May 21, 2024

U.S. RFID Tags Market Growth Is Projected To Propelled By Adoption In Retail And Logistics

RFID tags are used for identification, tracking and monitoring purposes across various industries like retail, healthcare, transportation and logistics. RFID tags help improve supply chain visibility and efficiency by enabling identification and tracking of goods and assets which helps reduce costs and improves customer satisfaction. The growing adoption of RFID technology in retail inventory management and supply chain logistics is aiding the growth of RFID tags in the country.

The global U.S. RFID Tags Market is estimated to be valued at US$ 1022 Mn in 2024 and is expected to exhibit a CAGR of 5.4% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Adoption in retail and logistics: The retail and logistics sectors have significantly adopted RFID technology for tracking shipments and inventory management. RFID tags help provide real-time visibility of inventory levels and location of goods which helps optimize operations and resource utilization. The technology also helps minimize loss of goods during shipping and handling. Growing e-commerce is further driving the need for efficient logistics and supply chain management in the country, thereby propelling the demand for RFID tags in the industry.

SWOT Analysis

Strength: RFID tags provide advanced tracking capabilities and real-time visibility. They eliminate the need for manual data entry and reduce errors.
Weakness: High initial costs associated with hardware, software, installation and training. Privacy and security concerns related to tracking of sensitive data.
Opportunity: Growing adoption of IoT and industry 4.0. Increased usage of RFID tags in industries like healthcare, retail, transportation etc to improve supply chain management.
Threats: Changing regulations related to data privacy. Availability of alternative technologies like barcodes, QR codes, beacons etc.

Key Takeaways

The U.S. RFID tags market demand is expected to witness high growth over the forecast period owing to growing applications across various industries. The retail industry holds a major share currently due to widespread usage of RFID tags for inventory management and tracking. Other industries like healthcare and transportation are also adopting RFID tags to streamline operations. The global U.S. RFID Tags Market is estimated to be valued at US$ 1022 Mn in 2024 and is expected to exhibit a CAGR of 5.4% over the forecast period 2024 to 2031.

Regionally, the western United States dominates currently due to presence of major retailers. Companies based in California like RF Code Inc. and Avery Dennison Corporation are pioneering innovative RFID tag solutions. The south-eastern United States is also growing steadily led by states like Florida and Texas. Growing e-commerce has further increased demand for RFID tags across all regions for efficient order fulfillment.

Key players

operating in the U.S. RFID tags market include 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. These players are focusing on development of advanced RFID tag variants with enlarged memory capacity and environmental resilience to expand market share. Strategic partnerships are also being formed to improve RFID infrastructure for wider applications.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it