Chipless RFID market to grow at a CAGR of 29.33%
RFID devices can be integrated with other technologies such as Wi-Fi and real-time locating systems (RTLS). Those manufacturers who require efficient inventory management systems demand highly advanced RFID devices. Technically advanced RFID semiconductor devices are being developed keeping in mind the specific needs of customers. These technological advances have led to increased adoption of RFID devices in retail and logistics applications.
According to the report, asset tracking is the process of tracking a physical asset and collecting information on its usage and whereabouts, while an inventory management system keeps track of stocked goods in order to plan further production. Both systems are an integral part of the supply chain. Chipless RFID keeps track of all products and lets the manufacturer know if any product is out of stock. It is also used in the healthcare sector, especially in hospitals. Chipless RFID helps the management keep track of medical equipment.