RFID Tags: a perfect solution to keep track of assets
Radio-Frequency Identification (RFID) is a technology that utilizes the radio waves to read and capture the data, which is stored on a tag attached to the device. The tags consist of microchips, in which data is stored electronically. This data can be interpreted, several feet away from the reader. The prominent parts of RFID tags are tag antennas and integrated circuits (ICs). There is a tremendous demand for RFID tags in the current scenario, as almost every market such as healthcare, supply chain and logistics are making use of it. RFID tags are widely used in the retail market as well.
Various industries make use of RFID technology to track the location of assets and to control threats related to assets. For instance, various hospitals make use of RFID tags to avoid the theft of medical equipment, recognize unauthorized people in the hospital, and track the location of doctor within the hospital. Further, retail business owners also getting benefitted by the use of RFID tags for inventory tracking and product security. RFID tags consist of unique asset numbers. All the product records are associated with the RFID data, so as to make use of such marketing information in order to survey consumer’s movements throughout the store. In addition to this, RFID tags have better performance compared to barcodes, as barcodes are required to be placed in correspondence with the scanner. Moreover, shoplifting has emerged out as another crucial issue for retail store owners which might incur huge financial losses to them. RFID technology provides a perfect solution to reveal the consumers with the stolen assets if any. However, it has taken a long time spent to come into the picture, caused by the lack of industry standards, issues in installing RFID systems and updating current information in the existing RFID tag.
According to Esticast Research and Consulting, RFID tags market was estimated at $4.66 billion in 2016 and is expected to reach $13.65 billion by 2024, growing at a CAGR of 14.5 % during the forecast period of 2017-2024.Moreover, lower cost of initial procurement is the prominent factor to grow the market in near future. Furthermore, nearly every industrial sector will require RFID technology, in the near future, so as to hold on their position in their respective markets.