Adoption of RFID tags is expected to increase over the forecast period owing to rising demand for asset tracking
The RFID tags segment was valued at more than US$ 100 Mn in 2015 and is expected to be valued in excess of US$ 1500 Mn by the end of 2024. Revenue generated from the RFID tags segment is expected to expand at a CAGR of 31.4% over the forecast period. The RFID tags segment is projected to create incremental opportunity of more than US$ 1,000 Mn between 2015 and 2024. In terms of revenue, this segment is projected to be the most attractive segment in the global chipless RFID market during the forecast period.
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.
Chipless RFID tag is a component of chipless RFID technology. This technology is termed as low-cost manufacturing technology because it does not require any batteries or silicon chips within the tag for asset tracking, which reduces the prices of these tags. Moreover, chipless RFID tags are not application specific due to which they can be used for applications in multiple industries. Furthermore, these tags are printed with the help of ink jet printers, which are relatively cheaper and allow multiple tag printing at the same time, due to which these tags can be manufactured easily. This is another factor expected to drive the growth of the RFID tags segment.
Advancement in printed electronics is a new trend likely to create a positive impact on the RFID tags segment
Advancement in printed electronics is aiding RFID developers in creating thin and flexible RFID tags. These tags can be integrated with printed sensors, thin-film photo voltaic solar cells, and other technologies. Moreover, rising usage of electronic printing and ink technologies is aiding RFID vendors to print their own chipless RFID tags on site as per the requirements.
RFID tags segment is projected to be the most attractive segment in the North America chipless RFID market during the forecast period
In terms of revenue, the RFID tags segment is projected to be the most attractive segment in the North America chipless RFID market during the forecast period. By 2016 end the RFID tags segment was valued at more than US$ 70 Mn and is expected to remain dominant in terms of revenue contribution throughout the forecast period. Currently, key players in the retail sector in the U.S such as Wal-Mart are implementing chipless RFID tags technology in their supply chains. Retail companies are increasingly adopting chipless RFID tags to improve the asset tracking process in a cost-effective way.
By 2016 end, the RFID tags segment in Europe was valued at more than US$ 50 Mn and is expected to remain dominant in terms of revenue contribution throughout the forecast period. In Europe, chipless RFID tags are used for high-value product tagging, which is creating good market opportunities for manufacturers of RFID tags and RFID readers. In the Europe market, fashion apparel, consumer electronics, and cultural goods manufacturers are increasingly adopting chipless RFID technology for improving store inventory management.
“Chipless RFID Market: Global Industry Analysis and Forecast, 2016 – 2024,” a new report by Persistence Market Research offers insights into the various factors driving the popularity of RFID technology in five regions across the globe. The report includes an extensive analysis of key industry drivers, restraints, market trends and market structure. This market study provides a comprehensive assessment of key stakeholder strategies and imperatives for succeeding in the business. The report segregates the market based on component type and industry type using chipless RFID components across different regions globally. Impact analysis of key growth drivers and restraints, based on the weighted average model is included in this report to facilitate clients with crystal clear decision-making insights. While analyzing market data, Persistence Market Research analysts have not only examined the historical trends defining the market but have also conducted a statistical analysis of the global chipless RFID market.
Major countries’ GDP analysis and GVA analysis has also been included in this report. By value and production and supply analyses, the global chipless RFID market report provides data on the global production of chipless RFID along with capacity utilization and pricing structure of chipless RFID across the different regional markets around the globe. The report quantifies the market value and market volume share of various segments of the global chipless RFID market across the studied regional markets, thereby performing a comprehensive production analysis of the global chipless RFID market across all levels.
In-depth assessment of capabilities and detailed profiles of key market competitors are included within the scope of the report
The report on the global chipless RFID market includes a competitive landscape to provide clients with a dashboard view based on categories of providers in the value chain, presence in the chipless RFID portfolio and key differentiators. This section has been designed to provide clients with an objective and detailed comparative assessment of key providers specific to a market segment in the global chipless RFID supply chain and the potential players for the same. Report audiences can gain segment-specific vendor insights to identify and evaluate key competitors based on an in-depth assessment of capabilities and success in the marketplace. Detailed profiles of key providers are also included within the scope of the report to evaluate their long-term and short-term strategies, key offerings and recent developments in the global chipless RFID market.
Macroeconomic indicators such as GDP, wholesale and retail trade, merchandise trade, and prices have been considered to arrive at the indicated market numbers. The scope of the global chipless RFID report is limited to RFID tags, readers, and middleware, excluding printers, inks, and other technology.
Global Chipless RFID Market Segmentation
By Component Type
By Industry Type
This report evaluates the present scenario and future growth prospects of the chipless RFID market across various regions globally for the period 2016 –2024. The analysts have considered 2015 as the base year and provided data for the trailing 12 months. Chipless RFID has the ability to provide new applications to retail, healthcare, logistics, manufacturing and other sectors, which are restricted by deployment and management of data recorded in thousands of tags. So, integration of cloud-based applications with chipless RFID technology can help in providing central management without increasing deployment costs and can create new growth opportunities in the chipless RFID market. In order to offer an accurate market forecast, the analysts have started by sizing the current market, which forms the basis of how the global chipless RFID market will grow in the future. Given the characteristics of the market, the outcome has been triangulated on the basis of different types of analyses based on technology trends. In addition, it is imperative to note that in an ever-fluctuating global economy, the report not only conducts forecasts in terms of CAGR but also analyzes the market on the basis of key parameters such as year-on-year (Y-o-Y) growth to understand the predictability of the market and to identify the right opportunities across the global chipless RFID market.
As previously highlighted, the global chipless RFID market is split into a number of segments. All segments based on component type and industry and across different regions are analyzed in terms of basis point share to understand individual segments’ relative contribution to market growth. This detailed level of information is important for identification of various key trends of the global chipless RFID market. Also, another key feature of this report is the analysis of all key segments by absolute dollar opportunity. This is traditionally overlooked while forecasting the market. However, absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales and delivery perspective in the global chipless RFID market.