According to a new market research report published by Credence Research “RAIN RFID Solutions Market (By Component– Tags, Readers, Software and Services; By Application: Apparel and Footwear; Retail; Logistics; Asset Management; Medical; Air Baggage and Cargo; Electronic Vehicle Identification and Others) – Growth, Future Prospects, Competitive Analysis and Forecast 2017 – 2025”, the global RAIN RFID solutions market was valued at US$ 969.9 Mn in 2016 and is expected to grow at a CAGR of 22.6% during the forecast period from 2017 to 2025.
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RAIN RFID solutions have offered a viable solution to stakeholders from numerous industries to effectively locate, track, identify and authenticate objects along the supply chain. RAIN RFID solutions have found immense adoption in the apparel and footwear industries wherein the clothing manufacturers apply RFID tags to individual articles to enable effective inventory management. With the use of RAIN RFID solutions, manufacturers of apparel and footwear are be able to track inventory and sale of merchandise from numerous outlets across the world. Similarly, RAIN RFID technology has gained immense adoption in the retail industry wherein the technology can be used to identify products and gain quick information related to expiry, ingredients and place of origin. Furthermore, RAIN RFID technology has been gaining popularity in the medical industry wherein pharmaceutical companies have been deploying RFID tags onto various prescription and over the counter drugs. The use of RAIN RFID solutions has enabled pharmaceutical companies to effectively tackle issues such as counterfeiting, theft and inventory mismanagement. With growing adoption of IoT in various industries, RAIN RFID solutions are expected to witness higher rate of adoption in the following years.
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The global RAIN RFID solutions market is fairly fragmented with a large number of RFID solution providers offering UHF RFID products across the world. However, the market has witnessed a rise in the number of software providers in the RAIN RFID space. Some of the leading providers in the RAIN RFID solutions market include Impinj, Inc., NXP Semiconductors N.V., Walki Group Oy, SMARTRAC N.V., ITL Group, 7iD Technologies, HID Global, Hangzhou Century Link Technology Co., Ltd., Convergence Systems Limited (CSL), Invengo Technology Pte. Ltd., Xerafy (HK) Limited and CAEN RFID S.r.l.
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– Decreasing costs of UHF RFID tags and readers leading to higher affordability and adoption
– Rising collaboration among providers of UHF RFID products through the RAIN RFID alliance
– Research and development towards innovative applications with the use of sensors in the RFID networks
– Increasing adoption of RAIN RFID in electronic vehicle identification
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