Revenues of the printed and chipless RFID market will increase from about USD 2.1 billion in 2014 to around USD 15.2 billion by 2022. Market demand is driven by the need for inventory management & supply chain visibility. Falling tag costs also prove beneficial.
Printed and chipless RFID (radio frequency identification) technology has many users. One of them is public transit. Public transit systems benefit from better functionality and lower costs of this technology. Major transport systems utilizing RFID are Octopus Card in China, Ventra in the United States, Oyster Card in the U.K., T-Monet in Seoul, and Saint Petersburg City Card in Russia.
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Technological developments simplify the manufacture and reduce the production time of printed and chipless RFID products. This leads to higher adoption of the products. Chipless RFID also facilitates anti-counterfeiting and asset tracking, thus discouraging thefts in retails.
High unit prices of chip-based tags in the pharmaceuticals industry drive the switch to chipless tags. Electronic transactions and governmental initiatives like e-passports fuel market sales. However, this technology’s proper implementation demands huge investments, which can discourage its growth. Demand could rise when implementation costs lower due to technological developments and more competition.
The printed and chipless RFID market is split on the basis of applications and regions. Application segments are aviation, retail, transport & logistics, and healthcare. Transport & logistics accounted for more than 29% revenues in 2014. It is estimated to rise at around 26% CAGR during 2015 to 2022 (forecast period). This would be triggered by the booming public transit industry.
Contact and contactless RFID smart cards enhance operational efficiencies and reduce travel time. Retail occupied about 26% of the market in 2014. Main applications in retails encompass supply chain management, shrinkage loss reduction, and stock tracking.
Regions wise, the printed and chipless RFID market comprises Europe, Asia Pacific, North America, Latin America, and Middle East & Africa. North America held 36% shares in 2014. Asia Pacific is projected to expand at a CAGR of 30% over the next seven years. Huge opportunities in China and India should contribute to the same.
Leading participants of the worldwide printed and chipless RFID market include Zebra Technologies, IBM Corporation, Alien Technology Corporation, and Siemens AG. The market is highly competitive. Its success factors comprise product developments, warranty coverage, and customer relationship management, among others.
Information Source: Grand View Research