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.
Market Overview:
RFID tags are used in a wide variety of industries for tracking, managing, and securing assets and inventory. They provide real-time visibility into assets and products throughout the supply chain. RFID tags have advantages over barcodes as they can withstand harsh environments, have longer read ranges, and support simultaneous reads of multiple tags.
Market key trends:
The growing adoption of RFID tags in supply chain and logistics is one of the major trends in the U.S. RFID tags market. Supply chain visibility continues to be a top priority for businesses. RFID tags help gain real-time visibility into goods at every stage from manufacturing to the end consumer. Their ability to provide accurate tracking of inventory levels and movement of goods is driving their use in warehouses, distribution centers, and transportation to streamline operations and boost productivity. Technological advances leading to RFID tags with enhanced performance characteristics at affordable prices is another key trend expected to support market growth over the forecast period.
SWOT Analysis
Strength: The RFID tags market in the U.S. is supported by favorable government initiatives for adoption of advanced technologies. Growing applications of RFID tags in retail and healthcare industries also strengths the market.
Weakness: High initial costs associated with RFID infrastructure can restrain the growth of U.S RFID tags market. Privacy and security concerns related to sensitive data stored in RFID tags is also a weakness.
Opportunity: Growing adoption of IoT and industrial automation offers opportunities for RFID tags vendors. Automobile sector adoption of RFID for inventory management and vehicle identification also opens new opportunities.
Threats: Availability of alternative technologies like barcodes poses threat to RFID tags market growth. Regulations related to data security and individual privacy also threatens the growth of the market.
Key Takeaways
The U.S. RFID Tags Market Size is expected to witness high growth, exhibiting CAGR of 9.1% over the forecast period, due to increasing adoption in supply chain and logistics management. RFID tags help streamline operations and provide real-time visibility of inventory and goods movement.
Regional analysis
The Midwest region dominates the U.S. RFID tags market due to presence of major industrial and manufacturing facilities. The growing automotive industry in states like Ohio, Michigan is driving the demand for RFID tags in this region. The Western U.S. is another major market boosted by presence of retail distribution centers and technology companies.
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. Major players are focusing on new product launches and partnerships to expand their market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
