Recent RFID Advancements Spur Opportunity
RFID requires four elements to work together: RFID tags, readers and antennas, supporting software, and testing and verification. Not too much has changed in these areas in recent years, as the basic technology behind the system has remained steadfast.
However, there are some recent developments that have made RFID even more attractive to organizations. First, capabilities have improved dramatically over the past decade, according to McKinsey, with read accuracy doubling during that time. Range has also drastically increased, quintupling over the past 10 years.
Another major change has been cost. The average cost of an RFID tag has fallen by 80 percent over the past decade, while the average cost of RFID readers has fallen nearly 50 percent. These increased capabilities mean that organizations can operate with fewer tags, and falling prices mean it’s more economical to capitalize on the…