Global chipless RFID market 2016-2020
Need for asset tracking and inventory management drives the market
Research and Markets has announced the addition of the "Global Chipless RFID Market 2016-2020" report to their offering. The global chipless RFID market is set to grow at a CAGR of 29.33% during the period 2016-2020.
"Global Chipless RFID Market 2016-2020" has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
RFID devices can be integrated with other technologies such as Wi-Fi and real-time locating systems (RTLS). Those 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 the 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. Chipless RFID helps the management keep track of medical equipment.
Further, the report states that the data security issues are a major challenge for manufacturers, as they negatively affect the market for RFIDs.
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