Delaware, June 20, 2016 (GLOBE NEWSWIRE) -- Printed and Chipless RFID Market size is expected to reach USD 16.29 billion by 2023; as per a new research report by Global Market Insights, Inc.
Quantifiable advantages in stock control and security is expected to be one of the key drivers for the global printed and chipless RFID market size. This has driven adoption among actors across the supply chain, including manufacturers, distributors, wholesalers, and retailers. In the retail industry, the use of this technology helps increase sales, boost customer service, improve visibility, operational efficiency, etc.
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With revenue estimated to exceed USD 6.3 billion by 2023, logistics and transport will remain the largest segment and continue leading printed and chipless RFID market share through the forecast timeline. This is further aided by decreasing cost of tags, mainly due to advancements in the fields of nanotechnology, printed electronics, and conductive inks. Infrastructure modernization in BRIC nations will also benefit the transport sector.
The aviation industry accounted for over 12.5% of the overall revenue in 2015. Companies operating in this space have started incorporating the technology into their product offering. It proves particularly useful for reducing the overall expenditure and increasing efficiency.
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Growth in the counterfeit items industry results in reduced profitability, which can be avoided by printed and chipless RFID market implementation across the sector. Along with product tracking and streamlined operation, technology adoption also contributes to improved brand image. A growing trend in the industry is increased popularity among small and midsized businesses (SMB).
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Key insights from the report include:
- Europe printed and chipless RFID market share is forecast to exceed 25% by 2023. Germany and the UK are the major regional contributors to this growth.
- Positive technological landscape in key regional industries has resulted in high growth expectations on a global scale. These include collaborations for product innovation, such as photosensitive tags development. Considerable R&D investments will further intensify the impact of this trend.
- Incumbent players need to dissipate concerns regarding data storage safety to enable increased commercialization and adoption.
- Printed and chipless RFID market size in healthcare applications is anticipated to witness steady growth in the coming years. Implanting the tag can help provide faster solutions, and link clinical personnel to relevant medical records for patients suffering from syndromes that hamper communication.
- Read-write tags have comparatively large memory and are more expensive. They are primarily used in applications, where the data needs to be updated during the process such as supply chain management and manufacturing. In chipless systems, readers detect the tag by signal processing demodulation technique for data extraction.
- Major participants include Zebra Technologies, Alien Technology Corporation, Intermec, TAGSYS RFID, etc. Competitive advantage is based on parameters include product differentiation, go-to-market channel partners, performance, availability, etc.
- Technology benefits in supply chain management comprise automatic scanning, enhanced visibility, labor reduction, asset tracking, traceable warranties, item level tracking, product recalls, and quality control.
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Global Market Insights has segmented the printed and chipless RFID market on the basis of application and region:
- Global Printed and Chipless RFID Application Analysis (Revenue, USD Million, 2012 - 2023)
- Retail
- Transport & logistics
- Aviation
- Healthcare
- Global Printed and Chipless RFID Regional Analysis (Revenue, USD Million, 2012 - 2023)
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
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About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.