The traditional uses of RFID within the automotive sector are continuing to grow and are projected to increase by $2.8 billion over the next five years, as per market research firm, ABI Research.
Modernizing RFID applications will also grow twice as fast with annual revenues derived from these jumping by $4.5 billion in the same time frame. In order to modernize operations and enable quicker and convenient service, companies, governments and industries are turning to RFID.
Businesses are willing to operate in areas like asset tracking, supply chain management, baggage and cargo tracking, real-time locating systems (RTLS), contactless payment and ticketing. The growing market segments are looking forward to improve manufacturing and supply chain efficiencies, as well as track and identify components, products, and assets.
Another factor driving the adoption of RFID in newer applications is the ability to add and implement greater security. Government organizations, in particular, will seek the ability to track and authenticate their in-house assets and equipment as well as items and products provided and sold.