Radio frequency identification (RFID) tags have become an important part of supply chain and logistics management due to advantages such as non-line-of-sight identification, large data storage capacity, and real-time tracking of goods. RFID tags can store product/object details like serial numbers, dates of manufacture, expiration, and prices to facilitate inventory management.
The global U.S. RFID Tags Market is estimated to be valued at US$ 1022 Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Integrated solutions with proximity sensors, GPS capabilities, and data analytics platforms have emerged as a key trend in the U.S. RFID tags market. RFID tags integrated with sensors allow recording of temperature, location, and other environmental data of goods during transit. Pairing tags with GPS provides real-time tracking of shipments. Analyzing tag data with business intelligence tools helps optimize supply chain operations, detect anomalies, and prevent theft. This integration of technologies is driving faster adoption of RFID systems for advanced supply chain management and logistics.
Segment Analysis
The US RFID tags market is dominated by the passive RFID tags segment, which is expected to account for over 90% share of the overall market through 2024. Passive RFID tags do not have an internal power source like active tags, and instead receive power from the reader's interrogating radio waves in order to transmit their signal back to the reader. As passive RFID tags have a longer lifespan compared to active tags and do not require batteries, they are more cost-effective and suitable for a wide variety of applications like Supply chain management and retail item tagging.
Key Takeaways
The global U.S. RFID tags market analysis is expected to witness high growth. The global U.S. RFID Tags Market is estimated to be valued at US$ 1022 Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2024 to 2031.
The Western region is currently the largest and fastest growing regional market for RFID tags in the U.S.. This is attributed to high demand from industries such as healthcare, automotive, and transportation & logistics. States like California, Texas and Washington are major revenue generators. Rising focus on supply chain optimization, asset management and infrastructure development will continue to drive market revenues in the region over the forecast period.
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. RF Code Inc., HID The U.S. Corporation and Impinj Inc. collectively command over 60% market share in the country. To maintain leading position, they are focusing on expanding their product portfolios and offering technologically advanced passive, active and hybrid RFID tags.
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This competition is expected to heat up further over the coming years, thanks to their continuous efforts towards expanding their businesses.Be it the organic route of product development and portfolio diversification or the inorganic way to mergers, acquisitions, and alliances, these players are keeping no stone unturned to gain an edge over each other.
Other prominent players in the U.S. RFID tags market are Omni- ID Ltd., AMS AG, Alien Technology, Impinj Inc., Confidex Ltd., and RF Code Inc.Transparency Market Research (TMR), a leading market research and intelligence firm, has recently published a report on the U.S. RFID tags market.
According to the report, this market was worth US$0.80 bn in 2016.
Expanding at a healthy CAGR of 8.50% over the period from 2017 to 2025, the U.S. RFID tags market is estimated to reach US$1.67 bn by the end of the forecast period.
Request a Sample - https://www.transparencymarketresearch.com/sample/sample.php?flag=S_id=24536Rising Application of RFID Tags in Various Industries to Boost Market GrowthThe U.S. RFID tags market is gaining considerably from the efforts made by manufacturing companies to deepen their supply chain and enhance their visibility.
An analyst at TMR stated, “RFID tags are increasingly being adopted in various industries, such as automotive, retail, healthcare, livestock, IT, and transportation.
