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The global chipless RFID market to grow at a CAGR of 27.43% during the period 2017-2021.
According to the report, one driver in the market is rising need for inventory management. Inventory, one of the most important assets of a company, represents investments from the manufacture to the sale of a product. 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.
One trend in the market is rapid technological advancements. Retailers that require efficient inventory management systems demand highly advanced RFID devices. Currently, technically advanced RFID semiconductor devices are being developed keeping in mind the specific needs of customers. These devices can also be integrated with Wi-Fi and real-time locating systems (RTLS).
Further, the report states that one challenge in the market is data security issues. Information security is a key concern in the chipless RFID market. High frequency radio signals transmitted from these tags can be detected from a distance by other radio receivers. This creates chances of the data being accessed by other users. Keeping data secure is of high importance for consumers, governments, and corporations. The increasing use of RFID has opened a new frontier for data threats and data security measures. In RFID systems, readers are the communications crossroads.