The U.S. RFID Tags Market, By Type (Active RFID and Passive RFID) By Product Type (Healthcare tags, Commercial tags, Correctional tags and Others), and By End-use Industry (Healthcare, Retail, Automotive, Logistics and Transportation, Surveillance and Security and Others (Sports, Wildlife, Livestock, and IT)), -U.S. Forecast to 2027”, is expected to be valued at US$ 2,009.0 million by 2027, exhibiting a CAGR of 9.0 % during the forecast period (2019-2027), as highlighted in a report published by Coherent Market Insights.
RFID tag or radio-frequency identification tag is a type of tracking system that uses electromagnetic fields to automatically identify and track tags attached to objects. An RFID tag is made of a tiny radio transponder, transmitter, and a radio receiver. When the tag is triggered by electromagnetic pulses from nearby RFID reader, the tag transmits digital data back to the reader. RFID tags are categorized into two types on the basis of the source of power i.e. active RFID and passive RFID. Active RFID makes use of battery power to transmit signals to reader. Passive tags do not have an inbuilt power source and function on power from an RFID reader. RFID tags function on a designated range of frequencies such as Low Frequency (LF) (125 kHz), High Frequency (HF) (13.56MHz), Ultra High Frequency (UHF) (860-960 MHz) and microwave (2.45 GHz).
The U.S. RFID tags market was valued for US$ 1,011.3 Mn in 2019 is expected to exhibit a CAGR of 9.0% during the forecast period
Increasing adoption of RFID tags in numerous end-use industries is expected to drive growth of the U.S. RFID tags market during the forecast period
The U.S. has always been the early adopters of novel and advanced technologies, including RFID. Many end-use industries in the U.S are focused on the adoption of RFID tags including retail, storage, and warehouse, healthcare and pharmaceutical, transportation, military and defense, communication, etc. RFID tags are used to track medical records of a patient in the healthcare industry, while they are used in tool booths in the transportation industry. Moreover, RFID has been used in retail and warehouse sectors for material identification management. Thus, growing adoption of RFID tags in end-use industries is expected to boost the U.S. RFID tags market growth over the forecast period.
Use of RFID chips in passport and visas can offer lucrative growth opportunities over the forecast period
Since many countries have started reforming and changing their migration policies and immigration legislations to curb illegal immigration, RFID integrated passport offers new avenues of opportunities for market players. RFID is an extremely useful technology for enhancing the efficiency of airport security, which would save the time for both passenger and airport personnel by sorting and tracking the baggage. According to the U.S. Department of Homeland Security, total number of immigrations in the year 2013, 2014, and 2015 were 173,100,000, 180,500,000 and 181,300,000, respectively, thus extending support to the belief that usage of RFID tags in passports, visas, and baggage handling is estimated to offer a significant opportunity for RFID technology.
Rising privacy concerns are expected to hamper the U.S. RFID tags market growth over the forecast period
RFID technology may affect the privacy of customers, which is the major challenge in growth of the market. Generally, the RFID tag used for inventory tracking purposes contains only information about the product. However, there is a possibility of computer system linking the product data with customer’s financial data including credit card, debit card, and loyalty card swipe or personal information. This, in turn, creates a detailed profile of a customer’s buying habits. This factor, in turn, is expected to hamper the U.S. RFID market growth over the forecast period.
The radiofrequency identification (RFID) tags found major applications in medical devices tacking hospital setup. Implementation of RFID tags in medical device management has enabled hospital personnel to streamline processes and automate billing, thereby making it beneficial to the hospital. Many surveys have suggested that hospital staff spend unnecessary time in locating medical devices, stretchers, wheelchairs, and other essential equipment. According to the white paper published by Ekahau, Inc. details the return on investment for RFID. Furthermore, according to the same source, around 30% of nurses have reported wasting at least one hour in every shift locating missing equipment. These factors delay admission, discharge, and transport in the hospital and in the worst case may cost the life of a patient in critical condition. This hurdle can be eliminated by implementing RIFD technology.
Military and government including many federal agencies such as border security and immigration, local or state agencies, military supply chain, firefighting services, correctional facilities, and licensing and identification services have started adopting RFID tags for high-quality service. Major used active tags operate at 433 MHz and are deployed in U.S. Military. These tags are employed for tracking containers and pallets as well as large military assets. Furthermore, these tags are utilized in tracking ocean containers and vehicles, logistics, and other high and large value assets in the commercial sector.
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.
Joining thousands of companies around the world committed to making the Excellent Business Solutions.