LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global chipless RFID market to grow at a CAGR of more than 27% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global chipless RFID market for 2017-2021. The report also lists logistics and transport, retail, healthcare, and smartcards as the four major end-user segments.
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global chipless RFID market:
- Rising need for inventory management
- Flexible manufacturing technology
- Error reduction in data entry
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Rising need for inventory management
Inventory management involves keeping track of products or assets, storage of components required during production, and monitoring the quantity of finished products. Any negligence in inventory management can result in substantial financial losses and lead to inventory glut or inventory shortages. The lack of sufficient real-time visibility can create a considerable loss of work hours and time, in turn leading to financial constraints.
The tracking of inventory manually or using a barcode system requires several workers to count the products manually. In retail outlets such as supermarkets, hypermarkets, and apparel stores, chipless RFID systems are finding tremendous response. With these systems, store managers can track inventory, identify customer preference and employ discount offers and loyalty programs in the store.
According to Sunil Kumar, a lead analyst at Technavio for embedded systems research, “The chipless RFID systems allow the feeding of information into the database faster as compared to manual data feeding. They also help in avoiding theft by keeping track of the inventory. Demand trends can also be analyzed by observing which items are leaving the inventory fast.”
Flexible manufacturing technology
One of the major concerns in the production of RFID tags is the lack of skilled labor. As the manufacturing process involves tasks such as connectivity, functionality, and architectural approach, it requires a high level of customization, expertise, and understanding of the installation environment. However, this is not a problem with chipless RFIDs.
Chipless RFIDs can be developed simply using inkjet printers. These RFIDs are printed on flexible substrates such as plastics, paper sheets, or the product itself using conductive ink. This also reduces the cost as there is no requirement for silicon chips. The production of chipless RFIDs also involves lower power consumption than its substitutes.
Error reduction in data entry
Earlier data entry was done manually. This method is time-consuming, and there is a high possibility of errors. With the introduction of RFID and barcode systems, firms can record and recognize data entries automatically and with more precision. It not only helps in automation of data entries but also corrects warehouse errors such as picking up the wrong quantity or item for a different order.
“Industries like manufacturing, logistics, and warehousing require accurate tracking of the inventory produced and of asset movement during the production stage. A simple error can cause major losses. With the introduction of RFID and barcode systems, vendors, manufacturers, and other end users have found a substantial improvement in the overall data entry,” says Sunil.
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