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U.S. RFID TAGS MARKET ANALYSIS | COHERENT MAARKET INSIGHTS

Read here the latest updates on the U.S. RFID TAGS MARKET ANALYSIS published by CMI team

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U.S. RFID TAGS MARKET ANALYSIS | COHERENT MAARKET INSIGHTS

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  1. Coherent Market Insights Market Research and Business Consulting Services https://www.coherentmarketinsights.com/ COVID-19 Impact Tracker

  2. U.S. RFID TAGS MARKET ANALYSIS • 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)) - Size, Share, Outlook, and Opportunity Analysis, 2019 – 2027 • 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

  3. Market Drivers • Rising interest of retail sector in RFID technology is expected to drive growth of the U.S. RFID Tags Marketduring the forecast period 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.

  4. Advent of automated toll booth payment with RFID is expected to propel the U.S. RFID tags market growth over 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.

  5. Market Restraints • Extensive base of barcode systems is expected to hinder the U.S. RFID tags market growth over the forecast period : Barcode technology has been extensively installed in many end-use verticals due to low cost and ease of operation. Most of the stakeholders of distribution channels have installed a base of barcode systems to facilitate integrated inventory management. Although RFID technology is more efficient and effective than barcodes, many organizations are reluctant in investing capital in replacing existing barcode technology. Unlike barcodes, there is no requirement for visual content for the reader to read tags. Furthermore, RFID tags can store relatively more information than barcode labels. Thus, these factors are expected to hinder the market growth in the near future. • Issues regarding privacy policy are expected to hamper the U.S. RFID tags market growth over the forecast period : One of the major challenges for adoption of RFID tags is the possibility of affecting privacy of customers. An RFID tag utilized for inventory tracking purposes may only contain information about that product. However, there is a possibility of computer system to link the product data with customer’s personal data, collected with every debit, loyalty, or credit card swipe, thus creating a detailed profile of customer’s buying habits. This can hamper the market growth in the near future.

  6. Market Opportunities • Inclusion of RFID chips in passports and visas can provide major growth opportunities : 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. .

  7. Advent of RFID asset tracking system is expected to present lucrative growth opportunities : 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

  8. Market Trends • Growing use of RFID technology in the healthcare sector : RFID finds major applications in healthcare sector namely in pharmaceutical industry, employing RFID enables the end-user to identify altered dosage and expiry date of medication. Moreover, it allows customers to monitor when and where the products and manufacturing. Thus, RFID can curb illegal activities of some companies and save lives of many. RFID can also be used in tracking medical products and equipment and newborn babies as well as medical records of patients. For instance, if a patient suffers from loss of memory or Alzheimer's, or if the patient is diabetic and experiences diabetic coma, RFID technology presents significant information to the practitioner in order to offer proper care by scanning the wristband of patient that contains the RFID chip. In October 2004, the US Food and Drug Administration (FDA) approved the first RFID tag to be utilized on humans. • Advancements in RFID technology to improve its usage : In the recent past, North America has started increasingly adopting RFID technology. This is owing to increasing technological advancements in RFID tags as well as a high manufacturing rate of the tags due to increasing usage of RFID technology in many sectors. Moreover, many companies are major focused on presenting integrated targeted software platforms across supply chain and into the store along with RFID tags its readers to offer a better solution to the customers.

  9. Segment information: • In U.S. RFID Tags market, by type segment, passive sub segment dominated the U.S. market in 2019, accounting for 68.9% share in terms of value

  10. Value Chain Analysis

  11. Competitive Section • 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.

  12. Key Developments • Key players operating in the market are focused on product launches, in order to enhance the product portfolio. For instance, in Mach 2017, Alien Technology Corporation launched two new products in UHF passive RFID tag reader antennas. • Major companies are involved in product launches, in order to expand the product portfolio. For instance, in February 2017, Invengo Information Technology Co., Ltd. introduced slimmest UHF RFID tag to track linen materials. This RFID is expected to be one of the breakthrough towards retail RFIDs.

  13. Request Sample Report • Request Customization • Download PDF Brochure • Talk to Analyst • Reference : https://www.coherentmarketinsights.com/market-insight/us-rfid-tags-market-3643

  14. About Us Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. What we provide: • Customized Market Research Services • Industry Analysis Services • Business Consulting Services • Market Intelligence Services • Long term Engagement Model • Country Specific Analysis

  15. Contact Us Mr. Shah Coherent Market Insights Pvt.Ltd. Address: 1001 4th Ave, #3200 Seattle, WA 98154, U.S. Phone: +1-206-701-6702 Email: sales@coherentmarketinsights.com

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