Chipless RFID Set Market Estimated to Expand at a Robust CAGR over 2024

New York, NY — (PRESS RELEASE JET) — 10/26/2017 — “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.

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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.

Usage of Chipless RFID Will Remain High In Retail & Consumer Goods Industry

Based on industry type, the retail & consumer goods segment is set to expand at a significant CAGR of 29.3% in terms of value over the forecast period. In 2016, the segment stood at a market valuation of US$ 194.2 Million and is expected to remain dominant in terms of revenue share throughout the forecast period. The logistics & manufacturing is expected to remain the second largest segment of the market, surpassing a market valuation of US$ 984 Million by 2024 end.

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About the Author: Carrie Brunner

Carrie Brunner grew up in a small town in northern New Brunswick. She studied chemistry in college, graduated, and married her husband one month later. They were then blessed with two baby boys within the first four years of marriage. Having babies gave their family a desire to return to the old paths – to nourish their family with traditional, homegrown foods; rid their home of toxic chemicals and petroleum products; and give their boys a chance to know a simple, sustainable way of life. They are currently building a homestead from scratch on two little acres in central Texas. There’s a lot to be done to become somewhat self-sufficient, but they are debt-free and get to spend their days living this simple, good life together with their five young children. Carrie writes mostly on provincial stories.
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