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RNCOS Research: RFID Manufacturers Battle For Knowledge FamineAccording to industry experts the radio frequency identification ( RFID ) market is set to grow at a steady rate in the near future following the induction of wireless tagging systems in the retail and supply chain business by major global operators in Europe.
RFID adoption is likely to increase following the need for seamless integration of enterprise applications such as enterprise resource planning and warehouse management systems. At present more than 80% European manufacturers are concentrating on adopting pallets with EPC tags. Nearly 5% companies have already enforced the RFID technology in the past year and about 13% are still in the pilot stage.
RFID technology has been available for several years, but its adoption into industrial applications has been very slow. A shortage of workers skilled in radio frequency identification technology may hamper the industry's ambitious plans to deploy the wireless tags for homeland security, retail and other applications in the coming years, experts say.
Due to the high cost of investing in RFID, each company needs to evaluate where and if RFID can be applied to improve operational and process efficiencies. If that evaluation suggests benefits of the technology to business, the next step is to develop a roadmap for RFID implementation. For suppliers that need to meet customer-mandated deadlines, a good place to start is EPC Compliance Enabler to simplify the acceptance of the technology.
Manufacturing industry as a whole will be able to fine-tune the supply chain to optimize efficiency and minimize inventory and waste, through the RFID technology. They will benefit from increased inventory visibility, more efficient use of labor, better line operations and improved fulfillment.
As per the research report, “RFID Analysis 2006” by RNCOS, revenues of the RFID market is estimated to reach $ 4 billion by 2008. Segment wise break-up of revenues reveal that in the coming five years manufacturers will invest $ 2 billion on RFID tags and about $2 billion more on infrastructure development.
The RNCOS market research report “RFID Analysis 2006” on the worldwide markets for RFID technology, offers in-depth information on drivers, restraints, and challenges in the manufacturing industry. The study includes demand and revenue forecasts that allow participants to plan effective long-term strategies. It gives comprehensive market analysis highlighting growth opportunities that participants can effectively capitalize on. The use of RFID in the US and Europe manufacturing sector is slated for a phenomenal growth in 2006 touching about US $3 billion.
The report further discloses that though the RFID industry is selling close to 400million tags per year, it is impossible to forecast when the market will cross the 30billion tags mark. Supply chain management, tracking items from the warehouse to store shelves, will become the largest segment of RFID, according to the report.
About RNCOS:
RNCOS, formed in 2002, offers Market Research Reports for your business needs and aims to put an end to your information pursuit. Our expertise in gathering global business information for industry research, corporate training, growth consulting, and business consulting, brings reputed companies and firms to us for business enhancement solutions. We can be your one-stop-shop for Industry research information and niche market analysis.
To purchase your copy: http://www.rncos.com/Report/COM32.htm
For more information about the report please visit www.rncos.com
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