The U.S. RFID Tags Market Is Estimated To Witness High Growth Owing To Opportunity In Inventory And Asset Tracking

Radio-frequency identification (RFID) tags are detection devices that facilitate automatic identification of objects and assets using radio waves to store and retrieve data. RFID tags offer advantages over traditional barcodes in allowing multiple item identification without direct line-of-sight scanning. They find wide usage in applications involving inventory management, asset tracking, access control and tickets among others. The growing need for efficient inventory and supply chain management across industries is fueling demand for RFID tags in the country.

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 Opportunity:
Inventory and asset tracking provides opportunities for more accurate record-keeping and enhanced visibility across the supply chain. RFID tags enable automated tracking of shipments and deployed assets in real-time. Their capability to store more data than traditional barcodes allows associating assets with specific purchase orders, date of deployment and warranty details. This facilitates improved inventory management and streamlined returns processing. As industries seek more visibility and efficiency in supply chain and logistics operations, demand for RFID-based inventory and asset tracking solutions is expected to surge in the U.S. RFID tags market over the forecast period.

Porter's Analysis

Threat of new entrants: Low-moderate as RFID tags market in US is well established with high capital requirements for production and technological capabilities. However, threat is increasing from new companies offering value added offerings

Bargaining power of buyers: Moderate-high as top retailers like Walmart require high volumes at competitive rates. They can choose from multiple suppliers

Bargaining power of suppliers: Moderate as raw material costs are stable. However, key components come from few specialized suppliers globally

Threat of new substitutes: Low as RFID provides better traceability, security and automation compared to barcodes. Alternatives are not cost effective for most applications

Competitive rivalry: High as the market has few large players and many mid-sized ones. Price wars can emerge as players try to increase market share through offerings and partnerships


SWOT Analysis

Strengths: Growing adoption across industries due to benefits of tracking and security. Established supply chain of major players

Weaknesses: High initial costs discourages SME adoption. Interoperability issues if tags don't follow standards

Opportunities: Emerging applications in healthcare, retail and manufacturing. Integrations with IoT and cloud computing

Threats: Privacy and security concerns if tags are hacked. Slow standardization delays large scale implementations


Key Takeaways

The U.S. RFID Tags Market Size is expected to witness high growth over the forecast period supported by increasing adoption across industries for supply chain optimization and asset tracking. The retail sector dominates currently due to mandates from major retailers for better inventory visibility. Walmart, Target, Kroger have been instrumental in driving volumes for tech companies.

The Western region dominates currently due to high presence of manufacturing and retail industries. States like California, Texas and Illinois are major RFID hubs. However, growth is also seen in Southern and Mid-Western regions as organizations adopt innovative tracking solutions.

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 integrated solutions, partnerships for application development and acquisitions for technology enhancement.

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