New York, NY -- (SBWire) -- 08/22/2017 --The value of global chipless RFID market was worth US $477.7 million in 2016 and it is estimated to account for a value of US $3058.2 million by 2024 end, registering a robust 26.1% CAGR during the forecast period (2016 to 2024) according to the report by Persistence Market Research (PMR). Based on component type, the global chipless RFID market is bifurcated into chipless RFID reader and chipless RFID tag. The demand for chipless RFID tags is projected to gain maximum traction, whereas chipless RFID reader is expected to emerge as second-largest segment of the global chipless RFID market during 2016 to 2024.
Factors Impeding the Growth of Global Chipless RFID Market Include,
Problems associated with data characteristics.
Translation of technological stringency into operational restrictions related to chipless RFID.
Chipless RFID tags are susceptible to several virtual and physical attacks increasing the possibility of misuse of data.
Easy access of chipless RFID tags makes it vulnerable as private information saved in them get prone to malignant threats.
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In contrast, some factors such as rapid adoption of chipless RFID in healthcare and banking sectors, cost-effective manufacturing technology and increasing necessity of effective supply chain management are estimated to fuel the growth of global chipless RFID market in the near future.
On the basis of industry type, the value growth of retail & consumer goods is estimated to witness a significant 29.3% CAGR during 2016 to 2024. The value of this segment in 2016 was worth US $194.2 million and it is estimated to remain dominant in the global chipless RFID market during the forecast period. The logistics & manufacturing segment is anticipated to hold second-largest position in the global chipless RFID market and estimated to surpass market value of US $984 million by 2024 end.
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Region-wise, North America is estimated to be the most attractive region for the chipless RFID market during 2016 to 2024. In 2016, North America stood dominant in the global chipless RFID market and this region is estimated to reach a value of US $1,217.5 million registering 27.3% CAGR during the forecast period. Asia Pacific (APAC), on the other hand, is projected to witness highest CAGR during the forecast period. Following Asia Pacific will be North America and Europe respectively. Increasing investment in modernizing data maintenance technology by several industries for improving their business efficiency is a factor responsible for the growth of chipless RFID market in Asia Pacific.
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US-based manufacturers of chipless RFID such as Zebra Technologies and Xerox Corporation are expected to remain dominant and lead the global chipless RFID market in the near future. A key trend to be observed during the forecast period is strategic partnerships within players of chipless RFID market for penetrating into narrower channels of this market. Some other market players participating significantly in the global chipless RFID market include Thin Film Electronics ASA, Tag Sense, Molex, Spectra System and Politronica.
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Chipless RFID Market to Witness a Robust CAGR of 26.1% by 2024
The chipless RFID tag segment is estimated to witness fastest revenue growth at 31.4% CAGR during the forecast period, followed by chipless RFID reader segment.