The 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 9.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
RFID (Radio-Frequency Identification) tags are widely used for tracking various movable as well as immovable objects. These tags store unique electronic product codes and other relevant information that helps in identifying and tracking objects electronically through radio waves. RFID tags are used in a wide range of industries including retail, logistics, healthcare, manufacturing, agricultural products, transportation etc. for inventory management, tracking shipments in supply chain, tracking equipment and tools etc. Growing demand for inventory management and tracking of shipments in various industries is expected to fuel the growth of U.S. RFID tags market over the forecast period.
Market key trends:
One of the major trends in the U.S. RFID tags market is the growing adoption of RFID tags in retail industry for inventory management and efficient supply chain management. Major retail chains in the U.S. are increasingly deploying RFID tags on goods and products for tracking inventory levels across stores, distribution centers, warehouses etc. This allows retailers to optimize stock levels, reduce out of stock instances and improve supply chain efficiencies. For example, Walmart mandated its top 100 suppliers to start using RFID tags on pallets and cases by January 2005. This mandate has resulted in billions of RFID tags being used by Walmart and its suppliers annually. The growing organized retail sector in the U.S. is expected to drive increasing demand for RFID tags during the forecast period. Another key trend is the increasing integration of advanced technologies like IoT, cloud, AI etc. with RFID systems. This is allowing organizations to gather deeper insights from vast amounts of tag data for better decision making.
Threat of new entrants: The threat of new entrants is moderate as the industry requires significant capital investments and technical expertise. However, low brand loyalty enhances the threat.
Bargaining power of buyers: The bargaining power of buyers is high due to the availability of substitutes. Buyers can easily switch to alternative products if prices are increased.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as suppliers have limited control over prices due to the availability of alternative raw material suppliers.
Threat of new substitutes: The threat of new substitutes is high given the continuous innovations and emerging disruptive technologies in the industry.
Competitive rivalry: Highly competitive.
The U.S. RFID Tags Market Size is expected to witness high growth, exhibiting a CAGR of 9.1% over the forecast period, due to increasing adoption across various end-use industries such as retail, healthcare, transportation etc. The U.S. RFID Tags Market size for 2023 is estimated to be US$ 887.15 Mn.
Regional analysis: The Midwest region is expected to dominate the U.S. RFID Tags Market during the forecast period, attributed to presence of key distribution centers and warehouses. The Southern region is anticipated to grow at fastest pace owing to increasing government investments in transportation infrastructure.
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. RF Code Inc. and Impinj Inc. collectively account for over 30% market share.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it