Frost: Emerging RFID Applications to Fuel Opportunities in Asia-Pacific
June 9, 2008 // Published as a news service by IHS
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Radio frequency identification's (RFID's) ability to track and trace away from the line-of-sight, thus enabling various business processes to be automated, is the key value proposition that will boost its market in the Asia-Pacific region.
According to Frost & Sullivan, unique and innovative applications for using RFID are bound to add zest to this market.
Recent analysis from Frost & Sullivan of the emerging RFID applications markets in Asia-Pacific found earned revenues of more than $12.7 million in 2007, with estimates to reach $2,588.5 million in 2013.
Enterprises are realizing that active tag technology can enable them to manage operations more efficiently as resources, both assets and personnel, can be more effectively deployed.
Though the active tag market is in a nascent stage in the Asia-Pacific, analysts said enterprises across verticals such as health care, manufacturing and logistics and transportation are using them in greater numbers.
"In this increasingly fast-paced and competitive environment, end-users adopting RFID are striving to differentiate themselves from the rest of their competitors by improving the overall service provided to their customers," said Frost & Sullivan research analyst Richard Sebastian.
"Along with greater emphasis on operational efficiency and internal cost-cutting, RFID is seen by many as the platform to benefit customers, ultimately enabling these end-users to capture a bigger market."
Among the emerging applications for RFID in the Asia-Pacific are sports timing, document tracking, DVD tracking, oil and gas applications, jewelry tracking and outdoor wireless sensor network.
Analysts said all these show promise of becoming everyday applications and a look at the various emerging RFID applications shows that they provide end-users greater visibility, thus improving overall efficiency or workflow.
One challenge that market participants need to address is the lack of awareness among enterprises of the availability, benefits and return on investment (ROI) of emerging RFID technologies. Analysts said each emerging RFID application provides a specific benefit such as making a particular process or business run more effectively, thus saving time and reducing waste.
Analysts said RFID can lead to a safer environment for either the employees or the product. These benefits lead to monetary gains as well, creating strong ROI from RFID. Market participants can educate a large number of potential end-users on the payback that can be obtained from RFID at tradeshows and conferences.
"RFID, now seen as an important enabler to solve or improve various issues, is increasingly being used to create new applications tailored to meet the demands of a specific industry or problems plaguing all industries," said Sebastian.
"With such great potential, enterprises from a wide range of industries across the Asia-Pacific region look set to benefit from RFID deployments, thereby motivating the RFID industry growth as well."
Source: Frost & Sullivan.