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 enable tracking and monitoring of various assets and products in various industries such as healthcare, retail, transportation etc. They help improve visibility, accuracy and efficiency of operations through real-time data collection and analysis.
Market key trends:
One of the major trends in the U.S. RFID tags market is the growing demand for RTM (real-time monitoring) based solutions. RTM technology helps organizations closely monitor their valuable assets and products round the clock. It provides alerts in real-time regarding temperature variations, location changes, unauthorized access or similar issues. This helps improve processes, reduce losses and enhance customer satisfaction. For example, RTM tags are widely being used to continuously monitor pharmaceutical shipments and ensure quality & safety of temperature-sensitive drugs. The ability of RTM tags to provide actionable insights in real-time is driving increased demand across various industry verticals.
Segment Analysis
The U.S. RFID tags market is segmented based on type, frequency, and application. The passive tags segment dominates the market and is expected to continue its dominance over the forecast period. This is due to the fact that passive tags do not require a battery as they derive power from radio waves emitted by the reader, making them cheaper than active tags.
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 for inventory tracking across various industries.
Regional analysis
The Western region accounts for the largest share in the U.S. RFID tags market, owing to the strong presence of retail and aviation industries in this region. States like California, Texas and Illinois are witnessing high deployment of RFID tags for supply chain and inventory management.
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. The U.S. RFID tags market is highly concentrated, with top players such as RF Code Inc. and Avery Dennison Corporation accounting for a significant share.
Read More: https://www.ukwebwire.com/u-s-rfid-tags-market-size-share-and-growth-forecast-2023-2023/
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