Printed and Chipless RFID Market growth will be escalated by rising adoption of retail segment benefitted by this technology owing to benefits such as improved customers experience, monitoring of availability & inventory accuracy. By application, retail sector acquired more than 28% of the total printed and chipless RFID market.
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 in the printed and chipless RFID market.
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Printed and chipless RFID market in pharmaceutical segment is increasingly replacing chip-based tag with chip less tags owing to high unit costs, which is expected to positively affect the demand during forecast period. Radio-Frequency technology offers a few favourable circumstances to organizations for controlling inventory, for example, remote scanning of labels that have unique barcode for tracking items. Certain sorts of labels can be written again, which permits reading of a few labels at same time and empowers a whole heap of items to be inspected in the meantime.
RFID uses different frequencies such as low (LF), high (HF) and ultra high frequency (UHF) used as per the requirement in various areas spanning asset tracking, animal tracking smart card & access control operations. High initial expense of implementing the system is hindering the adoption rate for this technology. However, usage cost is predicted to diminish following couple of years attributed to technological developments and increment in companies offering solutions at reasonable prices.
North America is the largest consumer market among all the regions. U.S. is set to grow with over 25% CAGR during the forecast timeline. Early adoption of this technology in various application will spur the demand in this region. Asia Pacific market is characterized by increasing demand from medical institutions and government agencies to facilitate document management, and this trend will continue over the study period. The development of technology framework in nations such as India, Brazil, and China is expected to further increase the demand for printed and chipless RFID market.
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.