Radio Frequency Identification is a technology that is here to stay for a longer period of time. Many of the world's leading companies are making huge investments for the advancement and growth of this technology. RFID has the potential to offer similar prototyped tools for businesses and consumers. The applications that RFID has today have evolved a lot with time and came to its present structure. And it is assured that, in near future it will turn into something even more advantageous and fruitful for the businesses.
Presently, RFID devices have a stable international standard, with increased performance and decreased cost of equipment and tags. RFID technology has significant utilization in 2 specific areas; healthcare and financial services for the tracking of IT assets. RFID is used widely for the personal identification, can be used for attendance tracking, payroll and to maximize resource allocation. RFID also have its application for anti shoplifting systems.
The process of evolution of RFID can divide itself into various eras; proprietary era, compliance era, RFID enabled enterprise era, RFID-enabled industries era and the Internet of things era. Till now, the world has witnessed the evolution of RFID from proprietary era to compliance era. In the upcoming time, it will come the era of RFID enabled enterprise, which will help organization to improve their functioning using RFID information. The era of RFID-enabled industries will be advanced enough in to share information with partners on a secured network, in accordance with the standards. Currently foreseeable, the final era would be the era of Internet of Things (IoT).
By this time, other technologies and RFID, combined with customer demand for high standards and unique products based on this infrastructure, will step towards the big bang changes in the way of understanding the relationship between physical objects, locations and information. It is unlikely to happen that RFID will replace the barcodes, but it will grow in its own niches and will be applied where bar code or other optical technology is not effective. RFID technology will see a rapid growth in retail, healthcare and many other markets. RFID will also have its applications for anti-counterfeiting. With the overall growth in the technology, it will turn into a bit easy process for RFID in becoming cost-effective and reliable for its numerous applications.
