RFIDs (Radio Frequency Identification) are the use of radio waves to capture information presented in the bar codes of products. This technology is similar to bar-coding where the data from the tag or labels are captured and stored in a database. This has several advantages over systems using barcode asset tracking software. Barcodes to be read must be aligned with the optical scanner. In the case of RFID tags, data can be read even outside the line of sight, which makes it more attractive. RFID requires little or no human intervention at all, since it automatically identifies the objects, collects data and stores it into the system. All of this is accomplished using radio waves. The system of RFID consists of three components – the RFID tag, the RFID reader and an antenna. The identification and storage of data take place through these components, where the reader is used to read the tag and the data so collected is transmitted through the antenna to a computer system. The RFID technology is used mostly in inventory management, personnel tracking; ID badging, asset tracking, supply chain management and so on.
The Report “Global RFID Market: Drivers, Restraints, Opportunities, Trends, and Forecasts up to 2024 “gives a detailed report on the global market for RFID. The report contains an in-depth analysis of the vendor’s profile, which includes financial health, business units, key business priorities, SWOT, strategies, and views; and competitive landscape. Few of the key players profiled in this study include ZIH Corp., ASSA ABLOY, AVERY DENNISON CORPORATION, Honeywell International Inc., Siemens AG, Impinj Inc., Identiv Inc., Alien Technology, LLC, Omni-ID, and Mojix, Inc.
The global market is expected to see growth during the forecast period. Due to an increase in government initiatives, this is expected to see a positive trend. Many governments are integrating RFID technology across various applications and expanding the Internet of Things (IoT) infrastructure. However, there are other issues that deter the growth in the market like security and health-related. Issues surrounding the legitimacy of data collected and privacy are deterring the growth in the market. Region-wise, North America is leading the market followed by the Asia Pacific. Rising need for efficient supply chain management is expected to be a growth driver in North America. Asia Pacific market is led by China followed by other countries located in the South East Asian territory.
New technological innovations include the application of RFID in the retail sector for identifying and locating the merchandise, associates, and shoppers in a store. Another new advancement is the integration of RFID with IoT to enhance value in asset management and equipment management. Important collaboration in the market includes Impini Inc’s partnership with Stanley Healthcare to integrate the former’s platform with MobileView Real-Time Location Systems (RTLS) software to offer RFID products in the healthcare sector.
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