RFID has been around now decades, but many companies are just now harnessing the power of this proven technology. Today, as tag prices continue to drop, technologies are refined, and markets create new tracking and tracing needs, RFID solutions are in high demand. No matter where you look, RFID is on the rise, and savvy solution providers are cashing in. Indeed, Grand View Research expects the global RFID market to reach $40.5 billion by 2025 at a CAGR of 14.7%.
RFID opportunities abound
One of the great things about RFID today is how many applications exist across every vertical. Here are just a few examples of how RFID is being leveraged:
- Healthcare/hospitals—Hospitals are generally large complexes with many rooms, so it’s easy for valuable life-saving equipment to get lost or misplaced. With RFID, it’s possible to locate assets easily.
- Pharmaceuticals—Counterfeit drugs have become a severe problem for the pharmaceutical industry. With the potential for the wrong ingredient or incorrect dosage, lives are at risk. With RFID, a drug’s entire life from the lab to the store can be traced with 100% accuracy and confidence.
- Retail—Walmart was an early adopter of RFID, but many other retailers now realize the benefits of tagging not only pallets and boxes as they travel through distribution, but individual items in-store. This is helpful for taking accurate inventory and ensuring products are genuine.
- Grocery—When an E. coli outbreak occurs, RFID can allow the FDA and grocery stores to identify the origin of the food that caused it. The same goes for meats. With RFID, farm to table can be easily tracked.
- Warehousing—General warehousing, transportation and logistics companies can benefit from being able to track pallets and boxes as they move through the supply chain.
These are just a few of the more common examples. Any industry that needs to track inventory or locate valuable assets can benefit from RFID. Even the education market has valuable equipment that needs to be tracked and monitored.
Create total RFID solutions
You’ll be happy to know that RFID solutions are loaded with sales opportunities. Fixed readers, antennas, rugged handheld computers, and printers are just a few examples of what your customers may need. On top of your initial sale, tags and consumables provide a healthy stream of recurring revenue.
For more information on getting started, contact Daryl Schuster, Ingram Micro’s DCPOS and RFID expert. With a little assistance, you’ll be on your way to your first install. From there—once you learn how to engineer an RFID solution for one customer properly—you can take that expertise to prospects in other markets and truly capitalize on RFID.