The global radio frequency identification market amounted to a value of US$1.9 bn in 2013. From the looks of it, the rate at which things are happening in the global RFID market, it could shoot up to US$5.3 bn by 2020, displaying a CAGR of 13.9% between 2014 and 2020.
An RFID device is a tiny device that makes use of electromagnetic fields for the purpose of data transfer. RFIDs have the potential to change the way many industries function in more than one ways. Each RFID tag can contain some data that is stored electronically. When the tag is passed through a reader, the data is documented so we know exactly where an object is and where it is headed. The two common types of RFID devices are those with and without batteries. In the former’s case, the tag needs to pass through an electromagnetic field in order to work. The latter can transmit its data while being hundreds of meters from the closest reader, effectively letting the reader know where the package is.
An RFID device is a tiny device that makes use of electromagnetic fields for the purpose of data transfer. RFIDs have the potential to change the way many industries function in more than one ways. Each RFID tag can contain some data that is stored electronically. When the tag is passed through a reader, the data is documented so we know exactly where an object is and where it is headed. The two common types of RFID devices are those with and without batteries. In the former’s case, the tag needs to pass through an electromagnetic field in order to work. The latter can transmit its data while being hundreds of meters from the closest reader, effectively letting the reader know where the package is.
Browse Research Report: http://www.transparencymarketresearch.com/rfid-in-healthcare.html
It’s All about the Goods
The key factor that lets the global RFID market grow in unperturbed peace is the increase in transportation of various goods. Its growth rate is further supplemented by the availability of RFID cabinets and printers. Thanks to the ease with which one can create RFIDs, they have now become a common occurrence and are slowly replacing the traditional barcode system in certain industries. This holds true especially for the healthcare industry, where it is now becoming common practice to create RFIDs that store patient information and are used in the form of wrist bands. The logistics industry finds a huge scope for the use of RFIDs. RFID tags and especially RFID cabinets are capable of storing logs of important parameters such as temperature and humidity wherever applicable, such as in cold storage logistic chains.
RFIDs in the Consumer Markets
The use of RFIDs in the consumer markets is still a dicey equation: on one hand you have the advantage of super-fast transactions and anti-shoplifting mechanisms, but you also have to protect yourself from identity theft, which theoretically is a lot easier to do using RFID scanners than the older methods. Another issue the global RFID market is facing is the rate of adoption of RFIDs being too slow. Many companies and stores have not upgraded their technologies to include RFID scanners. An incoming wave of change of smart credit/debit cards that contain RFIDs, which can let a user make a transaction without actually having to swipe their card, is coming, while stores still either use the traditional swipe cards. Others have upgraded to allow the use of NFC to enable tap and pay services for users with smartphones.
Browse Press Release: http://www.transparencymarketresearch.com/pressrelease/rfid-in-healthcare.htm
Other niche uses of RFIDs include using them to detect human movements in real time in sports to gauge a team’s overall performance. Another innovative use of RFIDS is in teaching, where RFID tags can be used to display information about an object on a screen whenever a child approaches the object. Ideas like these are keeping the global RFID market competitive against modern identification technologies.
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