by 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 to identify items and objects using radio waves. It utilizes radio frequency identification technology for identifying, tagging and tracking assets. These tags are widely used across various industries like healthcare, retail, supply chain and logistics, transportation among others. They help organizations in asset management, inventory management and security. They provide improved visibility, accuracy and efficiencies.
Market Dynamics:
The growth of the U.S. RFID tags market is driven by rising adoption of IoT based solutions across various industries. According to a survey, over 67% of U.S. retailers have implemented RFID technologies. This has resulted in improved inventory management and enhanced customer experience. Additionally, with growing security concerns, the adoption of RFID locks and tags in commercial and residential spaces has increased which is further fueling market growth. The growing emphasis on supply chain optimization is also driving the demand for RFID tags for efficient tracking of goods and assets. However, high initial investment remains a key challenge.
Segment Analysis
The U.S. RFID Tags market is segmented into passive RFID and active RFID. The passive RFID sub-segment dominates the market as passive tags don’t require an internal power source and are very cost effective compared to active tags. They are usually made up of integrated circuits with antennae that collect enough power from the reader to power their microchip and transmit the tag’s information back to the reader.
PEST Analysis
Political: The adoption of RFID tags is positively impacted by supportive government policies and regulations towards supply chain digitization and asset tracking across industries.
Economic: The growth of the U.S economy and increasing demand from end-use industries is driving higher investments in RFID technology for improved operational efficiency.
Social: Factors such as changing consumer preferences towards contactless and automated solutions are augmenting the demand for RFID tags in retail and healthcare applications.
Technological: Advancements in chipless and printed electronics RFID tags are further enhancing their usage in niche industrial applications involving harsh environmental conditions.
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 demand from industries such as retail, healthcare, manufacturing and transportation & logistics. The passive RFID sub-segment dominates the market, holding around 85% share owing to their low cost and ability to operate without an internal power source.
Regionally, the western U.S. region captures around 35% market share led by increased adoption across California due to supportive government regulations for supply chain visibility and asset management. The southern U.S. region is also growing at a noteworthy CAGR of 11% during 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., Alien Technology, Invengo Information Technology Co., Ltd., and Confidex Ltd., Avery Dennison Corporation. These players are focusing on new product launches and partnership strategies to strengthen their presence in the high potential U.S. market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
