RFID's potential opens up numerous application sectors

In line with this technology's capabilities to enable greater security and efficiency, more end users are considering it a tool that will help them gain a competitive edge. New analysis from Frost & Sullivan, South East Asia and Australia New Zealand RFID Market, finds that the market earned revenues of over $80.0 million in 2008 and estimates this to reach more than $250.0 million in 2016. Various governments, along with industry-based associations, have been investigating and promoting RFID's usage in numerous verticals, including oil and gas, mining, casino chips, prison, CD/DVD, and aviation, to showcase potential benefits. With the effects of the global economic slowdown likely to spill over into 2010, the aviation industry, on whole, is bracing itself for the worst. However, some potential end users are looking to innovatively leverage technologies such as RFID to improve efficiency levels, reduce wastage, and increase security to ensure the company remains profitable. The need to remain competitive, especially in the current economic conditions, has impelled several end-user segments to implement trial runs of RFID technology to enhance operational efficiency. Many have been satisfied with initial results, leading to full-scale rollouts. Having said that, the overall RFID industry is not without challenges. For instance, the high total cost of ownership of this technology is still seen as one of the key hindrances to greater traction.