AN OUTLOOK ON THE RFID TECHNOLOGY
As per the latest BCC research, many organisations are changing the way their business and strategies have been functioning to make room for RFID (Radio Frequency Identification) as it these integrated service has become a driving need for them. Incorporating RFID is not about just adding a new technology to a set of the existing ones. RFID systems can be used to locate, identify or track the objects, via radio frequency waves that exchange data between a reader and a movable object.
When it comes to the global market of RFID, there is a scope of tremendous growth after crossing a Compound Annual Growth Rate of about 18% over five years (2016-2021). The estimate is that the global market value of RFID would be double the current value.
The increasing penetration of the internet, further encourages the adoption of RF-devices and products as these systems can now be deployed through a cloud platform. Products such as tags, readers, and scanning devices, are used in different application areas such as retail, healthcare, financial services, government, industrial, and transport. These products are used across several retail applications that reduce counterfeit products.
The demand for such products is increasing with the increasing globalization. RFID solutions are being adopted by small and medium enterprises, owing to the growing trend of digitization and automation.
Segments Of RFID Systems
RFID Tags- Built-in antennas and embedded microchips are used. Tags are generally made of waterproof material/plastic/metal that doesn’t get damaged or tampered easily. These chips help in detection and information storage for security purposes.
RFID scanners/readers- Readers detect the tags that are passed through them by using microwaves. There is a variety of RFID readers available out there like fixed, laser as well as image readers. They help in logistics movement tracking, warehouse monitoring and merchandise tracking.
Middleware- RFID middleware is data management software and solution that give a user the control over the entire inventory management systems. It provides data analysis and data storage and can be hosted or set up on premise; based on customer preference.
As per the latest trends, supply chain based readers, tags, EPC and software guidelines rapidly adapt to meet the mandates of large retailers. For some manufacturers, this tying together of such complex solutions can pose integration challenges.
Competitive Landscape Of RFID Market
The presence of several well-established vendors in the global RFID market is highly fragmented. Such stiff competition has forced small companies to go for mergers with the major players. Going by the current growth rate of technology and changing customer needs, things are only going to get all the more intense.
At present, the global RFID is led by the Americas; accounting a market share of more than 50%. It has been anticipated that they would have the highest contribution as they are the first adopters of automatic data capture devices. Although, recent studies have shown that Asia-Pacific has enormous potential and that the industry will flourish there by 2021.
As the internet grows its roots in our lives, it further encourages the switch to RF-devices and products. One of the reasons is that these systems can now be deployed using a cloud platform. To make a strong bond with RFID technology in the global market, you need to upgrade your systems and broaden your horizon and grow as the word is rapidly moving ahead, especially in the automotive industry where RFID tracking has been an immense success.
If you need more information about RFID, the experts at TSPLLC will answer all your queries in the best possible way. Get in touch with us