Chipless RFID Market Growth to be Fuelled by Advancements in Technology

“The US$ 477.7 Million chipless RFID market is estimated to reach US$ 3,058.2 Million by 2024-end, reflecting a robust CAGR of 26.1% during the forecast period (2016-2024). The retail sector will play a crucial role in driving the market growth globally over the next couple of years. Adoption of chipless RFID is expected to remain high in stores for smart shelves and item-level tagging.” --- Persistence Market Research (PMR)

Global Chipless RFID Market: Key Stakeholders

US-based chipless RFID manufacturers will continue their dominance with companies such as Xerox Corporation and Zebra technologies leading the pack on a global level. PMR’s analysis reveals that strategic partnerships amongst players will remain a key trend throughout the forecast period in order to penetrate narrower channels of the market. Thin Film Electronics ASA, Spectra System, Tag Sense, Politronica, and Molex are some of the other companies who have significantly increased their footprints in the global chipless RFID market in recent years.

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Bottlenecks

According to PMR’s latest report on the global market for chipless RFID, issues associated with data characteristics is likely to inhibit the overall growth of the market during the assessment period. Further, technological stringency is translating into operational restrictions of chipless RFID. Tags developed using chipless RFID technology are susceptible to various physical and virtual attacks, which increases the possibilities of data misuse. These tags are easily accessible making any private information stored in them prone to malignant threats. On the other hand, factors such as cost effective manufacturing technology, rapid adoption in sectors such as banking and healthcare and growing need for efficient supply chain management are expected to define the market growth over the next couple of years.

Sturdy Consumption of Chipless RFID Tag

As per the projection, demand for chipless RFID tag will gain maximum traction, while chipless RFID reader will emerge as the second largest segment of the market over 2024 on the basis of component type. In terms of revenue, the RFID tag segment is anticipated to expand at the fastest CAGR of 31.4% over the forecast period, followed by RFID reader segment.

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Adoption of chipless RFID tags in banking and healthcare sectors is likely to boost the growth of the RFID tags segment

Several industries such as banking and healthcare are increasingly adopting chipless RFID tags to track products. These chipless RFID tags are relatively cheaper as they do not have silicon chips and do not require any maintenance, owing to which there is an increasing adoption of chipless RFID tags for applications such as banking cards, e-Passport, etc. Increasing usage of these tags has created potential opportunities for asset management as per the business requirement. Several companies have started adopting chipless RFID tags due to their cost-effectiveness and anti-counterfeiting features, thus driving the growth of this particular segment over the forecast period.

Rising need for efficient supply chain management is expected to support the growth of the chipless RFID tags segment during the forecast period. Chipless RFID stores give detailed information of products up to 2KB, which are tagged with chipless RFID. Products with RFID tags benefit from automatic recording of prices and other details when the customer approaches the counter without the requirement of scanning each and every product, which ultimately saves the time of the customer. Moreover, it allows cost tally in one scan, which saves the time of the customer as well as of the product retailer. These advantages have encouraged retail and manufacturing companies to adopt chipless RFID for tagging their products.

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This release was published on openPR.