U.S. RFID Tags Market to grow at a CAGR of 8.5% during the Forecast period 2019-2027, Says CMI

SEATTLE, April 08, 2020 (GLOBE NEWSWIRE) -- Radiofrequency identification (RFID) refers to a technology where digital data is encoded in RFID tags and captured by a reader through radio waves. RFID is somewhat similar to barcodes although it has many advantages over the barcode. Unlike a barcode, an RFID tag can be read outside the line-of-sight. RFID finds applications in various end-use verticals such as inventory, asset tracking, ID badging, controlled access, supply chain management, personnel tracking, counterfeit prevention, transportation at toll booths, and more.

The U.S. RFID Tags market is estimated to account for US$ 368.7 Mn in 2019 and is expected to grow at a CAGR of 8.5 % over the forecasted period 2019-2027.

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Market Drivers

1. Presence of stringent government laws regarding mandatory tagging of animals is expected to drive growth U.S. RFID tags market during the forecast period
2. Growing adoption of RFID in manufacturing units is expected to propel the U.S. RFID tags growth over the forecast period

Key Takeaways

• Among type segment, Passive RFID Tags sub segment is expected to dominate the U.S. RFID Tags market over the forecasted period 2019-27. This is owing to wide application areas of Passive RFID in Retail, Healthcare and Logistics and Transportation Industry. According to Coherent Market Insights the U.S. Retail Market accounted for US$ 3,626 Billion in 2018 and expected to grow at a CAGR of 3.4% during the forecast period. Moreover, Passive RFID Tags are more economical and compact than the Active RFID Tags. Passive RFID Tags are widely used to track the low-cost items.
• Among product type segment Correctional tags sub segment is expected to create a lucrative opportunity for U.S. RFID Tags market. RFID tags helps to track each inmate’s movements 24 hours a day and it also makes correctional facilities more secure. As the correctional facilities are adopting the RFID technology the demand for correctional tags is also expected to drive the growth of the market during the forecast period. For instance In June 2018, Clinton Co. Correctional Facility in McElhattan, Pennsylvania have adopted the RFID Technology from GUARDIAN RFID, which is an inmate management and tracking System Company.

Market Trends

1. Prominence of intelligent transportation system with RFID technology

Increase in number of accidents is the motivating factor underlying the numerous commercial, governmental, and academic engagements for technology adaptation in vehicles, namely, Intelligent Transportation System (ITS) using RFID technology, thus attributing to the expansion of the RFID tag market in this sector. RFID-based technologies are extensively implemented to improve security and safety, thus increasing the efficiency of the transportation system, ultimately saving costs. Therefore, they improve the way of living of the citizens.

2. Growing use of RFID tags in numerous industries

RFID tag manufacturers have delivered steady improvements in data integrity and reliability through consistent improvements in manufacturing of chips. This trend is estimated to continue as firms such as Invengo Technology Pte. Ltd. are starting to gain traction in the U.S. market. This is further anticipated to drive intense competitive and benchmarking comparisons between the leaders to ensure their performances. Tag encoding technologies have also made significant advancements as new high-speed printer-encoders and new industrial equipment for high-volume encoding of RFID tags for distributed service-bureau operations have come to the market, thus making the RFID encoding process easy. Subsequently, total applied (15 to 50 cents) tag costs are declining steadily, thus opening the door to new applications as well as for new RFID tag manufacturing companies.

Competitive Section

Major companies involved in the U.S. RFID tags market are Impinj Inc., Confidex Ltd, RF Code Inc., Invengo Information Technology Co., Ltd., HID The U.S. Corporation, Alien Technology, AMS AG, NXP Semiconductors N.V., and Omni- ID Ltd.

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Key Developments

1. Key companies in the market are focused on partnerships and collaborations, in order to gain a competitive edge in the market. For instance, in 2016, NXP Semiconductors N.V. partnered with the U.S. Department of transportation to provide RFID tagging solutions for smart city projects.
2. Major market players are involved in product launches, in order to expand product portfolio. For instance, in March 2019, Identiv, Inc. introduced Identiv NTAG 424 DNA Tags, to strengthen its RFID offerings. 

Segmentation

Market Taxonomy:

1. By Type

• Active RFID
• Passive RFID

2. By Product Type

• Healthcare tags
• Commercial tags
• Correctional tags
• Others

3. By End-use Industry

• Healthcare
• Retail
• Automotive
• Logistics and Transportation
• Surveillance and Security
• Others (Sports, Wildlife, Livestock, and IT)