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Uptake of RFID Increases
01 Mar 2006
Radio frequency identification (RFID) technology is benefiting a wide array of industries across the globe, according to a new briefing paper, RFID comes of age, by the Economist Intelligence Unit.
Consisting of tags and readers that can be used to exchange information about items, people or animals, wider industry adoption will help grow the global market for RFID from $1.4bn in 2003 to $10.9bn by 2009, according to US market research firm ABI Research.
Companies in the retail sector have been the fastest to adopt RFID, but programmes in consumer goods, logistics, life sciences, automotive and government are now delivering reduced costs, better inventory control and improved responsiveness to consumer demand. To fulfil its potential, the technology needs to be integrated into ERP (enterprise resource planning) software.
www.eiu.com
