Significance of RFID Technology in Business Applications
RFID technology uses an electromagnetic field and sends radio signals to RFID tags to trace products and lost objects. Various businesses have adopted this trending technology to optimize manual operations and ensure the safety of the items. With its widespread applications, the RFID technology is targeted by researchers to combine RFID readers with smart sensors and take the RFID development to greater levels.
The technological advancements in the past few years have up-scaled unimaginably, making the world an IoT hub and optimizing several businesses like retail, healthcare, manufacturing, and many others. RFID, or, radio frequency identification, is one such technological development to track products, animals, or any other lost object. From tracing objects and securing valuables to utilizing in medicines and cosmetics, RFID tags are enhancing various industries and storing multiple data simultaneously. Moreover, as per a report published by Research Dive, the global RFID market is expected to garner a revenue of $21,361.9 million in the 2020-2027 predicted forecast timeframe and grow at a stable CAGR of 9.9%.
Now that we know that the RFID technology is here to evolve further and offer more, let’s explore what is RFID, how this technology works, some common applications, and future trends of the same.
What is RFID? How does RFID Technology Work?
Radio frequency identification (RFID) is a wireless communication technology that uses an electromagnetic field and performs electrostatic coupling in the radio frequency portion of the field to identify lost items and other objects.
The RFID system consists of three main components: an antenna, a transceiver, and a transponder. If the scanning antenna and the transceiver are attached, then they are referred to as an RFID reader. This RFID reader is a network-connected component that can be both portable as well as permanently fixed and uses radio waves to activate the tag. An RFID tag is made of an integrated circuit (IC), a substrate, and an antenna. After activation, the RFID tag sends back a wave to the antenna which is translated into meaningful data. Unlike the antenna and the transceiver, the transponder is in the RFID tag itself that receives the waves sent by the antenna.
Factors like the type of RFID reader, RFID tag, radio frequencies, and interference in the environment due to other RFID tags affect the read range of the RFID tags, which is mostly longer.
Common Applications of RFID
Here are a few common applications of RFID technology:
- Tracking Goods in Supply Chains
The RFID control has simplified the complex task of tracking goods by optimizing the whole process with reliability. In the case of importing or exporting products, the supplying, distributing, and receiving companies, different custom agents, as well as transport companies need to coordinate properly to optimize both resources and time. This is where RFID technology automatically manages the process and ensures the safety of goods.
- Safeguarding Valuables
Jewelry businesses deal with extreme losses daily when any of the expensive items gets stolen and so, jewelers have switched from the manual barcode scanning system to RFID control that safeguards valuables and enhances their safety. Every item present in the shop is tagged with an RFID label and exit points of the store are covered with RFID readers. These readers trigger alarms in case any item moves out of the store, thus surpassing the old barcode scanning method.
- Controlling Tools in Hospitals
There are several reasons to use RFID technology in the medical and healthcare sector to reduce medical errors. For instance, to avoid forgetting surgery gauzes within patients or losing necessary surgery tools, RFID technology is used that also track the patients and staff, trace disposal consumables and other tools, and ensure security in the healthcare building.
Future Scope of the RFID Technology
RFID technology is becoming increasingly supportive of IoT applications and might combine with smart sensors soon to enable systems to track factors like temperature, location, and movement that can be transmitted wirelessly. As RFID applications are becoming widespread, they are also getting more targeted by researchers to take this trending technology to new heights.
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