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RFID Tags Market: Passive Tag Segment Emerges as High-revenue Earning Segment

10-23-2017 12:44 PM CET | Advertising, Media Consulting, Marketing Research

Press release from: Transparency Market Research

/ PR Agency: Transparency Market Research
RFID Tags Market: Passive Tag Segment Emerges as High-revenue

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.

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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.

About Us

Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. We have an experienced team of Analysts, Researchers, and Consultants, who us e proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.

Each TMR Syndicated Research report covers a different sector – such as pharmaceuticals, chemical, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, our syndicated reports thrive to provide clients to serve their overall research requirement.

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