CHAPTER 2

RFID Technology Essentials

Radio frequency identification (RFID) was a $8.9 billion global industry in 2014 and is forecast to become a $27.3 billion industry in 2024.1 For this forecast to materialize, the cost of the RFID tags will need to come down to a price of less than 1 cent. While at today’s prices RFID provides a positive return on investment (ROI) for high-cost items, the key to justification for using the technology for low-cost items is a lower tag price. However, given this forecast, and the progress being made to reduce tag prices, the need to begin thinking about how RFID fits into your organization becomes apparent. Before you can take the first step in determining how the technology fits with your organizational needs, ...

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