Radio-frequency identification (RFID) uses electromagnetic fields to automatically identify and track tags attached to objects. Of late, RFID is being used in production, marketing and management processes by most of the industries. Through the tagging products, companies could know the progress of the product at various level of production or marketing.
The RFID market was worth US$8.89 billion in 2014 and it could touch to the tune of US$18.68 billion by 2026. This figure includes tags, readers, and software/services for RFID cards, labels, fobs, and all other form factors.
RFID can be used in a variety of applications, such as:
- Electronic key for RFID based lock system
- Access management
- Tracking of goods
- Tracking of persons and animals
- Toll collection and contactless payment
- Machine readable travel documents
- Smartdust (for massively distributed sensor networks)
- Airport baggage tracking logistics
- Timing sporting events
- Tracking and billing processes