Global Chipless RFID Market Grows at a Staggering CAGR of 23.4%

Introduction

Radiofrequency identification (RFID) systems that don't use integrated circuits made of silicon are known as "chipless RFIDs.” Access control, automatic identification, security and surveillance, tracking, database management, logistics, and inventory control are just some of the applications for this ever-evolving wireless technology. Conductive polymers or plastic are used instead of silicon-based integrated circuits. Chipless RFID is a significant advancement in the fight to overcome the limitations imposed by traditional RFID technology because of the elimination of the silicon IC chip in the circuit. It is also resistant to extreme weather and environmental conditions because the chipless RFID is entirely printable. Metals and liquid-filled bottles can both be imprinted with them. With these features, chipless RFID can now be used innovatively that chipped or barcode RFIDs couldn't. Some items marked at a low cost include identification cards, banknotes, drink containers, books, aluminum cans, and customer merchandise. Banknotes and aluminum cans are also viable options. It is possible to use a chipless RFID tag as a chipless RFID sensor, enabling the realization of universal networks required by the IoT paradigm at low prices. Monitoring CO2 levels is one of the most common uses for chipless RFID sensors. The chipless RFID concept has been developed to compete with barcodes in some applications. RFID chipless systems offer several advantages, including lower operating costs and improved user experience. Barcodes can only be used to retrieve a single piece of identifying information, but the technology behind them has been around for a long time and is still widely used today.

Market Dynamics

Growing Use of Chipless RFID Tags and Demand in Banking and Healthcare Drives the Global Market

Improved inventory accuracy and accurate counts have been made possible thanks to RFID. In addition, RFID technology can gather more data in a shorter period than other technologies. The counting process only takes a few minutes to complete because it is not necessary always to have a clear view of the inventory. RFID eliminates transcription errors, duplicate data entries, and "missed items" when collecting data on many items simultaneously. Using cloud-based systems, everyone in the company has access to the most up-to-date data available at any time. Location and status of things are two examples of data that could apply here.

The growing need for chipless RFID tags in the banking and healthcare industries is expected to drive growth in the global chipless RFID tag market. Many businesses, including healthcare, banking, and insurance, use chipless RFID tags for inventory management (BFSI). RFID tags that do not have a silicon chip and do not require any maintenance are significantly less expensive than traditional RFID tags because they do not need to be maintained. Chipless RFID tags are increasingly used in identification documents such as passports and bank cards due to the aforementioned factors. Many businesses are also considering chipless RFID due to its low cost and high level of anti-counterfeiting protection. As a result, growth in the global chipless RFID market is anticipated in the forecast period.

Growing Retailers' Trend Toward Chipless RFID Products Create Tremendous Opportunities

Chipless RFID tags are increasingly being used in retail chains and stores, propelling the global chipless RFID market upward. Chipless RFID tags are most commonly used for item-level tagging and smart shelving in the retail industry. RFID reader systems are integrated into "smart shelves" design to avoid problems such as running out of a product. These shelves sound an alarm when product levels drop, so there is no need to worry about them running out of inventory. In addition, customers can scan the products themselves to access information about tagged items with item-level tagging. As a long-term benefit, this saves time and money in the workplace. This is an example of a German supermarket chain using RFID in its supply chain, such as Metro AG, where all inventory is tracked using logistical units equipped with RFID technology.

Regional Analysis

North America is the highest contributor to the global chipless RFID market, growing at a CAGR of 22.2% during the forecast period. Most of the largest companies in North America are moving toward implementing automated item identification systems for supply chain management to improve the efficacy of inventory allocation. During the forecast period, there is anticipated to be a rise in demand for supply chain management, which is expected to create lucrative opportunities for the chipless RFID market. A further development that creates lucrative opportunities for the expansion of the chipless RFID market is the growing demand for RFID technology in the healthcare sector.

Europe is the second-largest contributor to the market and is estimated to reach around USD 1831.6 million at a CAGR of 23.7% during the forecast period. Because of the rapid expansion of the e-commerce industry around the world, there is an increasing demand for efficient asset tracking from warehouses. In addition, a surge in the retail sector in Europe is expected to fuel the growth of the chipless RFID market during the forecast period.

Key Highlights

• The global chipless RFID market was valued at USD 1,368.8 million in 2021. It is expected to reach USD 9,081.89 million by 2030, growing at a CAGR of 23.4% during the forecast period (2022–2030).
• Based on the product type, the global chipless RFID market has been categorized into tag and reader. The tag segment is the highest contributor to the market, growing at a CAGR of 23.7% during the forecast period.
• Based on the frequency, the global chipless RFID market has been categorized into low frequency, high frequency, and ultrahigh frequency. The ultrahigh-frequency segment is the highest contributor to the market, growing at a CAGR of 23.5% during the forecast period.
• Based on the application, the global chipless RFID market has been categorized into smart cards and smart tickets. The smart cards segment is the highest contributor to the market, growing at a CAGR of 22.4% during the forecast period.
• Based on the end-user, the global chipless RFID market has been categorized into retail, healthcare, logistics, and transportation. The logistics and transportation segment is the highest contributor to the market, growing at a CAGR of 23.2% during the forecast period.
• North America is the highest contributor to the global chipless RFID market, growing at a CAGR of 22.2% during the forecast period.

Competitive Players

Competitive Analysis

The global chipless RFID market’s major key players are

• Alien Technology, LLC.
• Applied Wireless, Inc.
• AVERY DENNISON CORPORATION
• Checkpoint Systems, Inc.
• Honeywell International Inc.
• iDTRONIC GmbH
• Impinj, Inc.
• Invengo Technology Pte. Ltd.
• NXP Semiconductors
• Zebra Technologies Corporation

Recent Developments

Market News

• February 2022, Check Point Software Technologies Extends its Cloud Security Offering with a Developer-First Security Platform.
• January 2022, Check Point Software Enhances its Secure Access Service Edge Solution to Securely Connect the Remote and Hybrid Workforce.

Segmentation

Global Chipless RFID Market: Segmentation

By Product Type

• Tag
• Reader

By Frequency

• Low frequency
• High frequency
• Ultrahigh frequency

By Application

• Smart Cards
• Smart Tickets

By End User

• Retail
• Healthcare
• Logistics and Transportation
• BFSI

By Region

• North America
• Europe
• Asia-Pacific
• LAMEA