Transparency Market
Research (TMR) states that the U.S. RFID Tags Market is likely to
witness intense competitive trends in the coming years. According to
analysts, the leading players in the market such as HID USA
Corporation, Atmel Corporation, NXP Semiconductors N.V., and Invengo
Information Technology Ltd. Co. are likely to focus on merger and
acquisitions along with expansion of product portfolio.
Demand for
Passive RFID Tags Surges as Prices Drop
According to the
research report, the U.S. RFID Tags Market is expected to be worth
US$1,672.5 mn by the end of 2025 from US$809.4 mn in 2016. The market
is expected to surge at a CAGR of 8.5% during the forecast period of
2017 and 2025. Rising affordability of RFID tags is expected to be
the primary growth driver for the global market in the coming years.
Out of the two types of RFID tags, the demand for passive RFID tags
is expected to surpass active RFID tags during the forecast period.
This segment is projected to grow at a CAGR of 7.6% during the
forecast period. Amongst the end-user industries, the retail industry
is estimated to lead the pack with a share of 23.1% in the U.S.
market by the end of 2025.
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The growing interest
of various industries to improve their supply chains and achieve
greater visibility has instigated the uptake of RFID tags across the
U.S. Adoption of RFID in industries such as automotive, retail,
healthcare, transportation, wildlife, livestock, telemetry, sports,
and IT is estimated to soar in the coming years as players are
utilizing it for achieving higher standards of operational efficiency
and store effectiveness. RFID tags are increasingly being used to
ensure timely delivery of goods. Usage of RFID over the years has
enabled end users to achieve higher sales, lower labor costs, and
minimal efforts on maintaining inventory.
Automation of
Toll Booths Ups Adoption of RFID Tags in Transportation Sector
The uptake of RFID
tags in transportation industry for automatic toll collection has
made a significant contribution to the soaring revenue of the overall
market. Along with increasing the productivity of collection of toll
costs, it has eliminated the unnecessary lining up of vehicles,
thereby reducing traffic. Installation of RFID tags at toll booths
has allowed commuters to drive through the toll booth without any
hassles. Thus, all of these factors are expected to propel the growth
of the U.S. RFID tags market in the next few years.
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Availability of
Cheaper Alternatives Encroach on Market Share and Earnings of RFID
Tags
On the flip side,
the U.S. RFID tags market is likely to suffer due to wide
availability of cheaper alternatives such as the barcode systems. The
usage of barcode systems has grown over the years, which has had a
negative influence on the overall market. Several end users are
opting for barcode systems as they help in integrated inventory
management. Furthermore, the higher capital investment in introducing
RFID systems over barcodes is also dissuading end users. Growing
concerns pertaining to the privacy of customers with RFID technology
has also challenged the growth of the overall market.
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Transparency Market
Research (TMR) is a global market intelligence company providing
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repository is continuously updated and revised by a team of research
experts so that it always reflects the latest trends and information.
With extensive research and analysis capabilities, Transparency
Market Research employs rigorous primary and secondary research
techniques to develop distinctive data sets and research material for
business reports.
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