Chipless RFID Market driven by a rising demand for technology in the banking and healthcare sectors
The chipless RFID market is being driven by the increased efficiency offered by these tags
In order to improve inventory accuracy and provide accurate counts, RFID has made great progress. Additionally, RFID technology can gather more data in less time, which is another benefit. The counting procedure just needs to be done once, saving time since it is not necessary to always have a good view of the inventory.
RFID eliminates the chance of transcribing mistakes, duplicate data entries, and "missed items" when it is used to capture data on a lot of items at once. With cloud-based solutions, everyone in the company may access the most recent information at any time.
Chipless RFID market was valued at 2.5 billion in 2022 and is projected to reach 7.5 billion by 2030, growing at a CAGR of 24.5% from 2023-2030.
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The global market for chipless RFID tags is anticipated to be driven by the expanding demand for chipless RFID tags in the banking and healthcare sectors. The chipless RFID tags Market is becoming increasingly popular for inventory management across various business sectors, including healthcare, banking, financial services, and insurance (BFSI).
Chipless RFID tags, on the other hand, are available at a price significantly lower than traditional RFID tags due to the absence of a silicon chip and the elimination of the need for maintenance procedures.
Therefore, these factors have contributed to a rise in the use of chipless RFID tags in identification documents such as passports and banking cards.
Competitive Landscape of the Chipless RFID Market
The major players operating in the global Chipless RFID industry include the major market players are Alien Technology, LLC., Applied Wireless, Inc., Avery Dennison Corporation, Checkpoint Systems, Inc., Honeywell International Inc., iDTRONIC GmbH, Impinj, Inc., Invengo Technology Pte. Ltd., NXP Semiconductors, Zebra Technologies Corporation.
New Developments
6 February 2023: Zebra Technologies extends its partnership with the national football league.
North America is expected to have the greatest rate of growth in the chipless RFID market.
With a CAGR of 38% over the course of the projected period, North America is the region that contributes the most to the worldwide chipless RFID market. To increase the effectiveness of inventory allocation, the majority of the biggest corporations in North America are moving towards deploying automated item identification systems for supply chain management.
The demand for supply chain management is predicted to increase during the projected period, creating attractive prospects for the chipless RFID market. The increasing need for RFID technology in the healthcare industry is another development that opens up the lucrative potential for the growth of the chipless RFID market.
The biggest barrier to growth for the chipless RFID industry is the challenge posed by the potential for a breach of confidential information.
Despite its many advantages, chipless RFID lacks a locking mechanism and a security password, making sensitive data susceptible to theft. Many companies, including those in the healthcare sector and others, strive to steer clear of employing chipless RFID labels for resource tracking due to the possibility of a data breach related to the usage of medication and its components.
These elements must be present in order to prevent their appropriation and, as a result, limit the expansion of the global market throughout the course of the forecast period.
There was a negative impact of covid-19 pandemic on the Chipless RFID market.
As a result of the manufacturing facilities' stalling and the resulting high demand in the industries, COVID-19 has had a substantial negative influence on the electronics industry.
Large-scale production disruptions in Europe and a halt to Chinese part shipments are two indications that could hurt the chipless RFID business.
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