Us rfid tags market

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:

• In March 2022, Avery Dennison Corporation the provider of branding and information labeling solutions announced the acquisition of the linerless label technology created by Catchpoint Ltd. This technology is used to make sure that labels should not stick to one another for this it as the feature of the silicon release coating. This deal includes ownership on all Catchpoint's patents, brand, and trade secrets.
• In June 2021, Impinj, Inc., the provider of RAIN RFID reader chips introduced the E910 RAIN RFID reader chip for the next generation that enables IoT (Internet of Things) device markers to increase demand for item connectivity in retail, logistics and supply chain, consumer electronics, etc. E910 RAIN RFID includes E710, E510, and E310.

Market Driver:                                                                                                   

• The retail sector is increasingly adopting RIFD technology due to enterprises wanting to achieve greater visibility and speed into their supply chains. Moreover, the sector is focused on store effectiveness and operational efficiency. An effective supply chain ensures that the goods are delivered at the scheduled time and designated place. RIFD offers various advantages including reduced labor costs, low inventory maintenance, and increased sales. Thus, these factors are expected to drive growth of the U.S. RFID tags market during the forecast period.
• Transportation systems and infrastructure play a crucial role in economic development of a country. Efficient transport systems offer numerous social and economic benefit including increasing employment, better accessibility to market, and additional investments. This, in turn, makes it critical for the transportation industry to adapt rapidly with technological advancements. Automatic toll collection utilizing RFID allows automated electronic collection of toll costs. Moreover, RFID technology has increased the productivity of automated toll boot payments. Customers can drive their vehicle straight through a toll booth without queuing up the financial transactions and paying for toll fees manually. The toll fee is automatically deducted when a commuter passes. Therefore, these factors are expected to propel the market growth over the forecast period.

Figure 1. U.S. RFID Tags Market, Revenue Share (%), By Type Segment, 2021

Restraint:

1. Extensive base of barcode systems is expected to hinder the U.S. RFID tags market growth over the forecast period.
2. Issues regarding privacy policy are expected to hamper the U.S. RFID tags market growth over the forecast period

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.

 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

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.

Detailed Segmentation

• U.S. RFID Tags Market, By Type:
  • Active RFID
  • Passive RFID
• U.S. RFID Tags Market, By Product Type:
  • Healthcare tags
  • Commercial tags
  • Correctional tags
  • Others
• U.S. RFID Tags Market, By End-use Industry
  • Healthcare
  • Retail
  • Automotive
  • Logistics and Transportation
  • Surveillance and Security
  • Others (Sports, Wildlife, Livestock, and IT)