RFID stands for radio frequency identification. RFID exclusively detects a person, animal or an object and assimilates the usage of electrostatic coupling in the radio frequency portion. Growing usage of these tags has generated potential prospects for asset managing in accordance with the business requirement. Today, numerous businesses have started adopting chipless RFID tags. This owes to the cost-effectiveness and anti-counterfeiting features of the product.
The global market for chipless RFID is expected to cross US$ 3,058.2 million during the forecast period (2016-2024). It is expanding at the noteworthy CAGR of 26.1 % during the aforesaid time. Furthermore, strategic partnerships amongst the top most players are expected to be the fundamental aspect stimulating the market demand further.
Healthcare and banking industries are progressively implementing chipless RFID tags in order to track the products. These tags are said to be relatively economical as they have no maintenance cost. Also, they don’t contain silicon chips. This has positively impacted the industry growth and has also boosted the adoption principally in banking sector.
Chipless RFID Tags-The benefits
The world is currently observing increasing need for well-organized supply chain management. Thus, chipless RFID will play a vital role in enhancing the overall process of supply chain, eventually boosting its individual market. RFID tags enable tally with a single scan, ultimately saves the time of the retailer as well as the customer. Chipless RFID tag is said to be the significant constituent of chipless RFID technology. As mentioned above, this technology is extremely low-cost manufacturing. It does not need any silicon chips and batteries within the tag for asset tracking. Thus, this significantly decreases the prices of these tags. In addition, chipless RFID tags can be used for applications in numerous industries as they are not application definite. They use ink jet printers during the printing procedure. These printers allow multiple tag printing and are relatively cheaper and have low manufacturing cost.
Retail and consumer segment is said to be the biggest end-users for chipless RFID. Chipless RFID values in this sector will expand at the lucrative CAGR of 29.3% during the forecast period. The market value of the segment was estimated at US$ 194.2 million in 2016 and is likely to dominate further. The logistics and manufacturing sector will follow the retail segment and will cross US$ 984 million by the end of the assessment period.
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Asia Pacific to grow at the fastest CAGR
North America is leading the market in terms of revenues. The demand for chipless RFID was estimated around US$ 70 million in the region and by the end of 2016 and is likely to gain enormous traction. Top players like Walmart are also adopting chipless RFID tags in their supply chains. Likewise, in order to improve the asset tracking, several retail companies have implemented this technology in the North America region. North America market is projected to cross over US$ 1,217.5 million by the end of 2024, with the lucrative CAGR of 27.3%.
On the other hand, Asia Pacific will grow at the maximum CAGR during the assessment period. Several industries are investing in the much greater pace in order to modernize the data maintenance technology in the Asia Pacific region. This will significantly help them in improving the business productivity.