RFID tags
are increasingly being used in a variety of industries due to their benefits,
including the prevention of theft and real-time cargo tracking. The growing
need for a reliable supply chain is increasing the use of such tags in a variety
of industries, including transportation and logistics. IoT and Big Data are two
examples of advanced technologies that are helping to move the market forward.
Because of the widespread applicability to combat stealing and counterfeiting,
the logistics and transportation sector is likely to lead the market as an
end-use. Due to benefits such as improved supply chain visibility, improved
maintenance tracking, efficient logistics, robust asset management, and
utilisation, the use of these tags has expanded dramatically in the aerospace
and health sectors.
Market
Dynamics- Drivers
During the forecast period, the
growing interest in RFID technology by the retail sector is likely to propel
the expansion of the U.S. RFID tags market.
Due to
businesses' desire for more visibility and speed in their supply chains, the
retail sector is increasingly using RIFD technology. Furthermore, the industry
places a premium on retail efficacy and operational efficiency. A
well-functioning supply chain guarantees that commodities are delivered on time
and to the correct location. Reduced labour costs, low inventory upkeep, and
improved sales are just a few of the benefits of RIFD. As a result, these
factors are projected to propel the RFID
tags market in the United States forward over the forecast period.
Over the forecast period, the
introduction of automated toll booth payment with RFID is likely to boost the
RFID tags market in the United States.
Transportation
networks and infrastructure are critical to a country's economic success.
Efficient transportation systems provide significant social and economic
benefits, such as increased employment, improved market access, and further
investments. As a result, it is vital for the transportation business to react
to technological changes quickly. RFID-enabled toll collection enables for the
automated electronic collection of toll fees. RFID technology has also improved
the efficiency of automatic toll boot payments. Customers can drive immediately
through a toll booth without having to queue for financial transactions or
manually pay toll payments.
When a
commuter passes, the toll fee is deducted automatically. As a result, these
factors are likely to drive market expansion over the next several years.
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