According to a new report by Research and Markets the Chipless RFID market is forcasted to grow at a CAGR of 29.33% during the period from 2016-2020. RFID tags without a silicon microchip are called chipless RFIDs. This technology is embedded in products or goods to help track and replenish inventory, and retrieve information on products when required. Chipless RFIDs are easy and cheap to manufacture compared to conventional RFIDs. The majority of the RFID market is dominated by passive tags, which do not require batteries.
RFID devices can be integrated with other technologies such as Wi-Fi and real-time locating systems (RTLS). Manufacturers who require efficient inventory management systems demand highly advanced RFID devices. Technically advanced RFID semiconductor devices are being developed keeping in mind the specific needs of customers. These technological advances have led to increased adoption of RFID devices in retail and logistics applications.
According to this report, asset tracking is the process of tracking a physical asset and collecting information on its usage 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 the supply chain. Chipless RFID keeps track of all products and lets the manufacturer know if any product is out of stock. It is also used in the healthcare sector, especially in hospitals. It helps the management keep track of medical equipment.
The report "Global Chipless RFID Market 2016-2020" further states that the data security issues are a major challenge for manufacturers, as they negatively affect the market for RFIDs.
