Growth of RFID Market (Radio Frequency Identification) - Industry Growth, New Technology, Innovation and Business Opportunities

[Albert Morris]

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The technology for transferring data from an electronic tag using radio waves is known as RFID. The term RFID stands for Radio Frequency Identification. It is basically an electronic label or tag attached with the products, this electronic tag is capable of being read through a reader for the purpose of tracking or identifying the product. Since past few years this industry has improved its standards by removing majority of the technological glitches which has led to make this industry capable of catering the interoperable requirements. Also this industry has reinforced the promotional and educational efforts by introduction of EPC Gen2 (Electronic Product Code Version 2) and UHF RFID (Ultra High Frequency RFID) types. The RFID technology is steadily transforming into a reliable and authentic choice for documentation. Though it took long for the RFID market to reach where it is today, with the improvising technologies this market is expected to witness a sharp growth in next few years. The RFID market is segmented in the basis of product, type, communication frequency, application and region. The RFID market segment product is further bifurcated into – RFID reader, RFID middleware & services and RFID tag. RFID tag and RFID reader beholds the largest share in the global RFID market.