Radio-frequency identification (RFID) also referred to as RFID transponder is a technology used for automated identification of objects, animals, vehicles, people, and other materials. RFID tags are small radio frequency identification devices used for tracking and identification purposes. These tags are specifically built of an integrated circuit (IC) comprised of an antenna, thin-film, and memory. The RIFD tags store the product’s memory in electronic product code (EPC), which can be tracked and read by RFID readers. Furthermore, RFID tags are classified into two types on the basis of the source of the power namely active RFID and passive RFID. The active RFID makes the use of battery power for the transition of signals to the reader.
The U.S. RFID Tags market was estimated to account for US$ 745.33 Million in terms of value in 2021 and is predicted to grow at a CAGR of 9.1% during the forecast period (2022 to 2030).
Recent Developments:
Market Driver:
Figure 1. U.S. RFID Tags Market, Revenue Share (%), By Type Segment, 2021
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Restraint:
U.S. RFID Tags Market - Impact of Coronavirus (Covid-19) Pandemic:
Due to the outbreak of the Covid-19 pandemic, almost each and every industry in United State got significantly affected such as Retail, Automotive, Logistics and Transportation, and Others. Furthermore, the fall in demand for retail products, automobiles, and also disrupted supply chain of raw materials delays the production of Radio-frequency identification (RFID) Tags, significantly decrease demand for Radio-frequency identification (RFID) Tags. Hence U.S. RFID Tags Market witnessed slow growth during the pandemic.
Market Trends
The increasing investments by the government in the construction of public infrastructure
The increasing investments by the government in the construction of public infrastructure, including railway stations, actions as an important industry trend superintendent the progress of the market.
U.S. RFID Tags Market Report Coverage
Report Coverage | Details | ||
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Base Year: | 2021 | Market Size in 2021: | US$ 745.33 Mn |
Historical Data for: | 2017 to 2020 | Forecast Period: | 2022 to 2030 |
Forecast Period 2022 to 2030 CAGR: | 9.1% | 2030 Value Projection: | US$ 2953.61 Mn |
Geographies covered: |
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Segments covered: |
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Companies covered: |
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 |
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Growth Drivers: |
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Restraints & Challenges: |
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Market Opportunity:
Governments of many countries are contemplating including RFID chips into passports and visas. These countries are also reforming and changing their migration and immigration legislation to curb illegal immigration. Since the conventional methods of paper-only visas have become obsolete and easy to forge, criminals have various ways to flee the country. The government of the U.S has been at the forefront of pushing the technology. Many security policies have been changed and reviewed in response to the terrorist attacks of 2001. Inclusion of RFID technology in passports and visas can enhance security, making impossible for a person to falsify identity. A person may change the photograph on the passport, but would not be able to change the fingerprints to match forged fingerprints contained on memory chips.
RFID technology is rapidly replacing ScanCode technology for asset tracking and inventory management. Since RFID is fast, reliable, and secure, it is beneficial for organizations to adopt RFID-based solutions. The most compelling advantage is the tremendous gain in ROI (Return on Investment) by replacing all manual components for inventory management and asset tracking. These features of RFID tags can provide lucrative opportunities over the forecast period
Figure 2: U.S. RFID Tags Market (US$ Mn) Analysis and Forecast, 2022 - 2030
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U.S. RFID Tags Market was valued at US$ 745.33 Mn in 2021 and is expected to reach US$ 2953.61 Mn by 2030, growing at a CAGR of 9.1 % between 2022 and 2030.
Major 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.
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