New RFID World in the Future
Radio frequency identification is the application of electromagnetic fields to transfer electronically stored data which helps in identifying and tracking tags attached to objects. Special tags are fixed to merchandise or books which store the labels ID and other information. RFID smart labels allows to retain bar code/shipping label information with the help of passive RFID technology.
These labels besides majorly being used for tracking the inventory & merchandise also offer added protection to the RFID chip from adverse physical condition such as heat, dust, and humidity. Major applications of RFID smart label are in printing standard bar code/QR code and label text.
Rising application of RFID sensing labels in various segments such as healthcare, pharmaceutical, and food & beverage industries is the key factor driving the growth of the market. Furthermore, the large scale usage of RFID labels in retail inventory and pallet tracking is a major factor fueling the growth of the market. Extensive support by governments across APAC countries and the convergence of various technologies will provide growth momentum to the market. The market would witness significant growth due to wide adoption of UHF (ultra-high frequency) RFID smart labels. The reasons responsible for the growth of UHF segment are large memory space which enables users to store extensive amount of data and access to many labels concurrently. This reduces time and increases operational efficiency.
Lack of coherent privacy regulations, given the intrusive nature of RFID smart labels technology, is a key market challenge that will hamper the growth of the market. Privacy concerns that restrict the growth of the market are the impossibility for consumers to know whether an inventory, product or package has an RFID sensing label attached to it for the purpose of covert tracking. The design of more safeguard by different regulatory agencies will help the key market players to overcome this challenge.