Supply chain advancements and innovations fuel RFID market

Filed in archive Market Size on April 27, 2006

I saw this interesting report by a market research company, RNCOS, titled "RFID Industry Analysis 2006,".

In this report, as one of the results, it's been mentioned that RFID's use in global supply chains is helping advance the technology from its traditional and established closed-loop applications such as security/access control, automobile immobilization, animal tracking, and toll collection.

Their study shows that even though the challenge remains in the availability of low-cost specialized sensors and frequency tags to reach a competitive position, the demand for RFID is expected to rise further following its increasing applications in newer areas coupled with product innovations. The bevy of advantages ushered in by the technology including improved safety; reduced crimes, growing sales and an enhanced customer service are enough to attract prospective customers such as manufacturers and suppliers. RFID is being hailed as the breakthrough technology, that will transform retail supply chains, helping them rake in investment returns from within their own supply chain.