Chipless RFID Market to reach US$ 5190.6 Million globally by 2027

The global chipless RFID market is estimated to account for US$ 955.3 Mn in 2019 and is expected to grow at a CAGR of 24.0 % over the forecasted period 2020-27.

The APAC region is the fastest growing region in the global chipless RFID market and is expected to witness significant growth over the forecast period 2020-27. APAC region, specifically China remain major key player in the global supply chain market, companies in the country are heavily investing in the technology such as RFID tags to improve the supply chain market in the country. For instance, in January 2018, Taocafe, China based company launched smart store, where people purchase RIFD tags attached to the product and can check out using WeChat Pay. Similar smart stores were opened by Alibaba, Tencent, and JD.com in China market. Thus, APAC market showing positive impact on the global chipless RFID market.

Chipless RFID tags offer more advantages than other identification tags such as barcodes. Chipless RFID tags are more cost-effective since they do not possess silicone chips and thus, do not require regular maintenance. Moreover, with chipless RFID, counterfeiting of products can be averted. Chipless RFID can store detailed information of products up to 2K. Moreover, these products are benefitted from automatic recording of prices and hence the product details are read without scanning when consumer approaches the counter.

The RFID tags segment is expected to dominate the global chipless RFID market over the forecasted period 2020-27. This is owing to wide application of RFID tags from retail industry to healthcare and in Logistics & manufacturing. In Logistics & manufacturing RFID tags, enables to track the location of products from manufacturing plant to the end user. Thus, many key players in the market are developing RFID tags for Logistics & manufacturing sector. For instance, in March 2019, Kit Check, Inc., a US based automated medication management Solutions Company entered into strategic partnership with Avery Dennison Corporation, a US based materials science and manufacturing company. Through this partnership both companies are developing RFID tags for pharma companies to track medication packages. This enables pharma companies to track products from manufacture to hospitals.