by Radio-frequency identification (RFID) tags are used for tracking goods and assets in supply chain management. RFID tags are attached to items whose movement needs to be tracked, such as retail goods, library books, medical equipment, and more. They are scanned by RFID readers at checkpoints to track movement of items within warehouses, across loading docks, in stores and other points of freight handling. This eliminates the need for manual scanning of barcodes one by one. The global RFID tags market is expected to exhibit significant growth, supported by increasing adoption of RFID technology across various industries such as retail, manufacturing, healthcare, transportation and logistics for inventory management and supply chain tracking. The technology enables improved visibility, accountability and efficiency in logistics operations.
The global U.S. Rfid Tags Market is estimated to be valued at Us$ 887.15 Mn in 2023 and is expected to exhibit a CAGR Of 5.4% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increased adoption in logistic and supply chain management industries is expected to drive the growth of U.S. RFID tags market during the forecast period. RFID tags help in real-time tracking of goods as they move through the supply chain from manufacturer to distribution center to store shelves. This improves visibility and enables quick response to issues. The technology also helps optimize inventory levels by tracking restocking needs accurately based on sales data collected from tagged items. Furthermore, key benefits such as reduced labor costs, improved asset utilization and enhanced customer service are boosting adoption of RFID in logistics. However, high installation and ongoing operational costs associated with RFID systems limits the market growth to some extent.
Segment Analysis
The U.S. RFID tags market can be segmented based on product, wafer size, frequency, application, and end user. The passive tags segment dominates the market owing to its wider applications and low cost as compared to active and semi-passive tags. By wafer size, the market is segmented into 200mm, 300mm, and others. 300mm wafers dominate as they enable fabrication of RFID ICs in high volumes resulting in lower per unit costs.
PEST Analysis
Political: The implementation of RFID technology finds support from the U.S. government for various applications like supply chain management, access control, and animal tracking. However, data privacy laws pose some challenges.
Economic: Factors like growing e-commerce industry, emphasis on supply chain efficiency, and rising technological investments from end-use industries are fueling the market growth. Inflation and fluctuating raw material prices can hamper the market.
Social: RFID tags help improve operational efficiency across industries and enable enhanced customer experiences through applications like contactless payments and asset tracking. However, some sections raise data privacy concerns.
Technological: Emerging technologies like IoT, AI, and edge computing are expanding RFID applications. NFC and blockchain integrations are also shaping new opportunities. Adoption barriers include device connectivity issues and high infrastructure development costs.
Key Takeaways
The U.S. RFID Tags Market Size is expected to witness high growth over the forecast period supported by extensive deployment across industries for applications ranging from inventory management to logistics. The global U.S. RFID Tags Market is estimated to be valued at US$ 887.15 Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030.
Regional analysis
The Western region holds the major share of the U.S. RFID tags market due to high technology adoption rates and concentration of key end-use industries. States like California, Washington, and Texas are at the forefront of implementing advanced supply chain solutions using RFID technologies.
Key players
Key players operating in the U.S. RFID Tags market are RF Code Inc., HID The U.S. Corporation, AMS AG, Omni- ID Ltd., Impinj Inc., NXP Semiconductors N.V., Alien Technology, Invengo Information Technology Co., Ltd., and Confidex Ltd., Avery Dennison Corporation.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
