Chipless RFID Market to Reach $4.74 Billion by 2027

According to a new report published by Allied Market Research, the global chipless RFID market generated $903.3 million in 2019, and is estimated to reach $4.74 billion by 2027, witnessing a CAGR of 23.1% from 2020 to 2027.

Increase in efficiency offered by chipless RFID tags, rise in demand in the banking and healthcare sectors, and low cost of manufacturing drive the growth of the global chipless RFID market. However, risks related to breach of confidential information hinder the market growth. On the other hand, shift of retailers to RFID and innovations in cloud-based systems are expected to present numerous opportunities in the coming years.

The production activities have been hampered in many regions across the globe due to lockdown and temporary shutdown of different industries in European and Asia-Pacific countries. The supply chain and day-to-day activities have been disrupted.

The production facilities in the electronics sector have been stopped, which in turn, created a supply-demand gap. There have been interruptions in large-scale manufacturing across Europe and exports of Chinese parts.

The demand for chipless RFID tags and readers increased during the pandemic to increase automation and wireless operations for maintaining lesser contact. The demand would be met steadily as manufacturing activities begin at full scale.