SEATTLE, May 27, 2020 (GLOBE NEWSWIRE) -- Chipless RFID tags are radiofrequency identification tags that do not need microchip in the transponder. Several industries such as healthcare and banking are increasingly adopting chipless RFID tags, in order to track products. RFIDs are relatively less expensive since they are not comprised of silicone chips and thus do not require any maintenance. As a result of this, it has been adopted in e-passports and banking cards. Several companies have started adopting chipless RFIDs, owing to its anti-counterfeiting and cost-effectiveness features.
The global chipless RFID market is estimated to account for US$ 955.3 Mn in 2019 and is expected to grow at a CAGR of 24.0 % over the forecasted period 2020-27.
Market Drivers:
- Increased efficiency offered by chipless RFID tags is expected to accelerate growth of the global chipless RFID market during the forecast period
Chipless RFID tags offer more advantages than other identification tags such as barcodes. Chipless RFID tags are more cost-effective since they do not possess silicone chips and thus, do not require regular maintenance. Moreover, with chipless RFID, counterfeiting of products can be averted. Chipless RFID can store detailed information of products up to 2K. Moreover, these products are benefitted from automatic recording of prices and hence the product details are read without scanning when consumer approaches the counter.
- Enhanced supply chain visibility is expected to boost the global chipless RFID market growth over the forecast period
Major adoption of chipless RFID is witnessed in the supply chain industry. Since it can save detailed information about a product, handling, transporting, and shipping of the product become easier. Moreover, it is convenient when it comes to inventory.
Market Opportunities:
- Low cost offered by chipless RFIDs as compared to a barcode can provide major growth opportunities
- Growing shift of retailers to RFID can offer excellent business opportunities
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Key Takeaways:
APAC region is the fastest growing region in the global chipless RFID market and is expected to witness significant growth over the forecast period 2020-27. APAC region, specifically China remain major key player in the global supply chain market, companies in the country are heavily investing in the technology such as RFID tags to improve the supply chain market in the country. For instance, in January 2018, Taocafe, China based company launched smart store, where people purchase RIFD tags attached to the product and can check out using WeChat Pay. Similar smart stores were opened by Alibaba, Tencent, and JD.com in China market. Thus, APAC market showing positive impact on the global chipless RFID market.
Among Component Type, RFID tags segment is expected to dominate the global chipless RFID market over the forecasted period 2020-27. This is owing to wide application of RFID tags from retail industry to healthcare and in Logistics & manufacturing. In Logistics & manufacturing RFID tags, enables to track the location of products from manufacturing plant to the end user. Thus, many key players in the market are developing RFID tags for Logistics & manufacturing sector. For instance, in March 2019, Kit Check, Inc., a US based automated medication management Solutions Company entered into strategic partnership with Avery Dennison Corporation, a US based materials science and manufacturing company. Through this partnership both companies are developing RFID tags for pharma companies to track medication packages. This enables pharma companies to track products from manufacture to hospitals.
Among Industry Type, Healthcare, segment is expected to create a lucrative opportunity for global chipless RFID market in the forecast period 2020-27. This is owing to adoption RFID tags for e-healthcare market. RFID tags can connects with internet, then it uses body sensors to continuously monitor patients’ health condition. This collected data further helps early diagnosis of disease. Furthermore, pandemic situation such as Covid 19, it helps early detection of disease and track & monitor effected patients activity. Thus, healthcare can provide lucrative opportunity for global chipless RFID market.
Competitive Landscape:
Major players involved in the global chipless RFID market are TagSense Inc., Zebra Technologies Corporation, Xerox Corporation, Thin Film Electronics ASA, Spectra Systems, Vubiq Networks Inc., Molex Inc., and Politronica Inkjet Printing S.r.l.
Key Developments:
Key players in the market are involved in research and development activities, in order to strengthen market position. For instance, in January 2019, Vubiq Networks Inc., a provider of millimeter-wave wireless broadband technology, completed development of a hardware/software millimeter wave hyperimaging system.
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Market Segmentation:
- By Component Type
- RFID tags
- RFID readers
- RFID middleware
- By Industry Type
- Retail & consumer goods
- Logistics & manufacturing
- Healthcare
- Government
- Aerospace & Defense
- Others
- By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa