RFID Tags Market: Advanced Technologies & Growth Opportunities in Global Industry

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.

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.

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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.

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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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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