UHF RFID market valued at US$ 2,011.70 million in 2019

According to a new report the global UHF RFID market was valued at US$ 2,011.70 million in 2019 and is projected to reach US$ 5,588.33 million by 2027; it is expected to grow at a CAGR of 13.8% from 2020 to 2027.

Growing complexities in supply chains - due to outsourcing, internationalization, and e-retailing - are leading to mitigation of control over various activities, which has led to vulnerabilities in these supply chains. Counterfeiting is a widespread issue that impacts various businesses. At present, the issue is limited to luxury products and goods such as beauty products and apparel. For instance, in March 2020, in Malaysia, ~600 cases of online sales of counterfeit surgical masks were reported.

Further, Louis Vuitton, the French handbag designer company, has been a favorite target of counterfeiters. After discovering the sale of counterfeit products by retailers in Beijing, New York, and Australia, the company informed various landlords about the infringing activities of their respective leasehold tenants and asked them to take steps to avoid sales of infringing products on their properties.

Moreover, sports giants such as Reebok and Adidas are taking on the ever-growing number of counterfeits. They filed the trademark suit in federal court against ~50 online sellers for selling, promoting, and counterfeit products. Thus, Reebok and Adidas are seeking US$ 2 million from each of the defendants for every counterfeit trademark used. The cases of counterfeits are gradually decreasing with the introduction of UHF RFID technology, as it makes copying or faking the trademark difficult and delivers a multi-layered defense against attacks on supply chain.

With this technology, one can identify an individual item, determine its location, and review its chain of custody. Gathering this data makes it easier to handle the supply chain and identify counterfeits.