by Radio-frequency identification (RFID) tags is a wireless data collection technology that uses electromagnetic frequencies to identify and track tags attached to objects. RFID tags system is equipped with microprocessors that permits storing and retrieving data from sensors. Some key use cases of RFID tags include tracking assets and inventory management in manufacturing, retail and logistics industries, access control and security applications, livestock/animal identification and tracking, and supply chain management.
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 9.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Growing adoption of emerging technologies such as IoT and RFID capabilities is expected to drive the growth of U.S. RFID tags market over the forecast period. IoT has enabled connectivity of physical objects which results in the exchange of data between various connected devices. This has increased the demand for advanced identification and tracking systems based on RFID technology. For instance, IoT-connected items such as smart watches need embedded RFID tags to uniquely identify and provide relevant data to users. Furthermore, increasing usage of RFID technology in tracking high-value assets is another key factor fueling the market growth. Manufacturing companies are increasingly adopting RFID tags to track components, tools and other expensive machineries within production facilities. Such benefits offered by RFID tags for inventory management and asset tracking are expected to augment the market growth over the forecast period.
Segment Analysis
The U.S. RFID Tags market is dominated by the apparel & footwear segment which holds more than 35% share of the overall market. This is mainly due to high adoption of RFID tags in apparel retail and footwear industries for inventory management and supply chain operations. RFID tags help track inventory levels in real-time and automate replenishment reducing manual labor costs.
PEST Analysis
Political: The U.S. government agencies are using RFID tags for asset tracking and supply chain management which is positively impacting the market growth. Several policies have been introduced for mandating RFID in supply chains of some industries.
Economic: The stable economic growth in the U.S. coupled with increasing digitalization of supply chains is fueling investments in RFID technologies. This is augmenting demand from various end-use verticals like retail, manufacturing and healthcare.
Social: Growing customer preference for contactless and automated operations is boosting adoption across retail and consumer goods industries. RFID tags enhance consumer shopping experience and enable personalized product recommendations.
Technological: Advances in chip technology have lowered per unit costs of RFID tags driving increased adoption. Integration of IoT, AI and blockchain is opening new application areas for RFID in asset monitoring, predictive maintenance and authentication.
Key Takeaways
The global U.S. RFID Tags Market Size is expected to witness high growth. 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 9.1% over the forecast period 2023 to 2030.
The Western region dominates the U.S RFID tags market accounting for over 40% share led by states like California and Texas. High adoption across industries like retail, manufacturing and logistics is fueling growth. The Southern region is expected to be the fastest growing market owing to rising RFID deployments in supply chain and asset management applications.
Key players related content comprises Key players operating in the U.S. RFID Tags market are RF Code Inc., 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. specializes in RFID solutions for apparel and footwear segment. AMS AG offers a wide range of RFID ICs and tags catering to various end-use verticals. Omni-ID focuses on developing RFID sensors for industrial IoT applications.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
