purpose there was significant growth in the application of RFID tags. There were various strategies used in the market to create awareness about benefits derived from use of RFID tags.
The pandemic led significant negative impact on the economy of various sector across various regions. The apparel industry along with automotive sector was lowered during pandemic and resulted in lowering the RFID market. The supply chain along with packing and stocking of goods was lowered during pandemic as manufacturing was restricted to stop the spread of coronavirus. In the post pandemic period the market is expected to grow significantly. The North America and Europe have dominated the market as advancement in technology, change in lifestyle and adoption of technology is processed. The Asia Pacific is emerging in the market as increase in population and adoption of technology for easy processing.
Key players in this industry include mpinj, Inc, NXP Semiconductors N.V, Walki Group Oy, SMARTRAC N.V, ITL Group, Hangzhou Century Link Technology Co., Ltd, Convergence Systems Limited (CSL), Invengo Technology Pte. Ltd, Xerafy (HK) Limited, CAEN RFID S.r.l. Large companies have keen focus on innovation therefore, invest a major part of profits into research to ensure growth by improving quality and cost efficient methods of manufacturing.
Key Market Movements:
- Rain RFID Solutions market is developing significantly with an expected CAGR of 14% from 2021 – 2029.
- Cost efficient manufacturing and ensuring good quality of product is the key growth factor.
- There are many applications as retail, logistics, asset management, medical, air baggage, cargo, electronic vehicle identification and so on.
- Pandemic had a negative effect on manufacturing and supply chain of products, this caused the lowering of demand in industry.
- North America has dominated the market and Asia Pacific is emerging in the market.
- The market tends to grow as there is lowering of cost and application of RFID tags in various sectors.
- Key players in this industry include mpinj, Inc, NXP Semiconductors N.V, Walki Group Oy, SMARTRAC N.V, ITL Group, Hangzhou Century Link Technology Co., Ltd, Convergence Systems Limited (CSL), Invengo Technology Pte. Ltd, Xerafy (HK) Limited, CAEN RFID S.r.l.
- The key strategy includes creating quality products, easily accessible by everyone and ensuring the improvement of portfolio by investing in trends, technology and innovation.
Rain RFID Solutions market is segmented into:
|Segmentation||Component Segment (2019-2029; US$ Mn)|
|Application area Segment (2019-2029; US$ Mn)|
|Region type Segment (2019-2029; US$ Mn)|
|Global Impact of Covid-19 Segment (2020-2021; US$ Mn)|
*Detailed segments are available on the report page
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