Printed and Chipless RFID Market Forecast
Widespread application of RFID technology in supply chain, retail, access control, and manufacturing will push printed and chipless RFID market growth over the coming six years. Rapid innovations in nanotechnology and high investments in research activities will generate new growth avenues for the industry. According to Global Market Insights, Inc., “Printed and Chipless RFID Industry revenue is anticipated to hit USD 16.29 billion by 2023.”
Rising need to restrict the circulation of counterfeit goods will boost market demand over the years to come. The growing popularity of operating frequencies will drive the industry trends. Printed and chipless RFID technology offers various benefits such as asset tracking, automatic scanning, product recalls, quality control, labor reduction, and item level tracking to its customers.Printed and Chipless RFID Market has observed large-scale replacements of chip-based tags with chipless equivalents to prevent theft via asset tracking. Favorable government policies such as issuing of electronic-passports has benefited the industry to a large extent. Rise in the number of e-transactions with the advent of e-commerce sector will favorably influence the revenue of Printed and Chipless RFID industry. Again, high consumer preference for digital transactions is expected to offer new growth opportunities for the industry and offer bright prospects for the business.
China Printed And Chipless RFID Market size, by application, 2012-2023 (USD Million)
Ability of printed and chipless RFID systems to automate function and support long range processes has enhanced its popularity across aviation, retail, healthcare, and logistics & transport sectors. Printed and Chipless RFID market revenue in the healthcare sector will increase substantially over the coming seven years. Its major application in staff identification, patient data tracking, inventory control, and document management will succor the growth.
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Aviation application, which collected a revenue of USD 300 million in 2015, is anticipated to propel the industry development over the coming timeframe. Retail sector, which accounted for 29% of printed and chipless RFID industry share in 2015, is expected to embellish the industry size over the next few years. Escalated application of RFID technology in various retail activities to improve customer service, auctions, and operational efficiency will drive the revenue.
Key regional insights related to printed and chipless RFID market trends over 2016-2023:
- U.S. printed and chipless RFID industry is expected to reach USD 4.8 billion by 2023. Major industry participants in the U.S. are making use of this system to carry out support supply chain activities just in time.
- Brazil printed and chipless RFID market is projected to experience a handsome growth over the coming years, driven by implementation of government schemes favoring the use of the RFID technology across the region.
The rising popularity of printed and chipless RFID technology will attract new entrants to enter the business and this will make the industry more competitive. Hence, existing market players will try to gain competitive edge and capture maximum share by adopting successful business strategies such as product differentiation, technological innovations, effective marketing & branding, and building strong customer relationships.
Alien Technology LLC, Intermec, Zebra Technologies, Impinj Incorporation, and TAGSYS RFID Group are the major participants of printed and chipless RFID industry.
Author Name :Dhananjay Punekar