Advanced Asset Tracking and Inventory Management in Hospitals Predicted to Significantly Augment the Global Chipless RFID Market Until 2020, Says Technavio

According to the latest research study released by Technavio, the global chipless radio-frequency identification (RFID) market is expected to grow at a CAGR of over 29% until 2020.

This research report titled ‘Global Chipless RFID Market 2016-2020’, provides an in-depth analysis of market growth in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various application segments, including, transport and logistics, retail, healthcare, smart cards, and aerospace.

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“Asset tracking is the process of tracking a physical asset and collecting information on its use and whereabouts, while an inventory management system keeps track of stocked goods in order to plan further production. Both systems are an integral part of supply chain processes. Chipless RFID keeps track of all products and lets the manufacturer know if any product is out of stock. Technavio researchers consider the healthcare sector to emerge as a key application area for this market,” said Asif Gani, one of Technavio’s lead analysts for embedded systems research.

“Chipless RFID helps management keep track of medical equipment. Trained nurses can locate items easily using this technology. This helps not only in reducing labor costs but also in saving the time of nurses. Chipless RFID also helps check the availability of an item and prevent duplication and loss of products, thus reducing inventory costs,” added Asif.

Global chipless RFID market by application segment 2015 (% share)

• Transport and logistics 34.50%
• Retail 23.50%
• Healthcare 20.32%
• Smart cards 13.10%
• Aerospace 8.58%

Source: Technavio research

Global chipless RFID market by transport and logistics application

The transport and logistics segment was valued at USD 1.41 billion in 2015. Transport and logistics was the largest revenue-generating segment in 2015 and is expected to continue its dominance throughout the forecast period. It will likely grow at the highest CAGR due to rapid adoption of chipless RFID in vehicles and logistics activities like distribution and warehousing.

As chipless RFID tags are more affordable than the usual RFID tags used in inventory management, manufacturers are likely to switch to chipless RFIDs to make supply chain operations hassle free. Low cost and high efficiency of chipless RFID will emerge as some of the key drivers for this segment. Inscribed RFID tags help in vehicle recognition at gates/ locations where entry is restricted. This makes passing of vehicles rather easy, and reduces the time taken for verification, as drivers are not required to show or display ID cards.

Global chipless RFID market by retail application

The retail segment was valued at USD 960 million in 2015. Chipless RFID is in high demand in retail, as it removes inefficiencies in the supply chain. With an increase in omni-channel retailing, supply chain has become more complex. Improved item tracking and visibility have helped companies reduce their demand-supply gap in an efficient manner, as gain real-time data to estimate the number of stock keeping units (SKUs) required and thereby produce accordingly. This ensures control over inventories. The visibility of the item to customers has become an important factor for customer satisfaction. It also enhances consumers' shopping experiences. Thanks to chipless RFIDs, transparency has significantly improved. With this, the prevalence of item-level tagging is predicted to find substantial application in retail applications over the next four years.

Global chipless RFID market by healthcare application

The healthcare segment was valued at USD 830 million in 2015. Chipless RFID has multiple applications in the healthcare sector. The use of RFID technology helps to track hospital equipment use. Counterfeiting is a major issue in the healthcare industry, and this technology is extensively used to solve this problem. Chipless RFID also helps in the distribution of automated pharmaceutical receipts. Medical error is one of the top five causes of death in hospitals, and the use of chipless RFID is anticipated to reduce these instances with the accurate retrieval of patient medical history.

Browse related reports:

• Global RFID Readers Market 2016-2020
• Global RFID Market for Retail Applications 2015-2019
• Global Infrared Thermography Market 2016-2020

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About Technavio

Technaviois a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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